OctaFX offer a full and integrated service, at the forefront of industry developments, writes Robert Anson, Head of Development
We used to read about forex trading unique techniques. We used to pay attention to the gurus. We used to spend sleepless nights in webinars and forums, gaining knowledge little by little. We used to lose numerous demo and live accounts as well. We have been through all the ups and downs on our way to become skilled traders. However, today, that long and arduous process is no longer necessary.
Recent developments in retail trading markets have shifted the whole industry. The sector has become more and more focused, for both individual and institutional traders.
The time of gurus providing sporadic advice has given way to a more informed type of trader. Many old-fashioned trading desks have been removed and replaced by those providing smarter ways of fund management – that transcends the need for gurus. While these gurus infrequent recommendations to traders before leaving them to explore the markets for themselves, new mechanisms allow inexperienced traders become informed quickly, with the support of vivid and graphic data to support trades on an ongoing basis.
We predict that in the future the market will be led by investors. The international and instantaneous nature of currency exchange markets allows for immediate feedback and the exchange of feedback on brokers, online workshops and strategies.
People engage in online communities like Tradency, Facebook group and other forums for online dialogue, which can make an investor’s life that much easier. This has brought about a major change to the industry: It is no longer necessary to spend years learning how the ins and outs of the market in webinars and reading articles on quantitative and qualitative research techniques. Instead, it is now possible to copy or follow the best trading talents right away. The setup is instant, no special requirements or technical knowledge is required, and the profit can come immediately. The more traders are involved in the system the more experienced and successful one can be from learning others.
This is a seismic change in the market – with brokers relating to investors and expressing interest in creating partnerships with successful traders which will bring investors with them.
Brokers tend to offer more and more advanced “copytrade” and social trading solutions. Some of these are indeed groundbreaking. Investors therefore see brokers as trading platforms or communities rather than enterprises. In addition, the quality of the audience becomes crucial. It is now vitally important who trades with you. Now it is not just a matter of seeing the woods but, fundamentally, about recognising the trees.
It has become the broker’s responsibility to not only offer the social trading solution, but also provide qualified, proficient and reliable traders for investors to follow. This is a serious challenge, and those who succeed will lead the industry.
The focus on trading services has also shifted. Brokers used to think traders need more trading tools, currency pairs, mobile and web platforms and other unnecessary gadgets. This turned out to be a misplaced strategy. About 90 percent of all the trades are still EUR/USD and mobile trading accounts for around 15 percent of the total volume traded. Of course this will grow, as perceptions about what we deem our primary personal computers change. In reality any major shift is probably not going to happen within the decade. There are still too many parts of the world where an iPad costs a month’s pay, making mobile trading unaffordable. However, our main goal is to make our services more accessible, rather than simplified.
We at OctaFX are prepared for the challenge. Gradually and consistently, we have created solid ground for the changes we are about to bring to the market. Our priority is to engage with investors who trust us. Our history shows how trustworthy we are: Since establishment in 2011, OctaFX have paid particular attention to detail: Order execution remains flawlessly fast, requotes are abolished, and spreads are outstandingly low.
Financial transactions are a priority for us, and so they are dealt with conveniently and swiftly, thanks to our qualified financial department staff and the technologies we us, as well as our relationships with local banks in Indonesia, Malaysia and China. We also put tremendous effort and work into building a multilingual customers support team. Our highly skilled team of professionals is ready to answer traders’ every question and help them in the most tangled cases. Still, we keep evolving and learning every day. In order to be closer to our clients the OctaFX team developed a range of promotions to keep our customers motivated and entertained. We are especially proud of the latest one – Word it Out Contest, designed to offer users of our service a voice to air concerns about our products.
We have developed our Facebook community and are constantly working on a built-in social platform to allow our clients to share their every thought and strategy. Social trading is an inevitable future and for OctaFX clients it is closer than you might think. All we want to do is offer traders an environment they will not abandon. The environment is so integral that it includes all the essential information – real-time quotes, commentaries, and tool for sharing strategies. The environment allows trader not only to copy orders but also to create a decent portfolio, and to view various investment options. In the upcoming year, we will present clients with a vanguard platform including the latest features and, of course, a great, state-of-art design. Our attention to detail helps us to stand out among top forex brokerage services providers, and motivates us to be creative and thorough.