About the Client
The Client is a major provider of trading education. Along with franchisee offices worldwide, the company also offers web-based courses. The Client employs over a hundred instructors and has already educated thousands of traders.
Business Challenge
The legacy educational trading platform the Client used was no longer covering their needs. The Client wanted to expand the customer base by implementing new asset classes, trading strategies, and trading wizards. It was also essential to retain students by providing them with a trading solution for simulation trading, which they could access at any time anywhere to practice their skills. The legacy solution was available only during classes, depriving students of practicing paper trading at home and causing their attrition.
On top of that, the Client was concerned with risk management issues due to being bound to one broker-dealer that provided the educational trading platform. The broker was not ready to customize the trading platform according to the Client’s demands, compromising the Client’s business. Therefore, the Client decided to become broker-agnostic and integrate with multiple brokers via APIs. It would allow the Client to negotiate partnership terms and expand the business by offering education for more asset classes. It would only be possible if the Client had a proprietary trading solution and switched to API integration with brokers.
Solution
The Client chose Devexperts for their record of previously delivered high-rated trading solutions. As a foundation for the project, Devexperts used their multi-asset trading solution DXtrade to provide the Client with a proof-of-concept – a prototype of the trading platform with custom features. This proof-of-concept helped the Client look into their business demands and focus on:
- Development of a proprietary trading terminal optimized for the web due to its availability anytime, anywhere
- Adding new assets and trading widgets to the new proprietary trading solution
- Getting a set of APIs for the integration of the trading terminal with multiple brokers.
Devexperts white-labeled the DXtrade web trading terminal, enhanced it with additional widgets for the Client’s business processes and simulation trading. Thus, the Client received a full-fledged proprietary solution and became broker-agnostic.
Devexperts also introduced API integration with the backend of the broker the Client worked with at the time. Thus, the existing students could continue their education on the Client’s proprietary trading terminal from their previously created accounts. At the same time, the web trading terminal provided students with access to their trading accounts at any time from any location along with the Client’s educational videos.
Devexperts APIs for integration also provided a connection to a broker, which offered options and futures trading on top of already available stocks trading. With multiple broker integrations at hand, the Client ensured their independence from backend providers, improving the level of company risk management.
The proprietary web trading terminal does not have account data processing because the Client is not licensed as a US broker-dealer. For this reason, Devexperts implemented the simulation trading in the web terminal using DXtrade OMS, Devexperts’ proprietary order management system. The trading terminal was also enhanced with widgets specific to the Client’s educational methods of technical analysis.
Results
The Client received their own trading platform and restructured their educational trading solution and integrations from all angles:
- The web trading terminal based on DXtrade was white-labeled for the Client and enhanced with simulation trading.
- Accounts of already existing students were integrated with the broker’s backend.
- New widgets support the Client’s educational trading strategy.
- Students can use the web trading terminal anytime, anywhere.
- New asset classes were added through API integration with multiple brokers.