The majority of the forex traders face bankruptcy in the first month. Some may receive steady and small profits, but they still have to deal with various marketing and services fees regularly. The bulk of this money goes to the broker and trading sites. In the following article, you will get information regarding how to create an efficient and profitable trading website just like an everforex website and earn huge profits in one, if not the largest financial markets.
Launching a forex trading website is a dauntless task and requires a lot of preliminary preparations. It is more expensive and complex than designing other conventional websites. Before designing a trading website, you should keep in mind the following things
- Start-up Capital: Before creating a trading website or platform, you need to make sure you have the necessary funds required. You need to have sufficient capital to cover the website expenses for several upcoming months. To determine how much capital and allocation of fund is required, try finding out the amount and size of trading funds.
- Brokerage company registration: To accept the money from traders and start dealing with them, a bank account is essential with a proper brokerage license. It should be for a legal entity.
- Relation with PSP (payment service provider): It is always a suggestion to build good relationships with several payment service providers. It will help in reducing the probability of several risks related to financial calculations.
- Adequate Market Know-How: As with any other case, adequate market research and prior knowledge about your potential competitors are going to help you immensely. Before investing money into this endeavor, you should know about your target audience, their age groups, hobbies, country of residence, and, most importantly, general income. The location where you will register the legal entity, language support, promotion of platforms, etc. will mostly be dependent on this.
- Type Of Trading Platforms: There are three types of trading platforms:
I. Market Maker: These types of platforms usually generate revenue and profits by the difference in price between the purchase and selling of an asset. To put it in easier words, a trader’s loss in revenue is a broker’s profit. For these reasons, these trading platforms should be treated with extreme caution because there is always the risk of manipulation, which can turn out to be detrimental for the traders.
II. ECN Broker: Full form of ECN is Electronic Communications Network. In this type of trading platform, the orders made by traders are sent directly to the Forex trading market without any interruptions in between. Due to fast processing, there are little to no delays between the execution of orders. It gives traders a lot of exposure, and they can respond to the market situation and dynamics accordingly. The downside to this trading platform is that the brokerage company or the brokers do not provide a guarantee for the execution of the orders exactly at the trader’s price.
III. STP Broker: STP is short for Straight Through Processing. These types of trading platforms forward the customer orders to banks and liquidity pools and hence are free from any interest conflicts. Generally, the order is forwarded to various suppliers that place orders on the market with varying conditions. After this, the execution of the order occurs at the best available price. The main source of profit for such types of platforms is through spreads and commissions, which is based on the liquidity of markets.
Important Features To Consider While Designing A Trading Website
The main features you should consider while designing a trading website are listed below:
1. Real-Time Data Feeds
The most important feature you should consider while designing a trading website is the display of real-time price data feeds. These data should be organized and adjusted according to the changes that occur in the market regularly. Most traders look for real-time data to make clutch decisions regarding their trading orders, and having a data feed counter is of immense importance. Receiving information regarding various trades in real-time can turn out to be the difference between a successful trade and a non-successful one. Being informed about what is happening with different companies helps people to predict the fluctuations that may occur later down the road.
2. Seamless And Automatic
Seamless and automated trades are very popular among many traders. Many traders consider the execution of automated trades via EAs (expert advisors) a necessity these days. Your trading website and platform must incorporate this trading strategy and should assist the traders with various trading tools to reduce downtime in case of a weak internet connection.
3. Making Your Trading Website User-Friendly
The best thing you can do to attract traders and users is by making your trading website as user-friendly as possible. A user-friendly straight forward design and interface will encourage more users to spend time trading. You will gain more profit if your customers are investing more, and the best way to engage them in trading is to design a trading website that promotes user-friendly features.
Your trading website must have a dashboard feature. A dashboard is where your user can view their stocks and profile information. A lot of data can be accessed via the dashboard feature. It may include the status of your existing order, charts, to-do list, watchlist, current balance, and so on. Your website dashboard must feature present this information in an accessible and user-friendly manner.
5. Trading Functionality
Improved trading functionality is the core of your trading website, the reason why you are designing a trading website in the first place. The trading operations need to be seamless and efficient. To achieve this, you need to have features incorporated into your website that can display company profiles, real-time data, and other relevant information regarding trades that are going to affect an important investment decision. To buy and sell stocks, your trading website should have full and secure money transfer functionality. Traders should have complete peace of mind while transferring their money via your website, so make sure you incorporate a highly secure gateway for money transfer.
Keep in mind forex trading is a very competitive market. There are many factors that you may consider while designing your trading website, and some of the most important ones are mentioned above. What will differentiate your website from others is your website’s trading functionality, as this is a crucial factor that will decide if your site succeeds or not.