About the Author
Marketer with 12 years of experience in the b2b sphere. Copy trading solutions specialist, ex-product manager of Takeprofit Copy Trader.
Here Kate shares some of the best tools and tactics to help brokers grow their businesses and provide their best service to traders.
An Overview of Key Tools for Brokers That MT4 and MT5 Brokers Use for
Dealing and Growing Their Businesses
Tools for brokers are all those plugins, add-ons and applications that forex brokers use to add specific features to their trading platforms in order to expand their offering to traders and improve their service. Because none of the trading platforms initially come with all the options that could satisfy every brokerage.
Takeprofit Tech Tools for Brokers
Here at Takeprofit Tech we offer brokers and liquidity providers a range of solutions that will assist a company from its launch to its peak. In this post we would like to present to you an overview of core tools for brokers that are necessary for brokerages at different stages of evolution and, accordingly, with different global goals.
Note that these stages are quite provisional and are painted with broad strokes to familiarize you with the forex market requirements and needs. However, each broker’s business and case is unique.
Establishing a brokerage
Below is the list of basic tools for brokers that allow companies to function. The focus here is on the seamless execution of transactions and primary risk management.
- Takeprofit Liquidity Bridge allows to route clients’ trades between A-book and B-book without server restart using a graphic user interface.
- Virtual Dealer automatically executes clients’ trades and allows to set execution rules and manage spreads.
- Quote Watcher stops trading for symbols if the quotes for them are not updated.
- Spread Management increases the spread for particular symbols for a certain period of time.
- Real Margin Stopout deducts credit on a Metatrader account when a trader loses all of his own funds, so that the account can be stopped out by Metatrader itself.
- Negative Balance Protection restores the account’s negative balance to zero. Thus it allows a broker to comply with the The European Securities and Markets Authority regulations.
- Dynamic Leverage allows to configure margin and leverage levels for traders.
After establishing a company, it’s time to work out your service in order to grow your client base and client loyalty.
- Easy Multi Account Manager allows to organize mini-hedge funds.
- XMAM allows to use traders as trading symbols, making it possible to follow successful traders’ strategies without copying their deals.
- FlexRebate allows introducing brokers and other agents to earn a commission on trades performed by lower-level agents.
- Bonus Cashback allows a trader to receive cashbacks based on the size of each of his closed trades.
- Extra IB Compensation allows to pay rewards to agents and introducing brokers based on the milestones they achieve.
Distinguishing among competitors
This stage is about implementing sophisticated solutions to stand out among competitors and increase brand awareness. This includes scaling your offering, for example, with crypto instruments. It’s also the time when you will experience a growth crisis, so some automation, especially in risk management, will be relevant.
- CopyTrader allows inexperienced traders and those who don’t want to spend much time on studying news and trends to copy the trades of experienced traders.
- Website Price Feed widget displays quotes on a broker’s website in real-time.
- Crypto Adapter receives trades from MT4/5 server and passes them on to a crypto exchange to execute, and also receives quotes from the exchange and provides them to the server.
- Anti-Fake Account reads the server journal and alerts a broker if there are several accounts operating from the same IP.
- Broker Dashboard provides real-time reports on broker’s performance: profit, number of new accounts, deposits, withdrawals, executed trades, cancelled trades, execution time.
- StopOut Email Notifier monitors StopOut and MarginCall events and sends email alerts to traders.
- Risk Profiling lets you identify toxic trades among your customers.
- Max Position Exposure sets limits for traders’ open positions and prevents them from exceeding them.
Dealing with big business
And here are the solutions to ease the management and manipulation of a significant amount of liquidity, traders and information.
- Takeprofit Hub for liquidity aggregation allows to manage liquidity streams, aggregation logic, and risk management.
- Database Сompression decreases the file size of MT4 databases.
- Mass Accounts Copier copies orders from one server to another.
- Server Teleportation Service allows to transfer a white label between MT4/MT5 servers.
- Inactive Accounts Cleaner checks inactive accounts and marks them for deletion to enable built-in Metatrader archivation.
These were just some of the essential tools for brokers we have developed at Takeprofit. Check out the full list of solutions and services we offer.
We also offer product bundles, which is a cost-efficient way to integrate several plugins and applications.