A brokerage is either destined to fail or prosper, and the path usually stems from the first decision the founder makes. Which primary trading tool should be offered to customers?
Not all fx trading platforms are made equal but there are some features that all good ones provide.
An FX trading platform should be:
- Responsive
- Reliable
- Functional
- Secure
- Supportive
Responsiveness
The fx trading platform has one primary function. To execute trades. Speed is vitally important in this fast-paced world which is continually getting faster. The quicker the trades are placed, the less slippage there is, meaning customers get filled at better prices.
Reliability
At peak times, the platform must function as intended. Any degradation in performance reflects poorly on a brokerage, and trust starts to break down. Customers use the trading platform daily, and it needs to be available and function correctly. The same applies to all other aspects of the brokerage and infrastructure. Reliability issues can leave the brokerage, counting the costs.
Functionality
Superior functionality alone can persuade traders to use your brokerage’s services. It can sometimes be irrational, but consumers love innovation and tools that make their life easier. A brokerage that follows the latest trends and continually reinvents itself will be considered leaders in their space and be deemed more professional. That attracts additional customers looking for cutting edge tools and the latest trends.
However, it can also work against you. People want an uncomplicated trading experience. Your trading platform needs to present clear and accurate information to help your clients make informed decisions. Too many bells and whistles can make your platform impossible to navigate. Also, consider the employees who need to gather data and monitor the actions of traders. Your platform should facilitate ease of use for your employees too.
Security
Personal data and money are two significant areas for concern and need to be adequately managed by your brokerage. There can be no mistakes in either category. Every day your brokerage will facilitate thousands of transactions between banks, exchanges, customers and other third parties. These transactions need to be transparent and secure.
The best platforms typically have the latest encryption technology and comply with all privacy laws. Non-compliance can destroy trust among your community and even put your brokerage entirely out of business. Security is probably the most significant factor on this list.
Support
Finally, the platform should be intuitive and inclusive. Traders of all levels should be able to navigate the trading platform, make decisions, place trades, and understand what is happening. However, if something goes wrong or customers have general questions, customer support should be available.
An unhappy customer can damage your credibility, but happy ones can elevate your brokerage to new heights. If your business can manage customer communications effectively, the odds of surviving in this industry turn in your favour.
Popcorn technology provides a professional MT4 platform to all of its customers. It integrates with their CRM, PSP’s, and back-office systems. The purpose is to provide a seamless interconnected experience to give brokerages control and independence. Popcorn technology is currently seeking new partners, and if you have any questions, please visit their website.