When Forex traders first start out, the bulk of the first few lessons they learn involve precautionary tales teaching them to be patient and careful – especially when it comes to choosing the right broker. So when it comes to attracting traders as a broker looking to beat the competition, the best thing you can do is to begin by being aware of what traders want – and more directly, what they’re being taught.
So if you’re a broker looking to get ahead of the competition, your first step needs to be to get into the minds of the customer. And here’s what the customer is looking for.
1. What people say matters a lot.The first thing you need to watch out for as a broker is your reputation. If you have none, consider it a blessing in disguise – a chance for you to build your reputation as a good one right from the get-go with a clean slate.
That being said, reputation management will become an integral part of your marketing strategy. You’ll want to maintain an excellent customer service and, in a world where customers expect the worst, surprise them with the best in care, knowledge and understanding.
2. You need to be responsive and available.The next step is to be there – even at peak trading hours – and to be available for answering questions in as many times of the day as possible. Part of your reputation and success as a broker will be reliant on how much you can actually help a trader trade. This goes on to be important in several ways:
Traders want to trade. This means you have to be online and ready to clock their trades into the interbank, especially on peak trading hours. No offline periods. They’ve got questions. And often, those questions can’t wait. So you’ll want to make sure that you’re ready for live questions as often as possible. Don’t advertise a 24/7 live help desk when you can’t actually offer help 24/7. 3. Be different; be more.The next important step is to make sure that your customers know that you’re offering something your competitors aren’t. A Forex bridge solution, for example, or some other type of liquidity provider bridge that simply sets you apart by offering a much safer, quicker access to the trading funds of a Tier 1 liquidity provider (investment banks etc.)
Companies like FXBS offer other addon options to help you, as a broker, differentiate yourself from the crowd and offer more than the average brokerage. The key is finding a collection of additional features for trading solutions like MetaTrader 4 that don’t bloat your offering, allowing you to keep it lightweight enough to run for most of your clients.
4. Offer a little transparency.Another big plus is offering a little transparency as a broker to your trader. Traders are told to be cautious and quick on their feet when it comes to Forex service providers – in an ultra-competitive industry like Forex, bad apples do exist. That’s where being transparent and offering more insight into your own Forex history can give traders a feeling of reassurance before jumping into trading with you.
And there you have it – four very simple little details that you need to keep in mind before starting a brokerage, and offering your services to Forex traders everywhere.