The Forex market is the largest global financial market, and the number of forex brokers is as high as several hundred. To remain attractive to clients in this highly competitive environment, it is important to exceed the traders’ expectations and outperform other companies in terms of service and functionality. These two parameters are what’s ultimately important for customers.
The trading platform is primarily responsible for the functional portion of the broker’s work. Metatrader 4 and Metatrader 5 are most often chosen for their convenience and reliability:
- Uninterrupted order execution on the trading platform;
- User-friendly trader’s personal account;
- Availability in different languages;
- Availability of desktop and mobile app versions;
- Built-in technical analysis tools.
But Metatrader’s basic functionality is still limited and is not surprising to anyone. That’s where additional services and plugins come into play.
Why Additional Plugins And Tools Can Be Useful For A Forex Broker
Thanks to its open interface, the Metatrader platforms offer almost unlimited possibilities for integration with additional applications, tools, and plugins. As a result of expanding their functionality, a competitive next-level business solution is created.
Conventionally, all solutions can be divided into three groups, each of which is responsible for specific tasks. This includes technical solutions, applications for client functionality, and the administrative part of the broker. Almost any innovation affects a trader’s well-being in one way or another, so we will analyze all the options.
The Technical Component Of The Forex Broker
The technical segment aims to ensure the smooth operation of all functions. This means that the client should not see crashes or freezes, especially in order execution, where technical hitches cause price slippage and can lead to losses.
The personal dashboard must promptly respond to all actions, transactions must be transferred to liquidity providers and executed in a timely manner, and the budget must be quickly replenished and withdrawn if necessary.
An important role in the trading cycle is played by the quality and volume of liquidity. This directly affects the market depth and order execution speed. Therefore, you should, first of all, look at the mt5 bridge or liquidity aggregators to get access to quotes from the widest possible number of sources.
These include services that facilitate brokerage management and increase its efficiency. A key part of the broker’s work is the management of financial flows. Automation of routine processes allows the broker to focus on other aspects of the business, increasing its attractiveness and recognition for customers.
At the initial stage of launching a broker, it’s important to provide a variety of payment system options so that customers can choose a convenient way to replenish their accounts. By limiting the deposit and withdrawal methods, the broker risks losing some of the clients.
Another important element of the brokerage business architecture is security. Brokers are a tasty morsel for hackers, so it’s important not only to ensure reliable protection of client data but also to implement plugins responsible for tracking suspicious activity on the platform or identifying dubious accounts.
A variety of solutions can be implemented in this business segment: from a seamless transition to a new broker to the implementation of various bonus systems and affiliate programs.
By simplifying a trader’s life as much as possible and making his trading activity even more profitable, the broker will get reliable clients with whom you will be able to earn for years to come.