With the boom of online retail FX, running a forex brokerage is becoming more complex than ever before. To meet customer demand and to get a leg up on competition, brokers have been looking to broaden their product offerings. While offering a simple computer-based trading platform was sufficient in the past, retail traders are demanding more, new ways of executing FX, such as social and mobile trading.
Of these, the increasing use and ubiquity of mobile has made demand for mobile trading significant. Traders no longer need to be tied to their computer to trade. And brokers without a mobile platform are increasingly at a disadvantage in the market.
With a range of mobile trading solutions available, what should a broker look for in choosing a mobile platform? We offer a few tips:
Offering a branded mobile app ensures your mobile trading platform correctly reflects your brand and its ‘personality'. The mobile app should have its own identity and the ability to be customized with your logo, color scheme, layout, and even content to be in line with your company's brand.
Just as trading on the desktop has become more advanced, traders increasingly also expect to see enhanced features from trading ‘on the go’. Your mobile trading platform should provide more than the ability to trade, with added features like built-in charting tools, news feeds and other tools that assist traders in making well informed trading plans, and giving them the ability to execute them.
Nowadays traders have the opportunity to trade on various platforms but when the trading platforms don’t play well with others, it creates complexity in being able to execute trades. Having to keep track of multiple accounts, trading activities and passwords is cumbersome. For brokers, the ideal solution is one that ensures your mobile app is in sync with other platforms traders are using, and that the trades on the app can be monitored and managed, via a ‘shared wallet solution’.
Trading is global. Your app should be too. It should be able to adapt to the language of your target audience. It has been shown that in many regions traders are more likely to trade on a platform with their local language than using an app that is only available in English.