Cyprus-based Windsor Brokers Ltd., the online brokerage offering FX, CFD and binary options style trading instruments, has made its recently launched GWAZY platform available to be white-labeled by brokers, according to its most recent press release, and as shared with Forex Magnates at the iFX Expo in Cyprus which concluded earlier today.
The platform which has hybrid like features of FX spot trading and binary options style contract characteristics – which were combined to create a unique product that enables beginner traders a simple way to open trading positions with pre-determined odds and which are automatically closed and made flat at the end of the day, purposefully creates a day-trading style environment where trades are always intra-day and cannot be held overnight.
Forex Magnates’ reporters spoke to Windsor Brokers’ Head of Dealing Operations Division, Walid Assaf, with regards to the announcement that GWAZY is now able to be white-labeled as a web-based platform, with Windsor Brokers providing the execution and risk management, in either a transparent or disclosed basis with regards to customer’s personal information. In addition, the commercial terms including the settlement of collateral from risk-management – which Windsor Brokers handles for all brokerages using GWAZY – includes various options, such as a bi-weekly settlement via the brokers Prime Broker (PB).
A sub-domain would be created for brokerages looking to white-label the solution, and involves virtually no integration either via API or other development intensive measures beyond the standard account opening administrative process .
Mr. Walid explained in response to emailed questions around time of publication, which Forex Magnates asked, as can be seen below:
FM: Could you share about the progress that GWAZY has seen so far, since first being launched by your firm?
“GWAZY is constantly being updated as it gains popularity both on a technical level and with regards to its features. Soon after its launch, the platform became available in the Arabic, Chinese and Farsi languages.”
FM: Can you explain what was the driver to create a white-label version of the GWAZY platform for other brokerages?
“The Brokers’ Solution offers companies and professionals the opportunity to offer GWAZY themselves as it includes a complete ready-made package; setup, platform, backend, trading and client and trading risk management facilities and support. Since Windsor played a fundamental role in the development process of GWAZY, we knew that the white label version would come next, especially if we also wanted GWAZY to grow and gain even more popularity. If you are looking to start a ‘revolution’, you cannot do it on your own – in this case, you either go big or go home.”
FM: What role does Windsor Brokers play in helping brokers run the GWAZY platform?
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“Windsor plays a role in the continuous development of new trading methods and acts as the liquidity provider for GWAZY.”
FM: How does the integration of the platform happen, what are the options and steps firms would need to take to integrate the technology?
“The integration process of GWAZY is very simple – it is actually one of easiest setups available in the market. Everything is prepared by Gwazy Ltd. All that brokers need to do is provide a subdomain from the main domain, logos and links that they would like to have on the platform. This is truly a solution for the broker as time is money. Setting up a new platform is usually costly and may take several months for a full integration. With GWAZY, the setup takes approximately two weeks and this includes Platform, Manager, Tools, Media Kit, reporting system etc.”
FM: Please explain more about the options for white-label partners, in terms of compatibility, and if the solution is web-based and/or downloadable version?
“GWAZY’s Brokers Solution was designed in a way so that it can be adjusted to the broker’s needs. Both front-end and back-end of the GWAZY Brokers’ Solution is web-based and is very user-friendly and easy to operate. Brokers therefore do not have to be constantly on the watch for technical updates and upgrades as these are run automatically by Gwazy Ltd. With that out of their way, brokers can focus more bringing in clients and capitalizing on their products, services and support. This in return will allow brokers to increase client acquisition and retention, increase conversion rates, improve business performance and ROI and so on.”
FM: Can you tell us about what is coming next to the platform, such as further tweaks or iterations or a more advanced version as was anticipated around time of the first launch?
“For the moment, we are considering the addition of some new features, and best of all, working with Gwazy Ltd. on new trading methods within the same platform as the first method ‘Classic’ is only the beginning. Get ready for more!”
Forex Magnates recently wrote about the GWAZY IB solution, apparently that was a key step in the process for the company in creating the subsequent white-label ready version discussed above.
Windsor Brokers works closely with Gwazy Ltd in providing consultative feedback and guidance, and according to sources familiar with the matter, there is share-ownership in the firm, as Windsor Brokers looks to benefit from the expected growth of the platform as a result of its guidance and advisory as the initial test launch-pad.
It was also understood that while GWAZY might not be a panacea for trading as it focuses on simplifying the trading process and thus lacks the advanced elements of a sophisticated trading tool, that exact ability to make it easier for traders to enter the market appears to be positioned as a way for brokerages to convert newbie traders, or those with less experience than a sophisticated trader who would search for more tools within such a platform.
As the potential lines of differentiation between FX, binary options, and products like GWAZY have either become more blurred or are starting to converge, any data to support improved initial conversion rates with regards to on-boarding clients could make the GWAZY for brokers’ white-labeled platform appealing for brokerages to target new market entrants.