Starting a brokerage is not easy. Not only is it a very competitive field with a lot of potential and ambitious players, but it’s also a field that requires an extensive budget to get into, and a proper understanding of various aspects in business from customer service to top notch marketing.
However, when done right, Forex brokers can create an extremely profitable business model. Like in trading, much of the success lies in getting the right tools to build your business. Here are some of the tools that any ambitious or existing broker business needs in order to best beat the competition, and take charge in the field:
A Steady Source of Information
If the goal is to go the extra mile for your business, then the best way to do it is to not just give your traders the advantage through tools and software – but to give them the factual and informational advantage is the real key to building a loyal trader base that can learn and improve through your brokerage.
This comes in two simple to implement ways. One, is a demo mode for your trading platform. Through a demo mode, would be beginner traders can learn the ins and outs of trading first hand with virtual fake cash and the real time trading course. Then, once they’ve decided they’ve learned enough, they can start trading for real.
The other wing of the information bit for your business is the implementation of learning options. E-courses, e-books, educational videos, lectures, webinars, video tutorials and more – everything and anything in the digital space that’s conducive to becoming a better trader.
A Proper Trading Platform
Trading online – that is, trading foreign currency – relies a lot on the trading technology you’re using to tap into the markets. As per FXBS, one of the best options is MetaQuotes Software’s MetaTrader system. Both MetaTrader 4 and MetaTrader 5 are built with the premise of being simple, easy to use, and extremely effective for both new traders and experienced Forex experts – but as a broker, your job isn’t so much to offer a great platform as it is to take an existing platform and turn it into something better.
Through a company like FXBS, you can implement new and exciting features into existing Forex platforms and turn them into entirely new programs for Forex traders to use. From add-ons to bridge services and more, companies out there can offer you the best way to turn your platform into the best way to trade.
A Good Support Team
Good businesses are built on the foundation of more than just a great product or service – they also need an excellent foundation of support. A customer support team can truly help you stand out in the hyper competitive world of Forex – by truly helping people get better at making money, you can win their loyalty.
A Plethora of EAs
EAs, or Expert Advisors, are trading bots designed and programmed to help people make more money while working less. They’re also very expensive. Just offering a few effective trading algorithms can go a long way to making you a favored broker among the bunch.
A Reliable MetaTrader 4 Bridge
MetaTrader 4, for all its popularity, comes with no connection to the interbank and no easy way to transfer money or liquidate the virtual currency you’ve earned. That means you need a bridge solution to a liquidity provider for your clients. A MetaTrader 4 or MetaTrader 5 bridge like Forex Bridge Solutions can work wonders for your business.
– See more at: http://www.datsyn.com/article/5863/2016/07/17/From-Forex-Bridge-Solutions-to-Server-Monitoring-5-Tools-Every-Broker-Needs#sthash.NA25ryyR.dpuf