unique trading platform forex

How Beneficial is it for Forex Brokers to Have Unique Trading Platforms?

In this article, we are going to explore the concept of unique trading platforms, whether they’re good or bad (hint: they’re awesome), and what benefits you can gain as a byproduct of implementing your own custom system.

To make this article easier to digest, we’ve split it into three perspectives, internal benefits for brokerages, external benefits for brokerages, and how marketing departments can benefit from unique trading platforms.

Building on top of existing solutions (Example: MT4)

  • Don’t need to change your technologies, you simply design your own upgrades that are built on top of your existing system
  • Offer something special and customised for clients that differentiates you from your competitors
  • Offer your clients some custom modules to get ahead and stay ahead
  • Both time and cost effective to build on top of MT4 as you already have the license
  • MT4 might not have every feature that you need, so instead of a more expensive alternative or replacement, you can extend the capabilities to suit your needs
  • An example of a custom module would be a newsfeed for your clients, an economic calendar, internal account management from MT4 window, multi-level capabilities and much more.
mtd metatrader unique trading platform forex

 

Internal benefits

When a brokerage has developed their own unique trading platform, they essentially gain bragging rights, the power to say ‘Look, we have the technical ability to create and improve custom applications’. As a potential customer of this brokerage, naturally, you’re going to be impressed (unless the trading platform is terrible) because this level of personalisation shows that this brokerage is different to their competitors.

Going above and beyond, and combining that next level service with customisation, allowing your customers to embed their own identity into a platform, is what separates the best from the rest. When a brokerage has a unique trading platform made from them, they can offer it as their own product, and start reaping the rewards immediately.

Think of the internal benefits for sales and marketing. Your salesmen would have their own product to sell, and watch as it gets updated and improved over time, allowing them to better understand the product themselves. For marketing, it would be a field day, they’d be glad to have a unique trading platform that separated them from other brokerages and gave some form of identity.

As an added consideration, there are certain internal benefits to building custom software on top of an existing and widely used application like MT4 Pro. Creating an entire trading platform takes longer, and putting together your own technology means a period of testing and debugging is required to fish out all the errors.

External benefits

When a customer researches your company or brokerages and makes a comparison between you and your competitors, having a unique trading platform is a surefire way to gain an advantage. When they zoom in on your product or platform, they’re going to be analysing the available features, and for each one that they think is a great idea, they get one step closer to working with you.

Essentially, as well as providing extra value to your customers, you’re gaining an improved reputation as tech experts, and that will inspire confidence in those around you, building your public image and creating more interest in your brokerage.

Marketing benefits

Sharing the news that your brokerage has created a unique trading platform is going to be a fun activity for your marketing department. They will be granted the opportunity to find ways to show that their brokerage is on the next level, technologically and creatively. It’s an opportunity to say ‘Hey, we are one step ahead, and you’re still on the basic version of Metatrader. Come and join us and gain an advantage’.

To see the marketing benefit more clearly, simply ask your marketing team if they’d rather market the exact same product as every other brokerage, or if they’d rather market a more advanced and customised product that set them apart from the rest.

Once you’ve got your answer, get in touch with Turing Technology, ask for Amir or Joseph, and we will make the process as easy as pie.

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