In the last several years, forex brokers have experienced difficulty when trying to open bank accounts and merchant accounts for their businesses at Tier 1 institutions. Banks in countries with a strenuous regulatory environment turn away forex brokers as clients. There are a few options for holding your firm’s funds if you cannot get a corporate bank account for your forex brokerage. This post covers the pros and cons of a few of those options.
For forex brokers and other financial service providers, market research might include analyzing trading data to determine how often most investors execute a trade, using surveys to assess what tools traders use most often when making investment decisions, or interviewing traders about why they’ve left a trading firm in the past. Some market research is secondary, like this data we’ve presented before. In this blog, we’re focusing on how you can conduct primary market research, meaning you gather data and then draw conclusions based on it. Although you can hire… read more →
What to look for in forex back office software solutions Back office forex software needs to make it easier for you to run your brokerage. That means it should increase productivity and streamline complex processes. Forex software providers will all tell you that they have everything you need. Before you sign-up for their services, you need to make sure they’re really offering comprehensive back-office functionality. Modern forex back office software should have these 12 features: Client profile management Client financial account management Partner management User access management Reporting tools Marketing… read more →
Deciding which forex trading platform your brokerage should offer? MT4 might be the most popular platform, but it might not be the best one for your firm. You need to consider your business needs. That said, there are a few pieces of advice we can offer.
How to Choose the Best PSP You must have a reliable payment service provider (PSP) for your forex brokerage. However, finding the best PSP for your FX firm isn’t always easy. What is a Payment Service Provider? PSPs allow you to accept credit card, debit card, and digital wallet (NETELLER, Skrill, etc.) payments in-person and online transactions. PSPs are sometimes called third-party aggregators because they combine all their clients into one merchant account. A merchant account is a bank account that releases payments to your business while waiting to get… read more →