Broker software refers to the technology and software solutions used by forex brokers to facilitate online trading in the foreign exchange market and improve their business. There are many providers of tech solutions for brokers and LPs, including our company, Takeprofit Tech.
Types of Software
Broker software typically includes various components and features that enable brokers to manage their trading operations, provide trading platforms to their clients, and offer a range of relevant services. Some common features may include:
- Trading platforms. Brokerages typically offer online trading platforms that allow traders to access the forex market and execute trades. These platforms may be web-based or downloadable software applications that provide features such as real-time price quotes, charting tools, technical indicators, order management, and risk management tools.
- Back-office management. Broker software may include back-office management tools that help brokers manage their trading operations. Features such as customer relationship management tools and account management tools, i.e., client onboarding, account opening, funding and withdrawal management, client data management, and client support, may all be included. The Broker Dashboard plugin and White Label Administrator app are notable examples.
More back-office fx software from Takeprofit Tech:
Imports account history from Excel or CSV file into MT4 or MT5 account to help client migration from previous broker
Generates real-time reports on brokerage performance statitics: profit, number of new accounts, deposits, withdrawals, executed trades, cancelled trades, execution time
Reduces file size of MT4 databases, like orders.dat or daily.dat.
Сaptures all events when a trade account balance changes, and feeds them to persistent storage of the broker’s choice
Сhecks inactive accounts on the server, and marks them for deletion to enable built-in MetaTrader archivation
Transfers accounts and trading history from one server to another
- Liquidity management. Forex brokers often connect to multiple liquidity providers to offer competitive pricing to their clients, using features for aggregating liquidity from different sources and managing liquidity relationships, including price aggregation, order routing, and trade execution. Takeprofit Hub is a good example of a liquidity aggregation solution.
More liquidity management software from Takeprofit Tech:
Allows routing customers’ trades between A-book and B-book without server restart using a simple user interface
Receives trades from MT4/MT5 server and passes them to Crypto exchange to execute; receives quotes from exchange and provides them to server
- Risk management. Broker software may include risk management tools that help brokers monitor and manage their exposure to market risk, credit risk, and operational risk, such as position monitoring, margin management, stop-loss and take-profit orders, and risk reporting.
Have a look at Ashira risk management MT4 plugin, Max Position Exposure or Dynamic Leverage.
More risk management software from Takeprofit Tech:
Identifies which accounts are using the same IP to prevent them from abusing broker’s platform
Performs a voice announcement to the phone number specified in the settings if there is no connection to the server or new information on symbols is not received
Closes all open positions if the equity level reaches a value specified in the plugin settings, mitigating monetary losses for traders
Sets limits for traders’ open positions and prevents them from exceeding these limits
Allows to comply with the European Securities and Markets Authority regulations by preventing the situations when the trader’s balance drops below zero
Checks the log files of MT4 trading platform and Liquidity Bridge and monitors pricing and performance issues
- Compliance and regulatory tools. Broker solutions are subject to various regulations and compliance requirements. Forex broker software may include features that help brokers comply with regulatory requirements, including anti-money laundering (AML) checks, know-your-customer (KYC) verification, reporting to regulatory authorities, and compliance monitoring. Here you may consider the KYC Locker plugin.
- API and integration. Broker products may provide APIs (Application Programming Interfaces) and integration capabilities that allow brokers to integrate their trading systems with other third-party systems, such as liquidity providers, payment gateways, and risk management tools.
More risk management software for brokers from Takeprofit:
- Mobile trading. With the increasing use of mobile devices, many forex brokers offer mobile trading platforms. Broker solutions may include mobile trading applications for iOS and Android devices, providing traders with access to the forex market on the go.
There are many providers of tech solutions for brokers and LPs. Some popular providers are Brokeree, Tools for Brokers, B2Broker, Gold-I, OneZero, PrimeXM.
These are just a few examples of popular solution providers in the market. It’s vital for brokers to carefully evaluate their needs and requirements, and select a software provider that offers the features and functionality that specifically align with their business model and trading operations. It’s also crucial to consider reliability, security, support, and scalability factors when choosing a software provider.
It’s important to note that software for brokers can vary widely depending on the customer’s specific needs and requirements. Different brokers may use different solutions or even develop their own proprietary software. The above features are common in many forex broker software solutions, but the actual features and functionality may vary depending on the specific software used by a particular client.