Qualities of a Professional FX Trading Platform
by Mashum Mollah Investing Published on: 28 May 2020 Last Updated on: 03 November 2022
In the beginning, brokerages have a critical decision to make. Which tools should they offer their customers? Is it possible to commission custom software or go down the white label route? The decision should be made based on the following criteria:
- Responsiveness
- Reliability
- Tools
- Interface
- Security
- Support
Responsiveness
Simply, the ability of the software to execute trades at speed is paramount for any brokerage and its customers. The quicker those trades are executed, the less slippage there is, which means happier customers. It will also need to function correctly during peak times and not be glitchy when the servers become busy.
Reliability
Customers will interact with the trading platform every day. It needs to be available when they need access and work as designed with minimal fuss. So does the entire infrastructure for that matter, from the servers to the payment gateways. If reliability becomes an issue, it will inevitably cost both the business and the customer lots of money, especially when they can’t exit losing trades.
Tools
People will spend vast sums on a specific car just because of the additional extras. Sometimes the decision can be irrational. The same thing happens with traders. The brokerage that offers the latest tools and innovations will attract more customers. It’s just a fact. A brokerage is perceived as professional and more up to date if they align themselves with the current trends. As a bare minimum, traders have come to expect specific tools, and they must be provided as standard.
Interface
People are looking for clean and uncomplicated trading experiences. They want to be able to find the information they need to make an informed decision. When it comes to placing a trade, they want it to be executed quickly and accurately. From an employee’s perspective, they need to know how to get the data they require without any distractions. The backend of the platform will need to be intuitive and reliable.
Security
During any working day of a Forex brokerage financial information and personal data are being passed about all day long. The best platforms must have the latest and most secure encryption and comply with all privacy laws. Non-compliance of a data breach can be extremely costly and even spell disaster for a brokerage. It could put a new brokerage entirely out of business. Security for employees and customers alike is absolutely paramount.
Support
Last but not least. Customer support, whether it be B2B or business to the client is pivotal to success. An unhappy customer will scream it from the rooftops, and at the click of a button, thousands of individuals can be alerted to their bad experience. If a business can handle customer complaints and queries in an organized and efficient manner, they have a chance of standing the test of time.
Popcorn technology provides the MT4 white label platform as standard, which is integrated with their CRM, PSP’s, and back-office systems. They aim to provide a seamless interconnected experience to ensure a brokerage is in full control of its operations. They are looking for new partners and want to help guide them to success.
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