They say the brokerage market is overcrowded by diverse firms, and newcomers can hardly win their place under the sun. Meanwhile, in 2024 the sector will undergo some significant changes and meet new trends; which is why beginner brokerage businesses have enough chances for success. What are those trends and which pitfalls do brokerage startups face?
Licensing
Unlicensed brokers are understood as suspicious ones – traders never trust their funds to such companies. A license is a must-have for a newcomer brokerage company.
Compatibility with mobile devices
Just a website is not enough anymore – the amount of on-the-go traders is growing rapidly and they expect to get a fully functional app that is compatible with both Android and iOS systems.
Wide range of assets
Traders need to access as many instruments as possible. The market-leading platforms add Forex currency pairs, securities, commodities, metals, cryptocurrencies, indexes, etc.
Brand-new features
Innovations are always hailed by traders bored with the same functionality. Brokerage businesses that add some new features get a competitive advantage. For instance, binary options grab the attention of more and more traders.
High-end customer support
Some brokers including top-rated companies forget about this aspect; meanwhile, up-to-date traders expect to meet the highest level of customer support ready to find instant answers to all the questions. Insufficient customer support is frequently the main reason for reviews with 1-2 stars.
According to statistics, 7 out of 10 brokerage businesses give up after the first year of operation. What are the main pitfalls and how to avoid the most widespread mistakes?
Such a mistake imposes a lot of “sub-mistakes” – i.e. applying to amateur website developers, copying marketing strategies of big industry-leading brokers, choosing the wrong jurisdiction, etc.
Before running a brokerage startup, one needs to dive deeper into the market peculiarities and understand its target audience and what its brand is about.
The deep market analysis usually takes time; meanwhile, FintechFuel experts have already explored the sector along and across. Turnkey brokerage solutions provided by FintechFuel take into account all the aspects concerning your brand differentiation.
Most brokerage businesses enter the market with a tight budget and they want to make everything right. Running a company from scratch beginners blow their budget on preparatory stages and get nothing for a comprehensive marketing strategy.
When talking about tight budgets, the White Label model is the best way to enter the market. Newcomers get a chance to save enough funds for a brand promotion.
The WL model powered by FintechFuel makes it possible to start your own brokerage startup in 2 weeks.
Newcomers entering the market frequently have a limited understanding of what the brokerage infrastructure includes. A high-end platform that provides traders with multiple trading instruments, an easy-to-use interface, and a set of indicators for technical analysis is just the tip of the iceberg. CRMs, back-office solutions, payment gateways, and KYC services may sound like something less important; meanwhile, those components affect brokerage functionality as well.
When running a brokerage business, the best way is to find a trustworthy company that provides clients with a turnkey brokerage solution.
FintechFuel unlocks the ready-to-go brokerage infrastructure. Newcomers get a trading platform, liquidity, KYC and AML solutions, sales modules, and other components that build the top-class infrastructure to attract crowds of traders.
What is the best way to enter the market in 2024? The answer is partnering with a team of experts who know the brokerage sector in and out.
FintechFuel is a provider of top-class turnkey solutions that give newcomers a head start in the market competition. A FintechFuel-powered platform is compatible with all devices and corresponds to KYC and AML policy requirements.
Within 2023 FintechFuel launched 23 brokerage platforms. The list of partners contains such industry-leading names as Mango Trade, Capital Bear, Dayprofit, etc.
Businesses get ready-made platforms together with other components that function as one mechanism. FintechFuel proves that running a brokerage business can be quick (within 2 weeks) and effortless when you delegate core tasks to experts with many years of experience.
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