Forex brokers compete for customers offering more and more innovative products and solutions. One of the newest ideas is the forex turnkey solution offered to those who want to become retail forex brokerage company and have everything prepared by the forex technology partner.
What is a forex turnkey solution?
A turnkey solution means a product or service prepared in such a way that after its receipt the customer may start to do business without any additional investment or workload – it’s a ready-made solution that allows us to start business activity just like that. We only need to turn the key that the provider will give us. It’s so simple and so tempting.
There’s no need to do anything more – we get everything tailored to our needs. However, the first thing we need to do is the most important – we need to select the contractor, who will suggest the option perfectly adapted to our expectations.
What to expect from forex turnkey solution?
If you’re thinking of starting your own retail brokerage, you need to carefully consider what your provider should prepare for your website. There are a few companies on the market that offer turnkey solutions, but their offer varies considerably. You have to first select what you wish to provide to traders as a retail broker, e.g. a trading platform, price feeds, risk management solutions.
However, you may find some one-stop-shops, which provide their customers with all these items. Selecting the company with the most comprehensive offer is a good idea, because after some time you may wish to extend your services or include new tools, and it would be advisable if the same provider could devise them. If time is important for you, it’s also worth to pay attention to how long the set-up will last. Some companies will do it in less than three weeks, others will need more time.
You also need to check what training options the provider ensures. Some providers have a very extensive offer in this regard, and the training is offered both to brokers and customers. On OCT markets you encounter such instruments as forex, indices, commodities, shares and etfs and even bitcoins.
You should also focus on a good back office. Creating new clients, process deposits and withdrawals, observe the trading activity of your clients and view overall portfolio performance, all in real-time. Manage your MAM and slave accounts as well as IBs in one place, providing them with accurate and real-time reporting.
It’s also wise to separate your client information from your technology provider.
Some turnkey solution providers will ask you to pay a monthly fixed price for their services, others may want a share of profits. You can also consider whether it wouldn’t be more beneficial to incorporate your brokerage abroad in order to cut costs and avoid some regulatory issues in this way.
You can also take into consideration the opinions on different companies offering turnkey forex broker solutions. Recommendations from other customers can be helpful when making the best decision.