Devexperts builds trading platforms for different brokerages servicing over six-million traders worldwide. Over the past fifteen years, we have gained insight into what traders look for in a broker\u2019s platform. Here are eight of the demands traders have that brokerages should be listening to, and how to meet them. <\/p>\n\n\n\n
If you want to attract new users and increase trade volume, never forget the basics: reliability, instant utility, and speed. The effort you put into these things today will still be paying off dividends for your traders, years down the road. The first step should always be to check if your technology makes it past these filters, and then go for hype points with features, tools, and functionalities.<\/p>\n\n\n\n
Traders want \u201cincreasingly simpler sophistication<\/em>\u201d, which demands a lot of UI\/UX effort. A trading platform isn\u2019t a book, people are going to judge it by its cover. This means investing in intuitive designs and easy to use educational widgets for new traders. A platform should be navigable with a clean and well thought out design. This goes double for mobile interfaces since there are fewer options and users on mobile are often looking for a quick and specific item or action. <\/p>\n\n\n\n Most big brokerage houses offer to trade Forex and contracts for difference (CFDs) on Futures, Stocks, Indices, Crypto-currencies. However, to be able to grow the volumes, a broker needs to quickly add and offer real asset classes; e.g. just offering CFDs on cryptocurrency is not enough due to spreads and the nature of CFDs, because it doesn\u2019t allow to buy the actual currency, whereas there is an interest to purchasing and owning an asset. In addition, options to hedge FX\/CFD positions could be appealing to the clients.<\/p>\n\n\n\n One of the most valuable things for the client is to be able to see data that is important for them<\/em> in a quick and accessible way. There are people who, for example, don’t use charts for trading and focus more on volatility. At the same time, there are other traders interested in more in-depth analysis. Easier decision making means easier trades; easier trades mean more trades. <\/p>\n\n\n\n Brokers can offer additional services at additional prices. For example, educational programs, market insights, Level 2 data, social functions such as integrated chats, cloud watchlists, etc. Through features such as these, brokers will form strong relationships with long-term clients and successful traders. <\/p>\n\n\n\n Everything has a bit of room for improvement. Innovation features sometimes come with complexity, though they need to be simplified to serve users better. This conflict of complexity and simplicity can be mitigated by an approach of unfolding complexity progressively at the right time and in the right context. This is best done via in-app walk-through widgets or contextual notifications that are triggered according to rules and events.<\/p>\n\n\n\n Innovation is essential in these areas: data analytics tools, UIs, mobile solutions, development of trading tools for wealthy sophisticated investors, mobile interfaces, cloud-based algorithm trading, and AI. Give traders a better way to see what is going on the market. Getting this information in time and in an easy manner will be a huge improvement to trader\u2019s decision making. Having instruments, such as monitoring of unusual activity, new methods of data analysis, and educational tools.<\/p>\n\n\n\n The modern marketing toolbox does the job, tracking all traders\u2019 activities from guest mode through account registration and first deposit, allowing you to apply business intelligence to the trading behavior and find hypotheses. To do this, you must run a series of A\/B tests, tweak the interfaces, learn from this experimentation, and repeat. Repetition should help optimize the results. The easier the access to your services is, the more likely it is for traders to stay.<\/p>\n\n\n\n Nowadays, Machine Learning (ML) techniques can be seamed into automated trading solutions provided by 3rd parties and be used to analyze market conditions and recognize patterns.<\/p>\n\n\n\n3. Be able to provide variety to attract more traders<\/h2>\n\n\n\n
4. Pay attention to your trader\u2019s needs<\/h2>\n\n\n\n
5. Be able to offer additional services<\/h2>\n\n\n\n
6. Provide everything to unlock the full potential of technology<\/h2>\n\n\n\n
7. Make your onboarding easy services accessible and easy to start using<\/h2>\n\n\n\n
8. Integrate automated trading solutions<\/h2>\n\n\n\n