WHAT TO LOOK FOR IN A FOREX TECHNOLOGY PROVIDER4 min read
The online trading industry is not what it used to be. In fact, many would argue that the arena has entirely changed in recent years. Europe in particular has seen a severe tightening in regulation which has dramatically forced brokers to change the way they approach their mode of operation.
At the same time, banks and Payment Service Providers have toughened their positions with regards to Forex, following a string of notoriously fraudulent businesses who made a bad name for the industry. In today’s market, finding the best jurisdiction, the most flexible PSP, and the most welcoming bank to open an account in, is becoming increasingly difficult. Of course, you can always take the crooked path and get yourself registered in some godforsaken pacific island, but that’s almost certain to land you a ‘dishonest’ label, both in the industry and among traders.
The good news is, that you can still make a thriving business as a broker, if you are eager enough. But how many brokers will have the tenacity to go through the entire process? For most of them, the obvious solution is to leave the bureaucratic headache to a certified brokerage solution provider. One such notable example is the Our Instant Broker Solution offering, by renowned brokerage tech provider HND Ventures.
Finding the right brokerage solutions
HNDVentures’ service is perfect for Forex brokers who want to become regulated, or for newcomers who want to hit the ground running as a regulated operation”, says Warren Takunda , Business Development Executive at HND Ventures. “Many brokers tremble in fear when they hear the words ‘regulations’ or ‘MiFID 2’, but our experts can deal with it easily, leaving our clients room to focus on what they love to do most: establish connections with their traders”.
The benefits of Our Instant Broker Solution doesn’t end there. With so many things to consider when you open a brokerage, having a one-stop shop to jump start your business is a huge advantage. We’re talking about choosing your jurisdiction, company incorporation, opening a bank account, finding PSPs, choosing a business model (A Book, B book, or both), building a website, and going through the entire compliance procedure.
“In light of the large number of steps that need to be properly completed in order to start your own Forex brokerage, and considering the speed at which the Forex industry is continually evolving, having an experienced company at your side can prove critical every step of the way”, says Mr. Takunda. “HND Ventures’ experience in the industry, combined with an advanced technology package, makes the process quick and painless for the broker”.
Should you rely on one technology provider?
Although it is possible to start your own Forex brokerage by selecting the necessary components from across a variety of providers, most brokers would prefer to work with a technology solutions provider who can offer everything needed to get off to a successful start. Outsourcing allows Forex brokers to focus on what they do best: sales, marketing and retention. By allowing Forex technology experts to handle the complex activities going on behind the scenes, the broker will be able to reap the benefits of launching his business as quickly as possible.
There are several advantages to outsourcing development and oversight of your Forex technology to a third party. Here are some of the major benefits:
Technology companies which offer a one-stop shop package already have the expertise required to avoid the most common pitfalls a new broker will encounter. Additionally, the tech providers know how the individual components will work together, reducing time lost to incompatibility issues.
The best Forex technology companies offer you support as your company grows. When you add more customers, your solutions provider should be able to quickly scale your infrastructure to keep pace with the increase in demand.
Sometimes you’ll have an issue come up outside of business hours. A top tier technology solutions provider will be able to provide you with access to professional support team who can understand and resolve questions about any of your software platform components whenever your brokerage is open for business.
New ideas such as social trading and auto trading, as well as new instruments, are introduced into the Forex market on a frequent basis. A company specializing in forex technology is able to research and design forex trading systems that incorporate the best new ideas, and will be able to advise you on when and how to begin offering these options to your clients.
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