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#1 22-02-2020 07:41:36

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Spotware: using the Brexit transition to lighten the load on brokers

Spotware: using the Brexit transition to lighten the load on forex brokers

Since the beginning of the year, a lot has happened in the forex trading industry. Brexit, Coronavirus, and regulatory changes have all left their mark, and the rest of 2020 promises to be just as hectic.

One company that thrives in this ever-changing landscape is Spotware, a provider of online trading platforms that aims to convert and retain customers. The company's flagship platform is cTrader, which is one of the world's most popular currency and CFD trading platforms.

Brexit transition is actually resulting in increased transparency

Spotware hopes to make cTrader more available in Great Britain. In light of this, we asked Spotware what they expect from the industry during the yearlong transition period following Brexit.

Alexander Gerals, a Manager at Spotware, says: "The fact that UK brokers now have an entire 12 months ahead of them lightens the load. In the event of uncertainty, we now have some clarity. It is difficult to know exactly how brokers will be able to adjust their operations after this period, but in any case, I expect them to be ready to separate operations in the United Kingdom when necessary."

"This also raises an interesting question for spread betting, which is specific to Great Britain. Many of these platforms are proprietary and the costs of creation and launch can be heavy. The need for an efficient and ready-made solutions for small brokers who are starting out is obvious".

The rise of new brokers

Speaking of the new brokers entering the market, during our last interview with Spotware, Gerals explained that more brokers entered the industry solely offering the cTrader platform last year, so we asked him if he expects this to continue this year.

"We are happy to have welcomed some new brokers into the cTrader family last month. Although a large established broker has joined us, we can report that the trend for new brokers remains strong", says Geralis.

With an increasing number of new brokers offering the cTrader trading platform, how has this influenced Spotware's offer? According to Gerals, this doesn't have much impact, as the company is ahead of its time and expects such inevitability.

"The truth is that we are further ahead on the curve. From the start, our founder started with a scalable business solution both in terms of costs and management capabilities, without the weight of massive upfront costs unrelated to whether a broker succeeds in adapting to scale."

"Today we find that PaaS-type models are the norm and even in trading for retail investors we are used to paying subscriptions, whether for Microsoft software or for Netflix. So in terms of changes to our offer, while we continue to invest and develop our solutions for the benefit of brokers, our business model remains unchanged."

Brokers are more and more demanding

However, as brokers are becoming more and more demanding, Spotware continues to develop and expand its product offering. Most recently, the company partnered with Autochartist to provide market research on cTrader Mobile and enable clients to make better trading decisions. Similar industrial partnerships like this one make it possible to constantly develop and expand the cTrader offer.

"We like to have a strong line of communication with both our brokers and traders who use cTrader so that we can get useful feedback. For traders, this is the new chat feature on cTrader and the trader forum. From time to time, we look at what is being asked for and then look at the evolution and potential benefits of any new features."

"You can safely say that things like an intuitive calendar of economic events and signals or analysis tools are already the norm. If you don't offer them, another broker does it and traders wait for these tools to be included in their usual platform."

cTrader continues to support established brokers

As cTrader and Spotware aren't just targeting new brokers, we asked if there were more specific ways for cTrader to address both medium-sized and established brokers.

"We have seen more brokers take advantage of our open API, which can be used for the various creative solutions that many forex brokers already rely on."

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