In the wake of news that Boston Technology’s BT Prime and Boston Prime units were filing for bankruptcy after sustaining losses due to the Swiss franc volatility earlier this month, competitors have been swirling around to grab their broker clients.
As prime broker offerings, BT Prime and Boston Prime provided liquidity services to small and medium sized forex and CFD brokers through their UK FCA and Belize financial licenses. Broker trading technology was made available through the separate Boston Technologies entity which was purchased by ForexWare last year. In addition, firm’s could operate third-party technology and connect to BT’s liquidity.
With trading no longer being made available from BT Prime and Boston Prime, it has sent customers to seek alternatives to power their technology as well as liquidity needs. As a result, competitors are reportedly receiving a spike in demand for their services with the question of speed to deploy a key factor.
Offering an immediate solution to former BT customers, Panda TS has announced a “free weekend migration” program. As per the title, Panda TS will be providing free migration services through March 15th to former BT clients that are in the need of technology services.
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According to their prepared announcement, Panda TS stated that the initiation of the program is based on the firm having received “high demand from BT brokers for a quick migration in order to continue operating smoothly with minimal impact on business operations.” In order to service new customers, Panda TS has claimed that they have set up a dedicated team to handle the onboarding process and technical migration.
Commenting on the migration offering, Panda TS CEO Samuel Gutman stated, “We have optimized our migration process through years of hands-on experience during which we have built a set of dedicated tools that allow us to offer a smooth and complete migration where all systems are migrated within a single weekend. After the weekend, the end-users receive a new trading account that is an exact replica of their old account, including all trade history and open positions.”
Also providing incentives for BT broker customers to switch technology providers, APIFX, the technology brand of Archer Consultants, APIFX, has begun to market that they call a ‘special migration offer’ to BT customers. According to Lior Shmuely, CEO of Archer Consultants, the firm will be providing discounted costs for onboarding new customers who arrive from BT as well as a quick onboarding process.
Being provided are liquidity services, trading technology, CRM and payment solutions. According to the firm, like Panda TS, APIFX will also be providing the migration service over one weekend to increase efficiency of the change.