5 Mistakes even experienced Forex Brokerages make
Mistakes are a part and parcel of every business and the case is the same for brokerage business as well. It is said that no business can flourish without making a mistake and learning from it. However, for a business that deals with so many fluctuations and uncertainties, the mistakes made should be kept to a minimum. This blog will further talk about 5 common mistakes even the experienced sharks in the industry makes and how they can be avoided.
The five common mistakes that even experienced Forex brokerages commit are:
1.Employing a unidimensional approach:
Most of the forex traders won’t stick with just trading on the foreign exchange market but will also deal with other markets. The other markets could be the share market or cryptocurrencies or any other form of investment. In such a case you should also provide your customers with an avenue where they can invest based upon their goals. The technology that you are using will also play a role in dictating your approach, so it is essential to be wise while picking your technology partners and go with vendors who offer a flexible solution.
2.Sticking with a single platform:
In this modern age, technology plays an important role in forex trading and an online trading platform is what facilitates traders to buy and sell foreign currencies. Even though you could be using some of the best forex CRM solutions, it should be available across multiple platforms such as Android, iOS, and web. Having their data stored in the cloud instead of a fixed data servers will offer much more flexibility and help the traders to trade from anywhere.
3.Underestimating your Industry reputation:
While Forex may not be technically a part of any centralized industry, it is still part of a community that flexes of individuals and companies across the globe. In the case of Forex brokerage, the global community itself can be considered as an industry. It is important to establish yourself as a big player in this community. The fact that having a forex brokerage license itself will earn you a good reputation, still you need more than that to garner more traders to use your products and services to do the trade.
4.Undermining online Forex Marketing:
It does not matter how good your service or product is at the end of the day you need to market it and yourself to stay ahead of your competitors. For a business that tends to attract clients across the globe, online marketing is the best bet. Online marketing is not only limited to having a social media presence or your website listed at the top of the google search. You need to talk about your business in online spaces dedicated to forex traders regularly and create a presence there as well. The internet is filled with many such online spaces dedicated to forex traders such as online forums, subreddits, Facebook groups, and telegram channels to name a few.
5.Not being updated with the government regulations:
When you get to deal with markets that don’t have a centralized market such as Forex or cryptocurrencies, each country will have its own set of rules and regulations to follow. What is perfectly fine in one country may cause trouble in another and this is a major cause of concern when your clients come from different countries. In such a case as a Forex back-office provider, you need to be up-to-date with all the regulations that are in place in a particular nation before you get to do business with its residents.
However, with that all being said, all the mistakes can be avoided if you have the right sets of resources. EasyFxLead is a Forex technology provider who can help you avoid all the above-mentioned mistakes. Apart from providing technologies that will make forex brokering easy, we also can help you with marketing and be a guide for you in your journey.
To know more about us and the solutions we can offer for your problems, get in touch with us. Our in-house experts will get in touch with you and will work on a strategy that will help you scale your business to greater heights.