Across all trading platforms, the convergence from desktop to mobile continues. Mobile platforms not only having more features, but are being adapted based on the evolvement of screen sizes and internet connections. Following the trend of providing the ability to trade on any device in all locations, FXCM announced to clients the release of an in-app deposit function for its TradingStation mobile platform. The app connects clients to the same payment gateway provided from processing firm Verifi that is available on FXCM’s downloadable and web-based TradingStation platforms.
While seemingly a relatively small upgrade for clients, mobile deposits are a key feature for brokers. During the coverage of the payment processing sector in our Q4 2012 Industry Report, a section was devoted to future trends. At the time, we wrote that mobile deposit integration was an area that both brokers and payment solution providers were watching closely, and evaluating methods to add it. Similar to how mobile platforms have led to an increased frequency of trades among clients, in-app deposits provided benefits for brokers. Specifically, the adoption of mobile funding was expected to lead to higher frequency of deposits as users are able to react to news of margin calls or trading opportunities.
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In this regard, when asked about expected usage of the new deposit feature, a FXCM spokeswoman explained to Forex Magnates, “We expect to see significantly more deposits and a greater overall total deposit amount.” In terms of its creation, she added that, “FXCM saw a high demand from clients who wanted to be able to fund their account anywhere and anytime at the convenience of their mobile device.”
Looking ahead we expect that FXCM’s release of mobile deposits will escalate the launch of competing products from brokers. According to payment industry sources with whom Forex Magnates has had continued discussions since the release of the Q4 2012 report, in addition to just brokers who are developing mobile deposit widgets, multiple third party platform providers are also in the late stages of adding in-app funding to their platform. Such products would then become available to their entire base of broker clients.