Tradenext Limited, the UK FCA regulated FX broker and provider of Forex, CFDs and spread betting products across multiple algorithmic and social-based trading platforms has announced the adaptation of the X Open Hub technology for its trading infrastructure. The London- based broker is set to officially launch the product – which will be named FlexStation, at the London Investor Show scheduled to take place on October 25, at London Olympia Central.
The X Open Hub environment which includes web-based trading platforms, integrated social trading, an apps marketplace and back-office technology is provided by X Financial Solutions Limited (XFS), a leading developer of technology solutions to the OTC brokerage space.
According to the announcement, Tradenext Limited CEO, Mohsin Jameel, decided to adopt the complete suite of X Financial Solutions’ X Open Hub system because it has a cloud-based, open API infrastructure, which allows Tradenext to create a proprietary platform under its own private label that is accessible from anywhere in the world.
Embracing Innovative Technology Before the Crowd
“X Open Hub allows us the chance to build on our client base by offering choice and an opportunity to boost revenues overall,” stated Mr. Jameel. “Importantly, the web-based platform ensures our traders can access their account anywhere in the world, and from any device, whether tablet, iPhone or smart phone. We were also impressed by the open element which allows us to create a bespoke, proprietary platform as well as xStore’s open apps marketplace enabling clients to enhance their trading experience even further.”
The Indian-owned UK-based brokerage house had experienced substantial market growth since its launch in 2010, and was one of the first to adopt the tradable platform demonstrating its willingness to embrace new innovations. The UK is increasingly sought out by international companies looking to establish presence in the financial capital of Foreign Exchange in which the UK boasts the largest market share. In addition to the company’s attention locally, Tradenext has a global focus and hosted the much enjoyed closing party at the iFXEXPO Asia summit in Macau earlier this year where networking was at its finest for FX participants across Asia.
“The wlCreator tool will allow us to quickly and efficiently create our own unique branded private labels within minutes and this will be especially beneficial for our Asian target market,” said Mr. Jameel who further concluded, “This, combined with effective MAM (Multi Account Manager) tools will help us to achieve an even stronger presence in the retail foreign exchange market.”
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Jakub Zablocki, Managing Director of X Financial Solutions commented on the partnership: “We are very happy to have Tradenext on board and are confident that our X Open Hub solution will not only meet growing client demands and increase trading volumes, but also accelerate the growth of their institutional business through the wlCreator tool.”
The suite of products covered by XFS had been previously covered by Forex Magnates, following the company’s progress and spin-off from XTB as the paths of each business diverged within a common market, including the company’s growth and guidance under Mr. Zablocki’s direction.
In examining the FlexStation platform demo account, the features appear robust and intuitive for the experienced trader, while catering to trader’s need for fundamental news awareness via in-platform video content, and through an economic calendar that contains detailed criteria as to the potential impact that expected news events may have on market prices (importance of news versus relative expected forecasts). There are many other features including Click &Trade which enables a faster one-click trading style operation of trade establishment, as well as technical indicators and drawing tools for the charting application.
Flexibility For Users to Custom Tailoring the Trading Screen
Forex Magnates’ research team opines that overall, the drag and drop features of the FlexStation platform display layout make it easier to rearrange and resize windows to custom tailor the platform according to user preference. A screen-shot of the platform below shows changes made by one of our demo testers to the layout from its default setting; these changes to the display can be saved along with other custom layout configurations for subsequent access by the user. There is a link within the FlexStation platform that takes users to the xstore.pro marketplace which offers free and paid apps.
As a wave of app-store compatible platforms builds, and drawing parallels to the way that mobile phone technologies have evolved with regards to 3rd party applications from an open or closed marketplace (android, iOS,etc.), Forex appears well-suited for this need.
That is, after all each trader is unique with their own set of preferences – not only with regards to investment appetite, suitability and risk-tolerance and overall goals – yet also with regards to the cosmetic attributes and functionalities that are deemed important as the technology interface is increasingly changing to accommodate its users to meet these varying needs.
In a comment to Forex Magnates regarding the launch of FlexStation, Jason Gibson, Head of Trading at Tradenext Limited said, “Tradenext has a unique stance in an over congested marketplace. We feel technology is the key driver of growth in the FX and CFD markets, hence our focus on offering clients a dynamic choice of modern, cutting-edge technology driven trading platforms.”