We spoke to Dave Schramm as his firm prepares to fully launch at next week's iFX Expo
It’s a tumultuous time for the retail trading world. With European regulations crimping foreign exchange brokers trading volumes, technology providers have also been struggling to get their products out to market.
But despite all of this, one firm thinks its new brokerage solution service is going to be a hit with companies across the trading world. Brokermate demoed their new brokerage platform earlier this year and will be fully launching the product at the upcoming iFX Expo in Cyprus.
In the run-up to the event, we spoke to Brokermate’s chief marketing officer, Dave Schramm, to get an idea of what his company has planned and learn more about the company’s new brokerage solution.
Can you explain what it is you are trying to do with Brokermate? What products are you looking to build and who are you trying to provide them to?
Brokemate began as an idea five years ago: to create a single, comprehensive platform that has all the features and functionality a broker and their clients need in one place.
Our white-label solution includes everything from client registration to trading platforms, employee and lead back-office management, real-time performance reporting and Analytics , and even the ability to customize pricing via spread and commission. Until now, brokers have had to source each of these technologies individually.
For the past three years, our team has been focused on developing a new platform. Our team of 15 people has been working full-time to conceptualize how a complete all-in-one solution could work, develop the technology in-house, and bring a solution to the market.
What were you doing before Brokermate came about? How did that experience translate into you deciding to form Brokermate?
The Brokermate team comes from a brokerage and Forex background.
When dealing with customers, we could see the lack of a single, comprehensive brokerage solution in the market. That lead us to start work on the Brokermate platform.
What is your operational structure like?
We are a team of 15 people centrally located in the United States. Our amazing team of developers and designers have years of experience in developing platforms and financial tools.
Surrounding our product team is a dedicated group of Brokermate employees who are focused on accounting, customer support, IT, marketing, and sales. This atmosphere is responsible for our accomplishments thus far and our ability to move rapidly to meet the needs of our customers.
What areas do you think are particularly underserved in the FX industry today?
The largest gap in the trading space is that there are no all-in-one solutions.
The industry has grown over the years with technology companies providing individual components.
This means a broker has to source several different solutions and then integrate them together. Then, on top of that, you have to use a support team to integrate all of the technology.
This is not a cost-effective, or even operationally efficient, way of doing business. We think our solution fills that gap.
Where do you see the biggest opportunity right now in the retail trading market - what do both traders and brokers want?
People want to simplify. The rise in smart devices and assistive technology is a corollary to our desire to simplify and use technology to improve our lives. If my refrigerator can connect to the internet, and Amazon’s Alexa can give me the weather, why do we accept outdated technology when it comes to the way we run a brokerage business and place trades?
Technology platforms must evolve to meet the expectations of brokers and their customers. So we see broker’s wanting a simple solution that means they can focus more on business development and growing their customer base, instead of worrying about both the efficiency and operations of their technology.
Traders want something that works and lives the way they do: on-the-go and on demand. In practice, that means mobile trading. But any mobile application has to be fluid and intuitive to use. Traders may want analytical tools, but they don’t want something that’s overly complex and difficult to use.
What sort of company do you envision using your technology?
Brokermate offers two versions of its platform, Lite and Pro. Both are offered as a monthly subscription fee. Brokermate handles maintenance and feature enhancements for the broker and there are no customer or transaction fees.
Pro is for licensed brokers looking to streamline their business and operate from one, comprehensive platform and is offered at $4,950 USD per month
Lite is for introducing brokers (IBs) that want more control of their client experience. That could be an individual managing a small set of traders or a fully-fledged company with a large client base.
For instance, IBs can sign up clients, set pricing and have a clear view of the revenue that they are generating. Lite is offered at $495 USD per month.
The process is so easy that we believe brokers and IBs can be up and running in an hour after signing up.
It’s a tumultuous time for the retail trading world. With European regulations crimping foreign exchange brokers trading volumes, technology providers have also been struggling to get their products out to market.
But despite all of this, one firm thinks its new brokerage solution service is going to be a hit with companies across the trading world. Brokermate demoed their new brokerage platform earlier this year and will be fully launching the product at the upcoming iFX Expo in Cyprus.
In the run-up to the event, we spoke to Brokermate’s chief marketing officer, Dave Schramm, to get an idea of what his company has planned and learn more about the company’s new brokerage solution.
Can you explain what it is you are trying to do with Brokermate? What products are you looking to build and who are you trying to provide them to?
Brokemate began as an idea five years ago: to create a single, comprehensive platform that has all the features and functionality a broker and their clients need in one place.
Our white-label solution includes everything from client registration to trading platforms, employee and lead back-office management, real-time performance reporting and Analytics , and even the ability to customize pricing via spread and commission. Until now, brokers have had to source each of these technologies individually.
For the past three years, our team has been focused on developing a new platform. Our team of 15 people has been working full-time to conceptualize how a complete all-in-one solution could work, develop the technology in-house, and bring a solution to the market.
What were you doing before Brokermate came about? How did that experience translate into you deciding to form Brokermate?
The Brokermate team comes from a brokerage and Forex background.
When dealing with customers, we could see the lack of a single, comprehensive brokerage solution in the market. That lead us to start work on the Brokermate platform.
What is your operational structure like?
We are a team of 15 people centrally located in the United States. Our amazing team of developers and designers have years of experience in developing platforms and financial tools.
Surrounding our product team is a dedicated group of Brokermate employees who are focused on accounting, customer support, IT, marketing, and sales. This atmosphere is responsible for our accomplishments thus far and our ability to move rapidly to meet the needs of our customers.
What areas do you think are particularly underserved in the FX industry today?
The largest gap in the trading space is that there are no all-in-one solutions.
The industry has grown over the years with technology companies providing individual components.
This means a broker has to source several different solutions and then integrate them together. Then, on top of that, you have to use a support team to integrate all of the technology.
This is not a cost-effective, or even operationally efficient, way of doing business. We think our solution fills that gap.
Where do you see the biggest opportunity right now in the retail trading market - what do both traders and brokers want?
People want to simplify. The rise in smart devices and assistive technology is a corollary to our desire to simplify and use technology to improve our lives. If my refrigerator can connect to the internet, and Amazon’s Alexa can give me the weather, why do we accept outdated technology when it comes to the way we run a brokerage business and place trades?
Technology platforms must evolve to meet the expectations of brokers and their customers. So we see broker’s wanting a simple solution that means they can focus more on business development and growing their customer base, instead of worrying about both the efficiency and operations of their technology.
Traders want something that works and lives the way they do: on-the-go and on demand. In practice, that means mobile trading. But any mobile application has to be fluid and intuitive to use. Traders may want analytical tools, but they don’t want something that’s overly complex and difficult to use.
What sort of company do you envision using your technology?
Brokermate offers two versions of its platform, Lite and Pro. Both are offered as a monthly subscription fee. Brokermate handles maintenance and feature enhancements for the broker and there are no customer or transaction fees.
Pro is for licensed brokers looking to streamline their business and operate from one, comprehensive platform and is offered at $4,950 USD per month
Lite is for introducing brokers (IBs) that want more control of their client experience. That could be an individual managing a small set of traders or a fully-fledged company with a large client base.
For instance, IBs can sign up clients, set pricing and have a clear view of the revenue that they are generating. Lite is offered at $495 USD per month.
The process is so easy that we believe brokers and IBs can be up and running in an hour after signing up.
Devexperts Checks Off Type 2 SOC 2 Audit for Enhanced Data Security
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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