What strategy have you found to be most effective in attracting new clients to your brokerage? How about retaining them for the long term and encouraging your traders to make re-deposits? With 1,231 forex brokers alone in the world, you need to offer something outstanding to set yourself apart from the competition. FX market analysis and insights could be just what you need. Here’s why.
An essential way to attract new clients is to establish credibility and build trust as a broker. What better way to do so than by showcasing your expertise in analysing market events? There is an overwhelming amount of information available for traders online. Your market insights can cut through this infobesity to provide actionable trading ideas.
The largest trader population is made up of millennials and Gen Z today. These generations have high expectations from all types of service providers, including brokerages. They also value education that empowers them to make their own decisions. Providing market insights can prove invaluable for brokers wanting to attract and retain these traders.
But attracting new traders is only half the battle. Retaining and motivating them to continue trading is a whole different ball game. Did you know that the cost of acquiring new clients is 7x higher than retaining them? Also, existing clients are 50% more likely to try a new product you launch. Most importantly, increasing client retention by just 5% could increase your profits by anywhere between 25% to 95%.
The way to retain traders is to keep them engaged and motivated. Providing them regular updates on interesting trading opportunities can be a great motivator. You could even give insights on what other traders are up to with a live market sentiment indicator.
Now, you could consider doing your market research and analysis in-house or take the more efficient route of outsourcing FX market analysis.
Simply do the math. It takes a huge amount of resources and infrastructure to maintain an in-house team of analysts. Plus, expert analysts might not be the most prolific writers. To hook traders, you need to provide insights in simple and easy-to-understand language. Then, there’s the problem of the forex market being a 24-hour one, unlike the stock market. Do you really want to invest in a team of experienced professionals that functions 24/5?
Whether you need equity or forex market insights, the most cost-effective and convenient choice for brokers is to outsource research and analysis. Your service provider will ensure that you can offer clients access to the latest market updates and analyses. They will also ensure that the information is provided in an easy-to-understand language to suit the needs of all types of traders. Most importantly, they will be able to scale their services up or down, based on your needs.
This way, you get to save time and resources, which can be better spent on growing your business and expanding to new markets or products.
With deep insight into the needs of both brokers and traders, X Open Hub offers cutting-edge technology tools to drive broker success. One of our most powerful and popular offerings is the XOH Trader platform, which allows brokers to offer clients standout features to stay updated on the financial markets and simplify trading. In addition, with our open API, xAPI, and free widgets built specifically for the forex industry, you can enrich client experiences to drive engagement and retention.
Some of the features that can help you ensure not just customer satisfaction but customer delight are:
Outsourcing FX market analysis should make life easier for brokers. That’s exactly what we offer. You get to eliminate the high costs associated with licensing, ownership, maintenance, IT infrastructure and additional staff, with an easy-to-integrate and instantly scalable solution. Plus, with an incredibly customizable platform, you get to offer clients a complete branding experience.
Want to learn more about how our technology solutions can help you drive growth for your brokerage? Contact us today.
Contents Global market overview What Makes Gen Z Different? How to Attract and Retain Traders …Learn more
Contents State of capital market What Retail Investors Need in 2022? Fintech Collaborations to the …Learn more
Contents What is KYC, and why KYC provider is so important? Why is KYC Important? …Learn more
Contents Market Overview Strengthen Your Social Media Presence Offer Rich Educational Resources Invest in Technology …Learn more