The app is designed to guide traders within monitoring and analyzing their trading activity in real-time and providing immediate education and guiding alerts – helping them to avoid common trading pitfalls and improve trading skills, according to the official press release.
This is achieved by creating a highly personalized communication channel with the trader, and giving real-time feedback and trading insight to help increase awareness of common key elements to successful trading.
Rise of the Platform Powered App Stores
As the number of app-powered platform continues to increase, its only natural that more developers will continue to create applications and compete for subsequent usage of their developed applications within each app store.
This creates an environment where the net result of innovation can be multiplied when compared to in-house R&D for such app created solutions. Just as Google has developed their own official suite of app’s within the Android market or Google Play store, this only represents a tiny fraction of the entire app universe that exists on a store like Google Play.
While financial services app stores from within trading platforms are nowhere near the scale of their smart-phone app constituents (when comparing a Google Play or iOS universe), the excitement is nonetheless building for this growing segment, and as a means to power platforms.
Traders’ Compass Meets Sirix
Sirix is one such growing market place contender where application developers can create tools for traders. Sirix, a technology developed by Leverate, is part of its turn-key brokerage suite of private-label solutions.
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“We are excited to include CorrSight’s ‘Traders’-Compass’ as one of the inaugural apps in the Sirix Store,” said Remy Rosenbaum, Head of Marketing at Leverate. “The Sirix Store will open the Sirix platform up to third-party software providers like CorrSight to deliver unique trading solutions to our end users.”
The entry of CorrSight as a developer on Sirix, may indeed give incentive to other developers to follow suit, in Forex Magnates’ opinion.
Commenting in the official press release, Nir Yaffe, VP of professional services at CorrSight said, “We believe that providing traders with real-time personalized feedback on their activity provides a huge positive impact on their trading experience and market understanding.” Mr. Yaffe concluded in the official statement, “Traders’ Compass is the most advanced real-time education and guiding service in the market, and we are thrilled to introduce it to Leverates’ quality customer base.”
Guiding Traders One App At a Time
The expected benefits are not just for end users trading using the product, the company also states that brokerages can have the following benefits through their clients usage of the Traders’ Compass as a result of improved customer satisfaction:
- Longer trader life-cycle
- Increased customer loyalty
- Higher demo-to-live conversion rates
- Larger and more frequent deposit re-loads
- Improved customer credibility and perception
- Unique selling feature for marketing campaigns
With the latest addition to Leverates’ Sirix platform, this announcement results in the number of app-stores where the Trader’s Compass has been deployed – to four, including on PandaTS, tradable, and MetaTrader4 app market-places.
According to information on its corporate website, the Traders’ Compass is already gaining considerable momentum for CorrSight and is already adopted by numerous brokers and used by thousands of traders around the world, as can be seen in the graphic to the left (when combing the effect across all platform app-stores, by the Traders’ Compass).
To what degree this tool benefits its users is a matter of subjective experience of the user, notwithstanding any available data that can provide specific measurable benefits. In the end, if the benefits of a tool like the Trader’ Compass can help both traders and brokers, then it can be said to serve the greater good.