What Should Foreign Exchange Brokers Look For On The Foreign Exchange Trading Platform

Suppose that most people understand, but let’s quickly re-examine what is a trading platform.

What is a foreign exchange trading platform?

The foreign exchange trading platform is a kind of software that can be traded through financial institutions such as foreign exchange intermediaries. For example, you can manage opening, closing, and market positioning.

These trading platforms may be specific to specific instruments or markets, such as stocks, currencies, options and futures.

In most cases, foreign exchange trading platforms such as MT4/MT5 are provided in the form of subscription fees. However, in very few cases, some foreign exchange trading platforms, especially those entering new markets, are provided free of charge every month to exchange commissions for a specific number of transactions.

Global traders use a variety of trading platforms according to their trading styles and trading volumes. However, the MT4/MT5 of MetaQuotes is very popular among most traders with 15 million users worldwide, because the MT4 trading platform is convenient and flexible for users.

In addition, MT4/MT5 has no additional conditions. In a sense, it must meet the trading volume quota. This is another reason why MT4/MT5 is usually provided by most foreign exchange brokers.

How to choose the right trading platform for your foreign exchange broker?

As a foreign exchange brokerage company, it is very important to select an appropriate trading platform. The decision should be made according to the relevant functions and fees. The following is a list of matters that should be noted when selecting a trading platform for your broker.

1. White labels and; customization

Borrowing money from large retailers is an important lesson. Large retailers have been selling their own brands of groceries at lower prices because white label products sell well.

The concept here is the same for both retail and knitwear. As long as you subscribe to a product developed by a company and sell it as your own product, you can provide an existing solution that does not require too much cost and time.

In addition, foreign exchange trading software with white labels can improve the visibility of foreign exchange brokerage business and the loyalty of existing customers.

Look for foreign exchange technology suppliers, who can not only provide foreign exchange solutions with white labels, but also customize them according to business needs.

2. Reliability

Each customer may have their own trading style. Some people may prefer desktop based trading platforms, while others may choose online traders, or even mobile traders.

No matter where the trading platform is, the stability and reliability of the platform are very important. This may be a trade creator, or a destroyer of crazy traders. They often do a lot of trading because they are always looking for a foreign exchange trading platform that has never collapsed.

3. User experience and; flawless transaction

Your future customers will interact with more trading platforms rather than your intermediaries or websites. Therefore, user experience is the factor that determines how long customers will stay together.

The transaction platform is an ideal platform. Whether it is a desktop, mobile device or network, you can order or complete the transaction immediately with one click. Not to mention, you can quickly open multiple charts with one click.

Not only a single transaction, but also loss prevention management and overall navigation are advantages that traders can consider. In addition, when providing multiple charts and tools on one platform, easy access and application functions are also important.

4. Support and; update

When selecting foreign exchange technology suppliers, it is very important to select the suppliers that provide free support. The technical partners providing foreign exchange transfer solutions must be able to help solve problems when they arise.

You can also work with a strong technical team, such as Sanfrix, to solve problems or deploy new software updates immediately.

5. Platform availability and; auxiliary functions

In this era, you need to provide customers with the flexibility to trade anytime, anywhere. Therefore, the trading platform must be accessible from network, mobile, tablet and other devices.

This is not only the flexibility function of customers, but also the overall growth and profit advantage of foreign exchange brokerage business.

Foreign exchange technology providers like Sanfrix can provide an intuitive foreign exchange trading platform and can access it through online Trader, mobile radar(iOS or Android applications) or tablet computers. You can also completely customize the appearance and functions according to your own preferences and brand them.

6. API as a Service

We cannot emphasize the importance of cooperation with suppliers with powerful API functions and fully customizable trading platforms.

The senior members of Sanfrix’s technical team provide API requirements for many customers in terms of foreign exchange technology. All external plug-ins, custom development and APIs will be seamlessly integrated into the existing system, while ensuring seamless communication with the trading platform.

7. Asset Type

The ideal foreign exchange technology provider will provide a variety of tools, such as primary and secondary currency pairs, cryptocurrencies, indices, stocks, foreign exchange, energy, metals, commodities and futures.

8. Transaction simulation and; demo Features

Many traders like to test their trading strategies in advance so that they can work without losing actual funds. A good foreign exchange technology provider should be able to provide simulation and demonstration functions for hypothesis testing of transactions. On the other hand, this function can become a practice space for amateur traders.

9. Tools and; drawing function

Chart function is one of the most basic functions of the trading platform. Some foreign exchange traders rely on charts to visually check the price trends on the charts.

Another important feature is whether the supplier can conduct transactions directly in the chart.

In addition, traders also use technical analysis methods to forecast prices. Fibonacci regression, Cannes signal and other tools help this analysis.

10. Cost and pricing model

Finally, cost and pricing models play an important role in decision-making. Sanfrix and other technology suppliers charge a fixed subscription fee instead of volume. Considering the price option, this function may damage the revenue, so it should be the main focus of customers.

In addition, Sanfrix knows that start-up costs can be very high. Therefore, you can make a pricing plan that best suits your business type, so that you can only pay according to usage.

Sanfrix provides all the above functions and more. To explore all the interesting possibilities, apply for a free demo now!