{"id":4630,"date":"2022-07-26T12:24:13","date_gmt":"2022-07-26T12:24:13","guid":{"rendered":"https:\/\/devexperts.com\/blog\/?p=4630"},"modified":"2022-08-24T13:24:43","modified_gmt":"2022-08-24T13:24:43","slug":"trading-platforms-your-key-to-retaining-traders-and-reducing-your-churn-rates","status":"publish","type":"post","link":"https:\/\/devexperts.com\/blog\/trading-platforms-your-key-to-retaining-traders-and-reducing-your-churn-rates\/","title":{"rendered":"Trading Platforms: Your Key to Retaining Traders and Reducing Your Churn Rates"},"content":{"rendered":"\n

You\u2019ve been focusing on offering competitive fees and spreads. Still, traders keep switching to a competitor broker! How can you reduce the churn rate and maintain trader loyalty? One way is through the trading platforms you offer.<\/p>\n\n\n\n

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To better understand FX\/CFD traders\u2019 views on trading platforms, we recently conducted an anonymous survey. We asked hundreds of traders what platforms they used, and what they liked in their trading platforms. Our questions also included what important features they looked for, what they lacked, and more. We found that traders want better trading interfaces<\/strong>. In fact, almost 60% of traders indicated they\u2019re willing to switch brokers when offered a better platform.<\/p>\n\n\n\n

That\u2019s why it\u2019s important you improve your trading platforms<\/a> to prevent FX\/CFD traders from turning to the competition for business.<\/p>\n\n\n\n

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In this article, we\u2019ll discuss why a high-quality trading platform can help you maintain trader loyalty and offer insights from our survey. We\u2019ll also list 3 features to include in your trading platforms to help you retain traders.<\/p>\n\n\n\n

Let\u2019s begin with 3 reasons why traders switch brokers.<\/p>\n\n\n\n

<\/a>3 Reasons Why Traders Switch Brokers<\/h2>\n\n\n\n

Though traders may choose to switch brokers for any reason, we\u2019ve compiled 3 recurring issues <\/strong>that lead traders to switch to a new broker.<\/p>\n\n\n\n

<\/a>1. Better Fees and Spreads<\/h3>\n\n\n\n

You\u2019d want to save money whenever you can and traders want that as well. That\u2019s why they\u2019ll keep searching for lower fees and spreads<\/strong>. This also leads brokers to focus on pricing to attract new traders. Still, our survey results show almost 38% of traders find fees and spreads are less important than the trading platforms<\/strong> on offer. In effect, if you offer better trading platforms and meet traders\u2019 demands, you have better chances of reducing churn rates and retaining your clients.<\/p>\n\n\n\n

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<\/a>2. Outdated Platforms<\/h3>\n\n\n\n

Based on the Devexperts survey, almost 47% of traders believe their platform is outdated. This means traders don\u2019t have the tools and services they need to follow the booming FX and CFD trading industry. Instead, popular trading platforms settle for gaining popularity and fail to improve their service. They lack features like customizable layouts, a dashboard showing their performance, a trading journal, risk management, and advanced mobile trading. To this end, you can offer those trending features and attract traders to improve user retention.<\/p>\n\n\n\n

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