The foreign exchange market is massive and since it has a low barrier to entry, anyone could easily step into the forex world and start making a name for themselves. If you are considering delving into the forex market, one of the things that you will have to decide is whether you want to develop your own forex trading platform or get started with a white label provider.
Some brokers choose to develop their own technology because this gives them the advantage of being completely different from their competitors. However, this advantage comes with the responsibility of maintaining your platform while ensuring it is advertised effectively.
Rather than spend all your time and energy on maintenance and marketing, we recommend that you start with a white label trading forex platform solution.
Platforms are great for new brokers because they can provide customized features at an affordable price. Here are a couple of benefits you could enjoy:
Aside from these great benefits, consider the following as you decide whether or not to choose a white label service:
It’s important for you to consider how much it will cost for you to use a platform. Will you be charged monthly or will you be paying once only? Will there be any additional costs of implementation or maintenance? What about support? You also have to consider how long it will take to get it up and running as in business, time is money.
The platform that you select will decide the technology used. The technology of your forex program should be quick and effective. It should be responsive and easily used on any type of device. When considering a prospect, don’t forget to think about the platforms they support. If it works on mobile, does it work on both iOS and Android OS? What about Windows OS? The technology should also work well at the back-end of the business and other systems that you may be integrating.
Reputable trading platform providers offer training sessions for users of their service. It may be over a voice call or a video call and ultimately orients the user on the service and how they can use the features and the back-office. If you run into any issues after that, there should be support services that you can easily get in contact with.
One thing that many platforms offer is the benefit of taking care of some of your marketing needs. It’s important for you to assess the marketing help that they are extending to you. Will your name be displayed on your provider’s website? Will they help host your brokerage firm’s site? Ask about all these things because they could make a difference in whether or not you choose a particular platform.
As forex trading grows in popularity, white label solutions do as well because of the comprehensive business platforms they provide. As a new broker, you will save plenty of development, maintenance, and marketing costs by choosing a platform rather than building the technology on your own.