Forex Brokers are unequivocally looking to increase their volume because it drives profits. I don’t think I’m going out on a limb by making that statement. The most interesting thing happening in FX today is that Broker’s are seeing how utilizing new technology can help them increase volume.
I was watching Leverate’s keynote speech during a Forex Magnates summit and came across some interesting tid bits about increasing volume with methods that go against all the marketing messages you might hear in order to entice you to work with a broker. It wasn’t adding currency pairs, it wasn’t social trading, it was single sign on and one click deposits. All this comes down to is building trust, and respecting your user’s time!
It was refreshing to hear. I’m continually harping on leveraging technology to make your trader’s lives easier because you want to keep them at your brokerage. I really like the way that Yosef Kaplan, Leverate’s VP of sales, explains it: Make things easier and more conveinent for your trader’s and they will begin to trust you more. More trust= more trading.
In the video Mr. Kaplan explains how you should focus your UX inside the trading platform. That’s where I would go even further to say don’t marry yourself to a trading platform by investing resources in it. A broker is leveraging a platform to allign itself with a reliable brand (MT4, cTrader etc..). Traders use these brands to, well..trade. Anything outside of the realm of trading- withdrawals, deposits, support etc.. is handled by the broker. Wouldn’t it be better then to create a UX outside of the trading platform to be handled in one spot, regardless of the platform? Broker’s have no control of their trading platform, they do have control of their own environment. Single Sign On, one click deposits, and exceptional UX is better suited outside of trading platforms.
A broker’s brand cannot be controlled within the brand of a trading platform. There is too much outside of the realm of control of the broker. It would be more efficient for a broker to manage a client’s experience in a controlled environment that pushes data out to the trading platform. This way, a broker can add, delete or modify platforms as they see fit without being held hostage by all the time invested inside the platform.