Heather McLean
Heather McLean

Service, innovation and security: taking key steps to improve the Retail FX trading experience.

Service, innovation and security are the three key areas for winning the hearts and minds of retail traders. But what do these smaller traders really want from their platform providers? Heather McLean sets out to explore what brokers are doing to improve the FX experience for the armies of retail traders spilling out of the woodwork across the globe.

First Published: e-Forex Magazine 38 / Retail e-FX Client / January, 2010

What retail traders want The key features and functionality that retail traders are looking for from FX trading platform providers are, according to Interbank FX vice president of customer experience, Marilyn McDonald: broker integrity; execution; and spreads. This is the trifecta of must haves, she claims, adding: “One without the others is ok, but the retail trader should look for a company that provides all three. For instance, a broker can supply the lowest spreads. However, without good execution then spreads don’t really mean much. Slippage could eat up more than the trader would have ‘paid’ to enter the trade with a broker that had slightly higher spreads.”First and foremost, retail clients want consistency, says Greg Michalowski, FXDD’s vice president and chief currency analyst. He states that if spreads remain consistent, and if the executions are consistent, the client is happy.  Additionally, if support is knowledgeable and reliable,...continued

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