Everyone has access to the forex market nowadays, and more people are participating every day. That means there is more opportunity for brokers now than ever before.
This increase in trading activity can be attributed to advancing technology. There are plenty of tools available to assess the markets and place trades. Electronic trading activity in the foreign currency markets represents 70% of daily turnover, compared with thirty per cent around ten years ago. That presents a massive opportunity for new brokerages.
A new forex business will have to adapt to the ever-changing landscape and learn to implement and leverage new tools and software to squeeze the most out of the market. Brokerages will need to embrace technology to grow and increase its customer base.
Some particular exciting innovations have come in the form of trading algorithms specifically designed for the Metatrader platform, which can be programmed to place trades when commanded or even take the decision for you and place trades automatically. Often these Bots operate within a fraction of a second. It has improved execution times dramatically, for all of us, but it has had a significant impact on new trading activity as it deters some from the market.
Traders are interconnected at all times, which means novice or inexperienced traders can copy the trades of more advanced traders through copy trading programmes.
There are also challenges to face in this fast-paced environment. As with most things, the landscape has shifted more toward mobile, and therefore mobile trading has become prevalent.
Additionally, as competition increases, trading costs have begun to decline. For example, Robinhood, a popular stock trading platform, is now commission-free, and it will not be long before currency brokers follow suit.
Forex brokerage technology will need to advance too to keep traders happy.
As a new brokerage, you should embrace this changing world and rise to the challenge. Above are just a few of the latest trends and innovations, and the pace of the industry can make your head spin at times.
Only by partnering with a technology provider that has the relevant experience and the right tools to do the job can you capitalise on this incredible opportunity.
From the planning stages through to implementation, your new brokerage will need to meet these challenges head-on in a clear and coherent manner.
Almost immediately, your affiliate network will need to push new leads into your business while your CRM handles customer interactions smoothly. Nothing can be left to chance, and no single customer can fall through the cracks.
Popcorn Technology can provide this service at a fraction of the cost of proprietary software systems. They also have a specialist start-up team eager to help. Having someone on your side to talk you through any problems you might have is a significant advantage.
A brokerage who can offer the latest tools and developments will undoubtedly have a better chance of attracting new clients. Having one’s finger on the pulse is staying one step ahead of the competition.
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