Ran Strauss, Leverate’s CEO, envisions a shift in how brokerages will market themselves. “Brokers will become supermarkets,” explained Strauss. “Traders now work with a single broker, and choose based on that broker’s total package of offerings. In the future, brokers will promote many platforms and different offerings. Traders will be able select almost anything, and will work without restrictions.” According to Strauss, this will lead to the development of a more open and competitive marketplace.
Yosef Kaplan, VP of Sales, added that future traders will be working with a broader range of funding options. “In addition to today’s wire transfers and credit cards, future traders will also be able to deposit instantly via e-wallets, crypto currencies, and EFTs.”
Itay Damti, Managing Director – Asia Pacific, expects that brokers will pick up tips and tricks from the marketer’s toolkit, by “transforming trader preferences into personalized strategies, and designing winning teams of compatible social community members.”
Another innovation expected to be fully implemented by 2020 is the concept of wearable trading solutions. “Technologies such as Google Glass and the Apple Watch will merge with forex trading platforms,” noted Nicc Lewis, Leverate’s VP of Marketing. “The devices will come complete with the ability to generate tradable symbols after identifying trading opportunities while reading the daily news.”
Chief Technology Officer, Doron Somech, chimed in on how customization would begin making a huge impact on the Forex market. “Traders will demand custom data created using their own personalized parameters,” Somech revealed. “This will include triggers for market news and world events in real-time, 24/7.”
“The brokers will also have to make libraries of dynamic APIs available,” Somech continued, “so that traders can create programs in multiple languages to work with market and account data.”
It’s clear that, in the future, the key players in Forex industry will be the traders themselves. With the availability of more options, consumers will be able to evaluate FX brokerages on an extensive list of variables, and businesses that can’t compete will quickly be left out in the cold. To stay successful, brokers will need to prepare by consistently providing access to the latest technology, and backing up their solutions with excellent customer service.
We also made a video: FX2020: Ask the Experts
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