As the competition in the brokerage industry is heating up, companies are coming up with new ways to attract customers. With the trading platform landscape having consolidated in recent years, the focus of major players has been on how to attract new firms to adopt their offerings. For cTrader, a trading platform which already made a name in the industry, the answer was startup brokers.
With prohibitively expensive costs of developing proprietary software and with rising acquisition and retention costs for brokers, especially in the current low-volatility environment, having a lean solution to the trading platform question is very important for new brokers.
While the time to enter the market is not great, some firms have been keen on exploring their options. As cTrader matured as a platform, the company optimized its business model to be able to accommodate different types of brokers.
Entering a Costly Market
With a high barrier to enter the forex and CFDs brokerage industry, new companies are very cost-conscious and sometimes unable to afford a top-notch trading platform. With affordability taking center stage, Spotware is adapting its product for the new times.
Supporting a trading platform is one of the key aspects of a broker’s offering and Spotware is handling this manner on its own. With maintenance, updates and new features requiring constant updating of clients, the company aims to take away one of the big difficulties for brokers.
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“We don’t say cTrader is cheap but it’s definitely a very good value. Our, cTrader Suite is a fully supported solution. Once onboard, brokers don’t have to worry about any maintenance, technical support or updates with new features. We take care of this. Brokers save time and resources that can be allocated elsewhere.”
Glyde also highlights that brokers need to pay for volumes transacted via the platform, a pricing approach which differs to some major competitors in the space.
“Our volume-based pricing model is specifically designed to allow smaller brokers to easily onboard. We profit from long-term, sustainable partnerships with our clients,” Glyde explained.
With the rise of competition in the industry and increasingly challenging times for new brokers, the company’s strategy has been to integrate multiple features into its offering to provide added value.
The platform has a community following and is offering manual, copy and algorithmic trading to its clients. The company also has a vast team of professionals helping to reduce time to market and easily adapt to the demands of traders and industry.
“cTrader has an open and ultra-scalable architecture so brokers can stretch it as desired. It supports the growing business demands with no effect on its performance. It is already connected to the most popular 3rd party solutions such as liquidity providers and aggregators, CRM’s, user analytics, data providers and it can integrate with many more,” explained Glyde.