Tom Higgins
Tom Higgins

Thoughts on Selecting a Technology Provider

Tom Higgins is CEO of Gold-i, a market leader in retail FX trading systems integration. Prior to setting up Gold-i, he was a Chief Technology Officer in the City for over 20 years and used that experience and perspective as a technology buyer to shape the Gold-i offering. He offers guidance on the key areas to consider when selecting a technology provider.

First Published: e-Forex Magazine 44 / Sponsored Statement / July, 2011

Tom Higgins

Having spotted a gap in the market for products which would enhance the FX trading process for retail brokers, I developed the Gold-i Gate Bridge – a super low latency bridge which connects MetaTrader to both internal and external sources of FX liquidity. However, I knew that our success would not solely be dependent on having an exceptional product. There are so many other aspects which should be considered by organisations when selecting a new technology partner  including: cost, service levels, product flexibility and ongoing innovation. I was keen to address all of these elements in the Gold-i offering.

I would therefore advise buyers to be mindful of the following:

1. Consider the True Cost 

Don’t just look at the transaction fee when evaluating the cost. Think about the true costs involved. Significant additional costs can be incurred if the product performs poorly – for example, if it has high latency or results in trade errors. If the system is inflexible or allows limited customisation, you may need to invest in additional products before too long.

2. Product Performance

Test the products which are available on the market and assess them in terms of performance, latency, reliability and functionality. We offer free product trials and advise customers to ‘try before they buy.’ Make sure the product delivers against your needs – for example, does it support large order sizes? Does it support B/A Booking?

3. Flexibility

Don’t just think about your current needs. Plan ahead in order to ensure you select a product which suits your current and future needs. For example, the Gold-i Gate Bridge and our real-time back office integration product, the Gold-i Gate Link, are highly scalable. They will work with any asset class in retail and institutional trading, on a global basis.  Demand for multi-asset trading is growing rapidly so it’s important to select a system which will not restrict you as your business evolves.

4. 24 x 7 Customer Support

Be aware of the levels of customer support. There is nothing more frustrating than needing help but finding that the helpdesk is closed.

5. A Global Offering

Be mindful that providers with global distribution partnerships will be able to provide strong levels of local support.

6. Independence

Opt for an independent provider, not one which competes with brokers.

7. Check out the Company Credentials

Find out about the company you will be dealing with. Ask about their relevant customer experience and speak to some of their clients to gain an impartial but informed perspective.  

For further information on Gold-i, 

visit www.gold-i.com