This article was written by Yael Warman, Content Manager at Leverate.
The advent of the internet shaped the forex industry by bringing trading to the masses. Now, with technology evolving and connectivity deepening, the industry is faced with growing challenges to keep up. Below we take a close look at the technology tools in the forex industry and how they are used to increase user engagement and profitability.
Divided over a two- part series, in this section we look at mobile trading platforms and digital marketing.
Mobile Trading Platforms
The advent of smartphones has made computing mobile, and trading is no exception. It is now generally expected that every online service be available as an app. Most platforms have created mobile versions, offering real-time quotes and the most popular indicators on simple charts.
The scope of these offerings is limited when compared to traditional downloaded platforms, but is ideal for urgent open or close positions and real time mobile monitoring of your portfolio. However, younger traders are increasingly seeking to move more of their trading to mobile, and are driving more complexity to the offerings, currently using complementary apps (such as trade optimizer) to make up for the limitations of the mobile platform offerings. Updates are on their way to extend the existing mobile platforms and mobile trading is moving towards a more comprehensive product.
LegacyFX’s Robust Tool Offering Setting it Apart from CompetitionGo to article >>
Mobile usage patterns mean that traders now expect a mobile offering as standard, so failure to provide this will critically undermine your competitive offering. From a business standpoint it is a no brainer, since mobile trading offers the ability to trade anywhere and everywhere, and not offering it is tantamount to preventing someone from using your service.
Whilst the need for the current mobile offering is in line with the needs and expectations of the users, it is also important for a brokerage to keep its eye on potential new game-changing software offerings on the market. Being an early adopter of a new breakthrough offering will provide a real competitive advantage and should attract clients from other brokers.
Allowing brokers to achieve exposure and thereby attract traders with less reliance on affiliates, is the powerful value of digital marketing, most commonly identified as SEO (Search Engine Optimization) and SEM (Search Engine Marketing). There are numerous benefits of digital marketing, one of which is ease of access, whereby having an ongoing presence on the internet enables potential traders to find you for themselves and interact with your brokerage through the digital media and information that you have provided.
Another benefit of digital marketing is that you can achieve a competitive advantage by using the analytics tools that are built into most digital marketing channels. These tools will pinpoint the behavioural patterns of your clients, who they are, what their interests are and what they’re looking to achieve. This data provides an enormously valuable indication on how best to promote your services and perhaps even adjust your service to best address the needs of potential traders.
Stay tuned for the second part of this article, in which we will cover the revolutionary topics of automation and social trading.\