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 complete guide on essential tools for brokers that companies use for starting, managing and developing their businesses
Tools for brokers are all those plugins, services and applications that financial companies use to complement their trading platforms in order to enhance its functionality. This might be upgrading risk control, adding sophisticated money management options and improving marketing tactics.
Tools for Brokers from Takeprofit Tech
Below you can find the top tools for brokers from our team. These products are necessary for brokerages at different stages of evolution and, accordingly, with different global goals. They will assist a company from its launch to its peak.
Establishing a business
First of all, here is a short list of basic tools for brokers that allow companies to launch their functioning. The focus here is on the execution of transactions and primary risk management.
- Takeprofit Liquidity Bridge allows to route customers’ trades between A-book and B-book without server restart using a simple graphic user interface.
- Quote Watcher stops trading for those symbols quotes of which 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.
- 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 according to a plenty of parameters.
After establishing a company, it’s time to work out the company’s service in order to find a place on the market and grow the client base and client loyalty.
- Easy Multi Account Manager allows brokers to organize investment funds within their clients’ accounts.
- XMAM allows traders to use other traders as symbols, making it possible to follow their strategies without copying their deals.
- 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.
- 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 after each of his closed trades.
- Extra IB Compensation allows brokers 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 or website features. As well as it’s also the time for better risk management, will be relevant.
Expanding of an offering
- 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.
Strengthening of risk management
- 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 Liquidity Hub empowers the dealing department to manage liquidity streams, aggregation logic, and risk management using a simple web interface.
- Database Сompression saves server space.
- Inactive Accounts Cleaner saves server space as well.
- Mass Accounts Copier facilitates transferring orders from one server to another.
- Server Teleportation Service permits the transfer of a white label between MT4/MT5 servers.
These were the most in demand tools for brokers we have developed at Takeprofit Tech. If you don’t see any specific product you need — 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.
In conclusion, the world of tools available for financial businesses is vast and diverse, offering a wide range of functionalities to cater to their specific needs. Each broker operates in a unique environment, and the right tools can significantly enhance their efficiency, productivity, and decision-making capabilities.
It is crucial for brokers to thoroughly evaluate and test these tools to determine their compatibility with their unique requirements. By conducting in-depth testing and analysis, brokers should ensure that each particular tool aligns with their business goals and fits into their operating and client service model.
Ultimately, the success of brokers lies in their ability to leverage the right tools that enable them to thrive in a rapidly changing and highly competitive market.
FAQ on Tools for Brokers
Why do brokers need additional tools?
Additional tools for brokers provide trading platforms with additional features. The world of tools available for brokers is vast and diverse, offering functionalities to cater to specific needs. With tools for brokers, brokerages can get better liquidity aggregation, risk management, launch bonus and different kinds of promotional campaigns.
How should brokers approach the selection of these tools?
The choice of a particular tool depends on a broker’s needs. One should pick the proper products from different solution providers and get a trial. Almost all solution providers offer free trials of their services and products. Trial is the best way to find the tool that fits the business needs the most.
Are tools for brokers exclusively designed for MT4 and MT5 trading platforms?
No, there are various types of tools available for brokers. For instance, Takeprofit Liquidity Hub can be integrated with any trading platform, including custom ones. We can also develop a custom solution tailored to a broker’s specific goals for platforms other than MT4 and MT5.