{"id":5023,"date":"2023-01-16T16:06:40","date_gmt":"2023-01-16T16:06:40","guid":{"rendered":"https:\/\/devexperts.com\/blog\/?p=5023"},"modified":"2023-04-27T09:09:01","modified_gmt":"2023-04-27T09:09:01","slug":"fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers","status":"publish","type":"post","link":"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/","title":{"rendered":"FX Industry Pain Points: What Are the Tech Nuggets for FX Brokers"},"content":{"rendered":"\n<p>In Devexperts, we\u2019ve been cataloguing some pain points and preferences of FX\/CFD brokers and traders alike.&nbsp;<\/p>\n\n\n\n<p>The list below is far from comprehensive, but it will give you a good idea as to some of the issues that are constantly being discussed behind closed doors. We\u2019ve picked the most popular ones and split them into four most common ones voiced by our industry peers.<\/p>\n\n\n\n<div class=\"wp-block-devexperts-custom-thumbnail\"><figure><picture><source media=\"(max-width: 639px)\" data-srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-600x338.png 2x, https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-300x169.png 1x\"\/><source media=\"(min-width: 640px) and (max-width: 767px)\" data-srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-1168x657.png 2x, https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-600x338.png 1x\"\/><source media=\"(min-width: 768px) and (max-width: 1023px)\" data-srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-1168x657.png 2x, https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-728x410.png 1x\"\/><source media=\"(min-width: 1024px) and (max-width: 1279px)\" data-srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-1168x657.png 1x, https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-690x388.png 1x\"\/><source media=\"(min-width: 1280px)\" data-srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-1752x986.png 2x,\n\t\t\t\thttps:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-1752x986.png 1.5x,\n\t\t\t\thttps:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-870x489.png 1x\"\/><img decoding=\"async\" class=\"singleThumbnail lazyload\" src=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-1024x576.png\" data-src=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-870x489.png\"\/><\/picture><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-brokerage-pain-points-with-trading-platforms-instruments-risk-management\">Brokerage Pain Points with Trading Platforms, Instruments &amp; Risk Management<\/h2>\n\n\n\n<h3 id=\"h-1-differentiating-the-platform\" class=\"wp-block-heading\">1. Differentiating the Platform<\/h3>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:32% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"293\" height=\"236\" src=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-platform-2-1.png\" alt=\"Differentiating the trading platform\" class=\"wp-image-5768 size-full\" srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-platform-2-1.png 293w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-platform-2-1-70x56.png 70w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-platform-2-1-271x218.png 271w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-platform-2-1-258x208.png 258w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-platform-2-1-210x169.png 210w\" sizes=\"auto, (max-width: 959px) calc(100vw - 30px), 870px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p>For a variety of reasons, the online FX\/CFD industry is one in which it\u2019s particularly difficult to stand out. As you\u2019ll see below when we get to trader preferences, a single out-of-the-box trading platform still dominates the space, so it\u2019s understandable why the industry has a bit of a cookie-cutter feel from one brokerage to the next.<\/p>\n<\/div><\/div>\n\n\n\n<p>But it\u2019s more than just the common platform. Brokers, quite understandably, are not keen on their clients having to select their brand from a long list of rivals in order to download MetaTrader\u00ae. For one, it contradicts the image of the brokerage as trying to prove they are most popular, standalone venue for market access; it leads to client attrition, and from a marketing standpoint it appears to put the software provider in the driver\u2019s seat. More on this below.<\/p>\n\n\n\n<h3 id=\"h-2-differentiating-the-product-contracts-for-difference\" class=\"wp-block-heading\">2. Differentiating the Product (Contracts for Difference)<\/h3>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:32% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"293\" height=\"236\" src=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-product-1.png\" alt=\"Differentiating the Product\" class=\"wp-image-5769 size-full\" srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-product-1.png 293w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-product-1-70x56.png 70w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-product-1-271x218.png 271w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-product-1-258x208.png 258w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/differentiating-the-product-1-210x169.png 210w\" sizes=\"auto, (max-width: 959px) calc(100vw - 30px), 870px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p>As for the product itself, CFDs for retail traders are not unique to any single business, nor are the underlying instruments that CFDs are based on. Historically, CFD brokerages have sought to stand out by narrowing their spreads and offering more symbols across a greater variety of asset classes.<\/p>\n<\/div><\/div>\n\n\n\n<p>First it was FX pairs, then commodities, indices, equities, futures, bonds and now crypto. Today, most CFD brokers are reasonably well matched in their respective asset offerings, and there\u2019s only so tight spreads can be squeezed before, again, everyone\u2019s offering the same thing. How to stand out? Provision of some unique in-house <a href=\"https:\/\/devexperts.com\/blog\/index-management-from-excel-to-electronic-studios\/\" target=\"_blank\" rel=\"noreferrer noopener\">calculated indices<\/a> could be the solution.<\/p>\n\n\n\n<p>Additionally, there\u2019s the added issue of a completely new generation of traders, mostly under-30, for whom CFDs are no longer the only game in town. Many of these new traders have gone straight to zero-commission brokerage apps and crypto exchanges without ever giving CFDs a second thought. We\u2019ve already covered each of these phenomena in greater detail elsewhere on this blog, see <a href=\"https:\/\/devexperts.com\/blog\/retails-revenge-and-how-to-level-your-brokerage-up-in-2021\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> and <a href=\"https:\/\/devexperts.com\/blog\/what-most-brokers-got-wrong-with-their-crypto-cfds-the-story-so-far\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a> if you\u2019re interested.<\/p>\n\n\n\n<h3 id=\"h-3-simplifying-the-product-making-cfds-accessible\" class=\"wp-block-heading\">3. Simplifying the Product (Making CFDs Accessible)<\/h3>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:32% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"293\" height=\"236\" src=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/simplifying-the-product-1.png\" alt=\"Simplifying the Product \" class=\"wp-image-5770 size-full\" srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/simplifying-the-product-1.png 293w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/simplifying-the-product-1-70x56.png 70w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/simplifying-the-product-1-271x218.png 271w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/simplifying-the-product-1-258x208.png 258w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/simplifying-the-product-1-210x169.png 210w\" sizes=\"auto, (max-width: 959px) calc(100vw - 30px), 870px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p>Another common issue, particularly from our brokerage partners in Middle Eastern and Asian markets, is that the product itself is too complicated for the lay public to begin with. They find that the manner in which it\u2019s presented, as well as the steepness of the learning curve, is a real barrier to mass adoption. They feel existing traders are well-served, but many newcomers drop off before ever truly getting to grips with how to trade CFDs.<\/p>\n<\/div><\/div>\n\n\n\n<p>Essentially, what these clients are asking for is a way to bridge between a relatively simple UX, with limited options for newcomers, to the fully fledged version with all the bells and whistles for experienced traders. This is an effort that can positively impact both client acquisition and retention.<\/p>\n\n\n\n<h3 id=\"h-4-improving-risk-management\" class=\"wp-block-heading\">4. Improving Risk Management<\/h3>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:32% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"293\" height=\"236\" src=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/improving-risk-management-3.png\" alt=\"Improving Risk Management\" class=\"wp-image-5787 size-full\" srcset=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/improving-risk-management-3.png 293w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/improving-risk-management-3-70x56.png 70w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/improving-risk-management-3-271x218.png 271w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/improving-risk-management-3-258x208.png 258w, https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/improving-risk-management-3-210x169.png 210w\" sizes=\"auto, (max-width: 959px) calc(100vw - 30px), 870px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p>This one is a problem for all brokers irrespective of region. Many of the companies we talk to contend that existing risk management software is too basic and lacks functionality, with dated UIs. This impacts not only existing markets on offer, but also any new symbols a brokerage might add as every new addition comes with its own challenges to risk management (e.g crypto assets). It forces many dealers to hedge manually and\/or constrain trading conditions.<\/p>\n<\/div><\/div>\n\n\n\n<p>This approach is far from optimal from a profit standpoint as manual hedging is inferior to an algorithmic approach, but it can also render instruments such as crypto uncompetitive when trading conditions are hampered to mitigate risk (wide spreads, artificial trading hours). <\/p>\n\n\n\n<p>Read what we\u2019re doing to <a href=\"https:\/\/devexperts.com\/blog\/evolving-risk-management-trends-by-conor-odriscoll-for-e-forex\/\" target=\"_blank\" rel=\"noreferrer noopener\">overhaul risk management approaches<\/a> in the industry.<\/p>\n\n\n\n<p>Thanks for reading! In a subsequent article, we plan to delve further into finding the solution to differentiate with a trading platform.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In Devexperts, we\u2019ve been cataloguing some pain points and preferences of FX\/CFD brokers and traders alike. We believe that this research can be useful to both new and established brokerages.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2021],"tags":[11,49],"class_list":["post-5023","post","type-post","status-publish","format-standard","hentry","category-brokerage","tag-financial-software","tag-trading-platform"],"acf":{"nifty_post_card_image":5025,"nifty_post_card_index_big":5026,"nifty_post_inner_image":5027,"nifty_post_card_banner":5028},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Forex Industry Pain Points - What Are the Tech Nuggets for Brokers<\/title>\n<meta name=\"description\" content=\"In this article we want to share our research of some common FX industry pain points and trader preferences to give your brokerage the edge.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FX Industry Pain Points: What Are the Tech Nuggets for FX Brokers\" \/>\n<meta property=\"og:description\" content=\"Lately, we&#039;ve been cataloguing some of the pain points and preferences of both FX\/CFD brokers and traders. We believe that this research can be useful to both new and established brokerages.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/\" \/>\n<meta property=\"og:site_name\" content=\"Devexperts Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/devexperts\/\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-16T16:06:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-04-27T09:09:01+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devexperts.com\/blog\/app\/uploads\/2023\/01\/Pain-02.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1201\" \/>\n\t<meta property=\"og:image:height\" content=\"631\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Evgeny Sorokin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Trader Preferences &amp; FX Industry Pain Points\" \/>\n<meta name=\"twitter:description\" content=\"In this article we want to share our research of some common FX industry pain points and trader preferences to give your brokerage the edge.\" \/>\n<meta name=\"twitter:creator\" content=\"@devexperts\" \/>\n<meta name=\"twitter:site\" content=\"@devexperts\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Evgeny Sorokin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":[\"Article\",\"BlogPosting\"],\"@id\":\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/\"},\"author\":{\"name\":\"Evgeny Sorokin\"},\"headline\":\"FX Industry Pain Points: What Are the Tech Nuggets for FX Brokers\",\"datePublished\":\"2023-01-16T16:06:40+00:00\",\"dateModified\":\"2023-04-27T09:09:01+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/\"},\"wordCount\":712,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/devexperts.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devexperts.com\/blog\/app\/uploads\/2022\/09\/pain-ponts-2336_1314-article-1024x576.png\",\"keywords\":[\"financial software\",\"trading platform\"],\"articleSection\":[\"Brokerage Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/\",\"url\":\"https:\/\/devexperts.com\/blog\/fx-industry-pain-points-what-are-the-tech-nuggets-for-fx-brokers\/\",\"name\":\"Forex Industry Pain Points - 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