As a Forex Broker, you must manage all client accounts, make sure they are eligible to trade, and have a favorable environment for Forex trade. Traders must have easy access to all trading facilities and liquidities available to them.
It is not possible to handle all company processes manually hence you must have a few applications in place. Here are four must-have applications to make Forex brokerage effective.
The forex brokerage industry has many intricate functions. Managing registration forms, KYC forms for traders, systems, and licenses for Introducing Brokers (IB), etc. A proper customer relationship management (CRM) ap must be in place for all functions to run smoothly.
Many companies need a CRM system, so it is always best to use a CRM system built especially for the Forex industry.
A CRM system from Starting Brokerage, for instance, has been made especially for brokers. It has set recording systems for trading groups, trading accounts, etc. The moment you enter the backend, you’ll know the number of deposits, etc. It allows you to manage your client data better and make sure everyone is benefiting from your environment.
Brokers must integrate good trading platforms on their website/phone applications as well. After all, traders associate with brokers because they want to trade and make most of the money they must spare. A good trading app will attract more traders to your platform.
We would suggest integrating more than one trading app on your website so that traders can pick an application of their choice. However, all applications must have some important features in common. For instance, it must teach traders the fundamentals of trading, giving traders access to resources, and, when they are ready, they must have access to the live market, spreadsheets, drawing tools, show real-time price movements, Forex news, etc.
Many brokers provide their traders with MT4 and/or MT5 trading platforms. These platforms are perfect, not just for traders but for brokers as well as allow brokers to view and manage all trading operations.
MT4 & MT5
MetaTrader or MT4 and MT5 are the most popular trading platforms out there. Even the most novice, an inexperienced trader has heard of MT4 and MT5 which is why we suggest having at least one of them, if not both.
MT4 was developed in the year 2000 and it instantly changed the way people trade. It has become user-friendly with years of feedback and development.
They come with interactive charts and a flexible user interface. Traders can customize their interface according to their trading needs. Traders also get many drawing tools to make their own charts.
There is very little difference between MT4 and MT5. Since MT5 is newer it has a few extra tools, but as a trader, MT4 will work just fine.
Brokers benefit from applications like MT4 and MT5 as well. Of course, since most traders use these applications, you can get more clients just by integrating MT4/5 on your website. However, it is more than just providing another trading option, it can extend to a CRM system just for you!
Educational App – Trading Game
When you start your own brokerage, you will have many novice traders who want to exchange commodities. If you can teach a new trader how to trade, they may stick to your platform for life!
Educational apps are helpful as they encourage people to understand the trading industry and make it fun at the same time. This is why we feel you should integrate at least one educational application on your website.
We chose the trading game as one of the most important educational apps for novice traders. It breaks down complex concepts into simpler segments to help most inexperienced traders in the world.
The Trading Game quizzes you at the end of every game. Once you pass the quiz, you progress to the next level. When you pass all the levels you can enter the trading market.
Multi-Account Manager (MAM) or Percentage Allocation Management Module (PAMM) is one and the same applications. It allows brokers to give their clients a little more flexibility.
As we already know that some traders are more experienced than others. MAM or PAMM allows traders to attach money with an expert trader who manages one or more trading accounts.
The experienced trader is granted a limited power of attorney which means that he/she can only use the money for trading purposes and not withdraw funds.
MAM and PAMM allow small traders frequent success rates, and it enables large investors to make bigger investments which are the sum of smaller funds from many traders.
As a broker, having a MAM and PAMM system in place you provide more opportunities to traders and encourage a sense of community. This increases your profits too and provides an incentive for novice traders to join in.
So, here are 4 applications that we feel every broker must-have. This is apart from having a smooth website. All brokers pay a lot of attention to the website quality and speed but when we come to applications, we are at loss.
We hope this list helps you make a better decision for your company!