The FX and binary options industry continues to evolve, necessitating the use of new platform technology and services. Finance Magnates spoke with Evgeniy Sharin, the Executive Director of UTIP Technologies, who outlined the group’s services suite, future offering, and developments in the pipeline.
Can you tell us about UTIP’s clients, regional concentration, growth and what kind of trading it offers?
UTIP develops software for both foreign exchange and binary options brokers. More than 150 brokers all over the world have chosen UTIP as their provider of the trading software. Our current clients are from the United States, Israel, China, India, Indonesia, South Africa, Russia.
The UTIP trading platform is more often acquired by younger companies as UTIP provides the best terms for them – this is due to the platform providing all necessary programs in a total supply package. Moreover, these programs can be started to use in two days after the payment.
The price of our software is three times lower than competitors one. Of note, we don’t charge an interest from lots or from brokers’ turnovers. We help new companies with registration and our specialists assist in bank account opening and Forex websites development too.
In terms of client trends, today we have more Forex platform clients than binary options platform ones. However, the number of binary options platform clients continues to grow every year.
Have you thought about adopting cryptocurrency trading onto your platform? What are your thoughts on these types of instrument?
Cryptocurrency is a quite useful instrument for traders and brokers. Cryptocurrencies have high volatility in the market and has a pronounced trend. That is why even inexperienced traders can take a good profit. Additionally, money acceptance and withdrawal in cryptocurrency are convenient for brokers: no chargebacks, no six months money freezing, minimum commissions. Money acceptance on the website can be organized much faster.
We follow market tendencies and integrate novelties and our brokers have offered cryptocurrency trading for several years already. Online services for receiving funds in bitcoins are integrated into trader’s profile supplying with the UTIP platform package.
What developments are in the pipeline at UTIP?
We have recently released a new solution – Trader’s room for mobile devices. If trader uses broker’s website by mobile phone and wants to open a real account, he or she gets into the convenient adapted trader’s room interface. In this trader’s room the trader can promptly register a new account, make a deposit, review trading history or contact customer support.
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We always search for convenient payment systems with profitable terms for our clients and integrate them into mobile version of trader’s room. PayBoutique, WinPay, and OrangePay payment systems are integrated into trader’s room for today. All mentioned systems cooperate with Forex brokers from any jurisdiction.
Will the shifting regulatory landscape affect UTIP at all?
Legislation changes don’t influence the number of our clients. Most brokers register companies in unregulated jurisdictions, for example, in the Marshall Islands or in Saint Vincent and the Grenadines. In these countries there is no Forex regulation and there are no authorized capital and reporting requirements.
This scheme has been checked however as many big brokers work according to it. Therefore, every year clients turn to us more often, despite changes in the legislation of other jurisdictions.
What challenges FX and binary options providers face?
Our competitors provide brokers with limited solutions and we think about all the problems of brokers. Brokers should look for quotes sources by themselves choosing our competitors’ platforms. They need time to find a good one source and to plug it in. We provide fouralternative quotes sources in our platform at once. They are fast and stable and are specially selected for our clients. Unlike other quotes sources, our ones are free.
Our brokers don’t need to develop trader’s room by themselves. This product is provided for free in one package with the platform. The UTIP trader’s room is available for all devices: Desktop, Tablet, and Mobile. The room can be unique as broker can tune it according to his corporate style.
We have already integrated the best payment systems for brokers with minimum fees into the trader’s room. Moreover, we continue to review new interesting payment systems. Brokers shouldn’t go through long integration procedures on their own.
There is no risk that they will be refused in integration. Here the broker will for sure get the most convenient means of receiving funds from customers. If you wish, you can integrate any other payment system to your trader’s room. We develop unique websites for our brokers and do it for prime cost as there is no desire to earn from this. We also create websites according to broker’s needs – electronic web services can be plugged in: economic calendar, news, quotes, etc.
Overall, we try to anticipate our broker needs and create products to satisfy these needs. Brokers come not only to buy the platform but also to get the set of concomitant programs. So, they can quickly start working and they won’t waste money on their own developments.
We don’t charge an interest from lots and broker’s turnovers. $800 for customer support is the only monthly payment. It includes trader’s room support and CRM-system support. The fact is that we don’t interfere into our brokers’ businesses. We also don’t take high fees from them. So, brokers can successfully do their business and keep their profit.