Technology has emerged as a key driver behind the digital transformation of financial markets. This is particularly true for the foreign exchange (or FX) market. As an aftereffect of the global pandemic, even amateur traders are now using FX trading apps to start currency trading. With a valuation of $2.4 quadrillion in daily trading, the FX market is currently the largest global financial market segment.
Technological advancements in the FX market are not undertaken in isolation. A new generation of digital customers is entering the market. Their expectations of utility and experience are driven by the experiences they favour in their daily lives. They seek ease of use, simplicity, and elegant experiences. They are willing to transact business and have the means to support the service provider who meets their standards. This is driving the need for user-friendly digital platforms that Forex brokers can leverage to enable trade in foreign currencies.
In the new normal, cloud-powered Forex trading platforms are gaining popularity thanks to their lower costs and design flexibility. Similarly, we are witnessing the growing use of technologies like AI, machine learning, and natural language processing (NLP) for accurate decision-making in forex trading.
Despite the recent progress, there is a need for more digitalization in FX trading and financial services. With most FX trading still performed manually, a shift to digital trading will require more than access to real-time data.
Let's discuss some of the challenges faced by Forex trading brokers. Plus, we shall look at the latest product updates on the FYNXT trading platform and how they are helping forex traders meet today’s challenges.
As more FX brokers transition to digital platforms, they face the challenge of deploying the best technologies and leveraging their capabilities. FX account managers can no longer spend time performing manual tasks like approving KYC documents or processing questionnaires.
Besides automation, FX trading platforms must also ensure data security. FX brokers and managers need to closely monitor their client's trading activity to ensure they are following security best practices. Effectively, backend technology in digital trading platforms must support secure trading and compliance with industry regulations.
With our experience in the financial domain, we at FYNXT understand these challenges in forex trading. Our financial expertise combined with the knowledge of digital technologies has helped in delivering the best industry solutions including the following:
Built-in rebate engine that can facilitate automatic payment calculations and settlements
Next-gen managed account platform integrated with MT4/MT5 trading platforms
No-code and low-code application development that can accelerate digital transformation
Data security through the ISO 27001 certification
Next, let us look at our latest product updates that are designed to elevate the FX broker experience.
Be it a new forex trader or an experienced FX broker, the FX Brokerage platform from FYNXT is designed to boost your earnings and take your financial trading business to the next level. Along with adding more features, we are continuously striving to bring design and functional improvements to our platform.
Here are the latest product updates on the FX trading platform include:
An Introducing Broker or IB has a direct customer relationship and needs access to the customer data. For a sub-IB, FX brokers can now show (or hide) their customer data to the main IB through the IB manager tool on the FX brokerage platform.
In this release, we have introduced a new login (or sign-up) page for new and existing customers. The rebranded and redesigned login page presents a unified and intuitive user experience.
Additionally, we have integrated the client portal with cryptocurrency coin payments. This enhancement is designed for cryptocurrency investors and supports both crypto coin deposits and withdrawals.
In previous releases, the IB portal page was only accessible from the client manager's account. With this release, customers can now host their IB portal page on a separate URL domain.
At FYNXT, we strive to deliver the best technology platforms to our financial domain customers and help them achieve a market advantage. Our product updates are in line with the latest trends in the FX trading market and our customer demands.
Check out some of our other latest product updates.