Hiring the White Label platform or even an MT5 server to start your Forex business as a broker is a wise decision, as it is a complete environment just like MT4, but we must tell you that hiring it is not enough. We explain the reasons and how you can solve them.
Remember that all the services and tools necessary in these businesses are of vital importance; that’s why Smart Broker Solutions offers you the most suitable solutions for your business. But before we tell you what we can do for you, let’s see why we warn you not to use your Meta Trader 5 platform lightly.
MT5, Is to Be a Broker Just Enough to Have It?
This Forex trading platform belongs to the next generation of MetaQuotes after MT4. Meta Trader 5 optimizations allow trading with more asset types and include cryptocurrencies and other features.
Based on this, you can draw some conclusions about the technology you need. If the platform offers you greater functionality on different devices, it will require stable and robust technological support, capable of dealing with work in real-time.
Let’s be clear, having MT5 without the necessary tech support and plugins is like having a state-of-the-art phone device with a catastrophic internet connection.
Quite a situation, isn’t it?
However, this has a solution. We are going to tell you what minimum equipment is necessary to be able to operate with your MT5 platform without setbacks and with the certainty that everything is going well.
Liquidity with the Broadest Range of Pairs
The connection with liquidity providers is vital to have a smooth flow of capital in both directions. For example, with SBS, you can determine your risk margins, commissions, and how you will act on the established risk, either by taking part in it or as an STP.
Through MT5, you can trade in foreign markets such as Latin America; Smart Broker Solutions can offer you several LATAM currency pairs and competitive advantages through our liquidity providers.
It is an advantage for your broker that you can offer as many alternatives as possible to your regular and potential clients. Therefore, PAMM accounts are one of these widely used options.
With this plugin, you offer your clients the possibility of being able to produce their investment accounts, receiving a commission for the study of the market and the positioning of the investments obtained in MT5.
This tool is ideal for money managers.
Social Trading Plugin
It is one of the most attractive forms of investment, especially for clients with little experience and that are new to Forex, but why? Because it is a system that makes it easy for less experienced customers to make a profit from more experienced ones. How? Simple: the latter share their operations so that others can emulate them.
As the idea is to stand out and attract to grow, your broker cannot fail to offer this opportunity to your clients to carry out copy trading.
This functionality, essential when you work with IBs or being one, allows your business to expand, receiving new clients for your broker through the intermediation system, as these IBs or Money Managers recommend your broker to new investors.
It is a powerful marketing tool that increases the chances of becoming visible through the MT5 platform in the Forex market.
Bank accounts with prestigious and solid institutions are, in addition to a guarantee of professionalism and seriousness for your broker, an irrefutable necessity for large-volume financial transactions.
Only an experienced technology provider can offer you bank intermediation solutions in your jurisdiction to avoid potential pitfalls.
As you already know, you operate in a high-risk market and the simplest banking procedures can become a nightmare in your role as a Broker. Therefore, you need an ally that delivers what they promise.
It is essential to have total control of your business. That is why you must have a CRM for your broker from the MT5 environment that provides stability, fluidity, simplicity, ergonomics, data management, financial movements, and interaction with your customers in an expeditious manner.
This scaffolding, which supports multiple tasks, avoids the risk of duplication, allows you to automate alerts, account openings, and KYC monitoring, among other possibilities.
In the CRM, the registration area must comply with the requirements for obtaining data and documents that guarantee the identity and origin of the funds of potential clients.
In this way, it becomes a significant space within MT5, in which users and future clients have a detailed, functional form that helps your broker to comply with legal regulations and KYC.
Client / Trader Area Room
Customers appreciate these virtual spaces, so having an intuitive interface with multiple possibilities for internal management will leave your broker in a competitive position in the market.
An attractive trading room for your clients should include quick account access, simultaneous executions, copy trading, social trading, and more; in various currencies and multiple assets in Meta Trader 5.
This area comprises all your follow-ups as an internal broker. As with the client area, having an interface that facilitates management tasks and alerts you to any update in your business will make you run your business more reliably.
Here you can manage all your clients, agreements with your IBs, financial accounting, or access to customer service support, among other features.
We take this opportunity to tell you that at Smart Broker Solutions, after many years on the market, we have decided to create and configure a specific CRM for brokers; we encourage you to get to know it.
Development of Your Website
Having a professional and elegant-looking website is the icing on the cake. Your cover letter in the digital world should speak highly of what you do and the seriousness of your work.
For this reason, choose a provider that designs and develops quality web pages for your Broker. Always keep in mind that your business belongs to a world of innovation and constant change, so do not settle for less than a detailed, unalterable and functional website.
You may feel overwhelmed with the number of functions and sections that you must consider when configuring your Meta Trader 5 platform, but it is of vital importance that, before jumping into the pool and hiring a White Label platform or even a server, either MT5 or MT4, you clearly know everything you are going to need to offer your services as a broker.
It is useless to want to drive a car if we only have a licence 🙂.