Trading’s New TrendThe forex market has a staggering daily turnover of USD 5 trillion and the industry keeps expanding at a phenomenal rate. New regulations and new technological advances are seeing retail brokers around the world under constant pressure to keep up with the growth
The forex market has a staggering daily turnover of USD 5 trillion and the industry keeps expanding at a phenomenal rate. New regulations and new technological advances are seeing retail brokers around the world under constant pressure to keep up with the growth, and having to work increasingly hard to produce unique products and services. Adaptability is absolutely crucial to any business’ success in this busy modern era and FXTM is no exception to the rule.
One of FXTM’s many milestones during 2018 was the release of the broker’s first mobile trading app, FXTM Trader. Long gone are the days where investors were left chained to their PCs for hours at a time, poised to react as promptly as possible to market changes. The introduction of mobile and tablet trading platforms has completely revolutionized how we conduct business and make investments, as it’s now easier than ever to research, connect and take action online. This new convenience has enabled a much larger demographic of people to access the forex market, and likewise provides increased opportunities for brokers to expand their client base. FXTM’s own statistics demonstrate that 70% of the website’s traffic comes exclusively from mobile.
In a survey of 400 traders conducted by JP Morgan just last year, 61 percent stated that they were considering trading via mobile platforms. This is a markedly higher percentage than the previous year, when just 31 percent of traders considered using a trading app. A significant reason for this development is generational. Millennials in particular are well-known (and often mocked) for their heavy mobile phone usage and are particularly used to efficient, informative applications that meet their needs in seconds. The majority of astute brokers take advantage of this, targeting younger, more tech-savvy traders between the ages of 25 and 34.
The rise of the mobile trend has the added advantage of altering the false historical perception that trading is reserved for the elite few with extensive financial backgrounds. The trader persona has completely changed due to the simple fact that internet access now equals market access – and with 4,021 billion internet users worldwide, the potential for client growth is immense. Forward-thinking brokers specifically encourage new traders by offering a variety of educational resources, so that even the most inexperienced ones have the opportunity to learn.
Another vital component of the forex tech equation is social media. These networks, primarily downloaded on mobiles, are now so well established that they have become an excellent tool for brokers to promote their products and services to a vast audience. At the beginning of each calendar year, We Go Social update a global compendium of statistics which provide a fascinating insight into the world of social media. Their 2018 Global Digital Report revealed that 3.196 billion people are active social media users – an incredible 42% of the world’s population.
In recognition of this – and as part of FXTM’s commitment to providing its clients with a superior trading experience – the broker offers a Social Trading feature, which allows investors to share the best of their trades of the past 24 hours with family and friends on websites such as Facebook, Twitter and LinkedIn.
In many ways, and especially as new technologies enter the fray, the full potential of mobile applications has yet to be reached. FXTM’s own in-house team of software developers are still hard at work ensuring that FXTM Trader provides a smooth experience for mobile traders, in order for the app to be suitably tailored to the specific needs of its valued clients. In line with how users’ needs and expectations develop, the app will be continuously monitored and updated with new features. While the dynamics of forex continue to develop, the businesses that will prosper are those that are client-centric, creative and keep up with constant technological advances.
Disclaimer: This written/visual material is comprised of personal opinions and ideas. The content should not be construed as containing any type of investment advice and/or a solicitation for any transactions. It does not imply an obligation to purchase investment services, nor does it guarantee or predict future performance. FXTM, its affiliates, agents, directors, officers or employees do not guarantee the accuracy, validity, timeliness or completeness of any information or data made available and assume no liability for any loss arising from any investment based on the same.
Risk Warning: There is a high level of risk involved with trading leveraged products such as forex and CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 90% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
NOTES TO EDITORS
The FXTM brand provides international brokerage services and gives access to the global currency markets, offering trading in forex, precious metals, Share CFDs, and CFDs on Commodity Futures. Trading is available via the MT4 and MT5 platforms with spreads starting from just 1.3 on Standard trading accounts and from 0.1 on ECN trading accounts. Trading on the MT5 platform is not available for Forextime UK Limited. Bespoke trading support and services are provided based on each client’s needs and ambitions – from novices, to experienced traders and institutional investors. ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC), with licence number 185/12 and licensed by the Financial Services Conduct Authority (FSCA) of South Africa, with FSP number 46614. Forextime UK Limited is authorised and regulated by the Financial Conduct Authority, firm reference number 777911. FT Global Limited is regulated by the International Financial Services Commission (IFSC) with license numbers IFSC/60/345/TS and IFSC/60/345/APM.