Retail e-FX Client : Service, innovation and security: taking key steps to improve the Retail FX trading experience.
First Published in e-Forex Magazine January 2010
Heather McLean
Service, innovation and security are the three key areas for winning the hearts and minds of retail traders. But what do these smaller traders really want from their platform providers? Heather McLean sets out to explore what brokers are doing to improve the FX experience for the armies of retail traders spilling out of the woodwork across the globe.
What retail traders want
The key features and functionality that retail traders are looking for from FX trading platform providers are, according to Interbank FX vice president of customer experience, Marilyn McDonald: broker integrity; execution; and spreads. This is the trifecta of must haves, she claims, adding: "One without the others is ok, but the retail trader should look for a company that provides all three. For instance, a broker can supply the lowest spreads. However, without good execution then spreads don't really mean much. Slippage could eat up more than the trader would have 'paid' to enter the trade with a broker that had slightly higher spreads."
