On this page:

Top features to implement in Trader’s Room software and make your traders happy

Trader's room, or, as it is often called, back-office software, is a service indispensable for the activity of any brokerage business. Forex back-office software is used to arrange private space for a trader, their hub on the website of your brokerage company, and implement back-office functionality to work with payment systems and process client’s documents and identification requests.

In this publication, we'll break down the key instruments that will help turn this component into a gateway that will provide a seamless transition to your trading ecosystem. They can be divided into two categories, by analogy with the architecture of back-office software for brokers — the client's side and the side of an administrator, or a business owner.

Client’s side features

The client personal area of trader’s room software enables the whole set of essential brokerage operations, including registration, document processing, asset depositing, withdrawal and transfer, and account opening. Given this list, the component functionality should be as comfortable as possible and accessible to the client. Several important features should be provided in your brokerage business in order to achieve this.

Accessible UI and friendly UX

Although the visual shell is just a signboard that hides the most important functionality of trader’s room software, you can't underestimate the importance of this feature for your clients. If a customer encounters discomfort in the first stages of familiarizing themselves with a brokerage service, it can significantly degrade chances of retention.

Achieving the desired result. If you decide to develop the functionality of the Client Cabinet by yourself, enlist the support of experienced interface designers. If you decide to purchase this component from a third-party back-office trading software vendor separately or as part of a back-office solution, make sure that the UX component has been thoroughly tested and has a set of administrator settings, at least such as branding and color schemes.

Various authorization options

Nowadays, traders actively use a variety of social networks. And the possibility to authorize via them can be a significant advantage for the broker in terms of ease of use.

Achieving the desired result. Strive to provide your clients access to authorization not only through email, but also via social media integrations, including the most popular like LinkedIn, Twitter, Facebook, and other common for your region options.

Popular trading platforms integrations

The reality is that the Forex broker back-office software market has developed a certain state of affairs that is hard to change for now. We’re talking about the fact that if a brokerage business does not employ Metaquotes products, namely MetaTrader 4 and 5, the range of possible clients is significantly limited, as these platforms are extremely straightforward from a user's point of view, and represent a great entry point for newcomers.

Achieving the desired result. Make sure that back-office software solutions you employ deliver integrations with the most popular trading platforms on the market if you target the mainstream category of traders.

Administrator’s side features

The administrative module of trader’s room software handles the set of complex functions, like customer data storage and processing, clients’ accounts verification and administration, compliance procedures and financial flows supervision, and account balance tracking. The right administrative module architecture provides setup and subsequent automation of most routine services to free up the client's hands for running the business operations.

It is also crucial to keep in mind the following important points to ensure the uninterrupted and trouble-free operation of the brokerage business.

The more payment integrations, the better

Multiple payment integrations enable your customers to freely choose how to deposit and withdraw funds, resulting in an increase in traded volumes for the business. Of course, handling payment systems is greatly influenced by regulators, but ideally, you should strive to increase the options in this segment of your brokerage.

Achieving the desired result. Strive to provide all the popular fiat payment systems and methods, including the bank wire, SEPA transfer, and credit cards deposit and withdrawal options. If you offer digital asset platform, consider including a digital assets processing service in the back office part.

You can’t have too much security

The main thing that can pose a threat to your business is jeopardizing your clients' personal data and funds. Unfortunately, hacker attacks and infrastructure raids are still not uncommon, and any business owner needs to keep this fact in mind when choosing back-office solutions.

Achieving the desired result. Be sure to provide the following safety features.

  • Multi-factor authorization (including recovery codes, key generators, and connections through secure social networks).
  • Cryptographic protocols for every type of web communications.
  • Restricted access options for servers.
  • Relational databases without direct access to the Internet to store any type of data.
  • Integrated KYC and AML tools to ensure the counterparty/customer visibility principle and exclude suspicious activities.

The regulator should be happy with your reporting

Note that the regulator may require multiple types of reports from a brokerage business, depending on the type of activity, and therefore the reporting system in the administrative module should be structured as flexibly and transparently as possible.

Achieving the desired result. You should ideally be able to build any report that may be required of you depending on the regulation. The most common types of reports include client wallet reports, registration details, deposit and withdrawal operations, broker-dealer trading operations, etc. The ability to customize reports to meet the requirements of the legal department will also be a useful feature.

Partnership programs help you scale your business

Partnership (affiliate) programs are one of the best ways to attract new clients to your platform, as well as to increase the traded volumes. However, the functionality of the administrative module must be properly configured to implement these programs and withstand the possible influx of activity.

Achieving the desired result. Strive to offer bonuses for different types of activities, including registration, passing verification levels, account depositing, and trading performance. You can combine user actions into different sequences, and your clients can receive bonuses based on their actions. There are many back-office solution providers on the market with products that can provide the technical foundation for affiliate activity.

This information was collected in the course of TickTrader Trader's Room product design and development, which includes all the features described above.