Brokerage Business software comprises several parts.
1. The key component is the trading platform, which is responsible for transmitting orders to liquidity providers and executing trades.
2. The storage contains the data required for the system’s correct operation: trading reports, access to online client accounts, transaction histories, etc.
3. The brokerage portion of the software is responsible for managing the trading mode and setting up additional options. The broker also receives real-time balance and transaction information.
4. Trader’s account is the main mobile application, computer software or web platform that allows a trader to log into their personal dashboard, replenish the balance and withdraw funds, form orders, access analytical tools, read news and much more.
Accordingly, you can work on each of the brokerage components in order to make it more attractive for clients and, accordingly, to increase your income.
Working with technical components
The key principle of quality service in modern business is seamlessness. The fewer distractions and boundaries between interaction components, the easier it is for the client to use your services. Clients may not like the elements that don’t follow the “simple and convenient” principle: from personal account freezes to price slippage and untimely order execution.
To improve the technical component, it’s vital for a broker to choose high-quality tried-and-tested software. The Metatrader 4 platform has long established a name for itself with its essential features like stable operation without failures, a high level of protection, ample functionality, and a user-friendly interface.
However, in a competitive environment, a broker cannot be content with merely a standard set of software features. When choosing additional services and plug-ins for work, it’s vital to turn to quality products. The main selection criteria are: a significant expansion of the broker’s capabilities, ease of integration with the main platform, and a sufficient level of security.
Optimization of the broker’s work
Mainly, this point entails protection against potential risks. The risk of data loss and hacking is eliminated not only at the software level, but also by monitoring suspicious client activity. For example, swindlers may use traders’ old inactive accounts for fraudulent purposes. Therefore, a function that allows to track and delete such accounts would be useful.
However, a broker’s principal risk is the financial one. By allowing margin trading, the broker, on the one hand, attracts and retains potential traders. On the other hand, he risks losing his own money. The mt4 tools include the instruments that help set leverage levels and trading limits for traders who exceed these limits.
Trading account improvement
By covering a trader’s needs above and beyond their expectations, the broker maintains a high level of service and retains their clients. Every trader is in it for the profit. And if a broker offers income-boosting opportunities, clients will appreciate it. These opportunities may include transaction bonuses or cashbacks, partner rewards for new clients, discounts on Brokerage Business services. The key is to carefully calculate all promotions so that customer loyalty does not lead to losses for the broker.
Portfolio management has been gaining popularity recently due to infrastructure risks and the geopolitical situation. Novice traders are not ready to analyze the constantly changing trading conditions and are willing to entrust this process to more experienced market players. Portfolio management can be implemented using auto-following or PAMM strategies, when clients transfer their funds to experienced traders or simply copy their transactions, getting maximum profits with minimal efforts.
All changes require calculations before they are implemented, so before installing a plugin, it’s imperative to compare the investment with the potential profits. If the results are positive, the Brokerage Business will lead in the competition and flourish.