Growing a Forex Brokerage

November 11, 2012
Categories: Forex

As a brokerage grows in size, it’s important to have the proper tools in place to allow for scalability. Systems or software that once worked well during stages of initial growth might need to be restructured or replaced once the business reaches a certain size, a challenge faced not just by forex brokers but by any growing business.

A Trader’s Room, also known as a Trader’s Locker or Trader’s Back Office, is an example of a product designed to help FX brokers manage a growing business. By expanding the amount of information available to the user and increasing the automation of certain processes, a Trader’s Room benefits both MT4 brokers and traders alike.

Consider some key features:

IB Support – A comprehensive Trader’s Back Office should offer resources for IBs, as they are an integral part of a broker’s bottom line. Kenmore Design’s Trader’s Room allows IBs to access all business critical information in a custom portal. It’s even possible to support sub-IBs, a limitation of MetaTrader 4 that the Trader’s Room overcomes.

Automation – To increase scalability Kenmore’s Traders Room automates certain processes in MT4 such as updating addresses, changing passwords, etc. Traders can simply log into their accounts, submit the request, and see the change happen instantly. The broker saves time by not needing to manually update this information, allowing resources to be allocated to other responsibilities.

Credit Card Processing – A key feature of The Trader’s Room is the ability for end users to submit deposits via credit card directly within the online portal.  By having the ability to both deposit and withdraw funds, the Trader’s Room serves as a single point of contact with the broker for all the administrative needs of a trader.  From a broker’s standpoint, credit card deposit functionality is an excellent way to scale in size and since the process is automated, the additional attention needed to keep the system running is minimal.

Live Chat Integration – Excellent customer service is essential for maintaining a loyal following. By allowing full Live Chat integration, any trader accessing the Trader’s Room can instantly initiate a conversation with the broker, making it easier than ever for issues to be resolved.

Ease of Access – Traders have the ability to run reports on trading activity and even request a withdrawal, all within a very easy to use portal.

Any growing brokerage should not underestimate the challenges that will arise when growth begins to pick up. Taking steps to manage growth before it becomes overwhelming is a wise decision, making the Trader’s Room a worthy consideration for any growing MetaTrader brokerage.

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