Become Best online Forex broker



Become Best online Forex broker


So you want to start an online Forex broker business and chances are you already know there a number of similar firms offering Forex brokerage services that will give you some heavy competition. But you want to become the best online Forex broker and offer quality services to your clients. How do you do that?


Actually, it is quite simple. Though there are hundreds of Forex brokers out there, not all work in the best interests of the traders or provide quality services. With inefficient brokers traders face issues like obsolete trading software, improper support, less funding options, no fund safety, high spreads and absence of promotional offers. Such brokers have made traders apprehensive and wary of working with Forex brokers.

But if you align the needs of your traders with your business providing them with a profitable trading environment along with fairness and transparency in your operations, you are sure to become the best online Forex broker for your clients. Is that all you require to become the best in the business? Not exactly, offering flexible solutions, innovative technology and better connectivity will not only help you to become the best but also to stay that way.


Let's see in detail the requirements to become the best online Forex broker in the long run.


Spoilt for choice - Flexible funding, software and prices

That's what your customers want to be. They want to be spoilt for choice with flexible options even for the mundane stuff like withdrawal, deposit, internal transfer, bonus, etc. Offering multiple funding methods that are most importantly secure will provide a great deal of flexibility for your clients. Along with the traditional methods of bank transfers and credit/debit cards, also offer convenient and faster options like Neteller and Skrill and other E-currency. Keep the deposit/withdrawal fees at a minimum.


That's what your customers want to be. They want to be spoilt for choice with flexible options even for the mundane stuff like withdrawal, deposit, internal transfer, bonus, etc. Offering multiple funding methods that are most importantly secure will provide a great deal of flexibility for your clients. Along with the traditional methods of bank transfers and credit/debit cards, also offer convenient and faster options like Neteller and Skrill and other E-currency. Keep the deposit/withdrawal fees at a minimum.


Another aspect where your clients will expect choice is the trading platforms. Every trader is unique and their trading needs vary vastly, therefore one solution may not fit all. While some traders may seek a platform that is lighter on their pockets, other may prefer advanced facilities like trading signal generators. MetaTrader 4 which happens to be used for 80% of overall trading volume is a must, you can also offer other platforms like MetaTrader 5, cTrader or Global Trade Station. The current generation of traders seek on the go trading platforms that can be accessed through mobile and web, so it may help to include these in your offerings.


Would you pay the same for a large pizza and a small one? Similarly, differential pricing for different types of traders and depth of liquidity can help. While novice traders are more likely to make small orders, you can expect experienced traders to place bigger orders. So it may not be fair to charge them both the same. Also where you provide clients with access to better liquidity by working with a number of liquidity providers, you can charge a relatively higher commission.


Up your technology game

When the entire dealings of your Forex business from clients opening a trading account to being informed about the market conditions, placing orders and executing the order takes place online, a robust technological ecosystem is a must. From trading platforms to bridging software, CRM, risk management systems and order management software, a Forex broker has diverse technological needs to support his day-to-day business operations. To meet these technological needs you will need to partner with a flexible technology provider.


Most technology providers also offer customisable solutions that you can tweak to meet your unique needs. As technology lies at core of this online Forex trading industry, there is constant innovation in the Forex technology field that can make retail trading easier. Cutting edge, innovative technologies is what you will need to stay ahead of your competitors. Although these may come at a high cost, it will allow you to provide the best services at a faster execution rate to your clients.


MetaTrader 5 is one such sophisticated trading software with advanced features like professional technical analysis with over 80 in-built indicators, automated trading facilities and one click trading. Being equipped with the latest technology allows you to provide uninterrupted, all round services to your clients. You also need to offer an interactive website with friendly user area that allows quick and easy access for the users to create and manage their trading account.

Business Model and Goal

You might see so many new Forex brokerage firms beginning their operations but running a Forex broker business is not as easy as it is to start one. Sustaining in this highly competitive market in the long run is even harder. So you need to set your priorities even before you start your business. Businesses that are modelled around consumer satisfaction with a long term vision of steady revenue and minimised risk will be the most profitable ones.


One of the most important things that will allow you to operate as a reputed broker in the long run is the safety you provide for the funds of your clients. When traders make their initial deposit they are trusting you with their money, so it is highly recommended to provide complete transparency in your transactions and unhinged access to withdrawals. Also make sure you to keep enough capital in reserve to protect against bankruptcy and loss of trader’s deposits and trading capital. Protect your customer investments with segregated accounts to avoid using client funds for your own expenses, obligations or risk.


Keeping flexible solutions, innovative technology and customer-friendly business model at the core of what you do, you are sure to make your clients happy and boost your client retention rate. Being regulated by an accredited regulatory agency and offering competitive prices will help you gain clients in the first place. Also make it a point to be fair and transparent in every trading activity. At the end of the day, you will have achieve your goal of becoming the best online Forex broker.

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