Overcoming the Cons of Market Screeners
Market screeners are an essential tool for traders who want to stay informed and be notified of specific changes in the markets, and they have a lot of choices. A financial entity looking to onboard more clients through this tool needs to not only stand out technology wise but also be able to offer an enticing cost-effective foot in the door for prospective customers.
Having so many market screeners means that companies need to offer increasingly more competitive solutions. These solutions vary depending on whether a screener is free or paid. The main highlights of these screeners often center around accessibility, alerts capabilities, customization, and charts and tools. The cons of these screeners, as noted by many traders, often center around value. Traders want feature-rich screeners without the massive associated costs.
dxFeed has developed dxFeed Radar, a customizable solution to perform technical and fundamental analysis for Equities/FX/Derivatives markets.
This solution allows companies can customize their screeners to offer the best features; unique alerts, custom indicators, strategy back-testing, mobile & web-based, real-time data, etc. and offer a variety of methods to attract traders without requiring an intimidating initial investment. By applying alternative offerings, brokerages will be able to onboard more clients. Here are some options used by top market screeners:
Light vs. Pro
The most common way for market screeners to offer excellent services while remaining cost-effective is by offering a free version, and a pro version of their platform. With dxFeed Radar, companies can offer a simplified market screener for beginners for free with segments cordoned off for pro subscribers. By utilizing such a highly customizable screener, companies have extensive options for offering a unique combination of features to attract new traders and stand out from competitors.
Potential features in PRO editions:
- Ability to export data via CSV
- Advanced charting capabilities
- Backtesting trade strategies
- Expanded offering of available metrics
- Customization
30-day trial / Free demo
A common strategy for overcoming the drawbacks of cost and complexity is to offer a 30-day free trial. This gives traders the opportunity to get a comprehensive understanding of what you offer. The drawback of this method is that it could overwhelm beginners who will be intimidated by the number of tools.
To utilize this method to engage beginners as well as experienced traders is to embed educational widgets. This is a simple solution that can be implemented into dxFeed Radar and offered with a clear on/off switch. With this, beginners can comfortably ease into the market screener and professionals will not be annoyed by unwanted pop-ups telling them things they already know.
Tiered memberships for use
The most versatile option for prospective users, but the most labor-intensive to create is a tiered membership option. This option allows for extensive customization, educational assistance widgets, advanced analysis options, and alerts systems, etc. The possible customizations for a tiered membership program are near-limitless, and therefore more appealing to traders of all skill levels. This option is particularly useful for educational platforms who can offer courses with strict guidelines and step-by-step learning. With tiered memberships, you cast the widest net. By working closely with developers and marketers you can provide the right solutions at the right cost to the right customer.
In order to provide any of the solutions to cost and complexity with market screeners, one thing is essential: customization. Out of the box solutions are not enough anymore. With dxFeed Radar, you can customize complexity down to the most minute settings to offer the most cost-effective options and attract customers with creative and targeted solutions.