“Of course, this is not true of all brokers, and those with the necessary budget will often employ companies like Devexperts to build custom trading platforms that they will then manage” said Conor.
However, the relatively high cost of custom development for trading platforms is often prohibitive for smaller brokers, with many instead sacrificing control for cheaper White Label solutions, which prevent any real opportunity for such brokers to differentiate. This raises the important question, if everyone is offering the same platform, with the same spreads and the same products, how do you separate yourself from your competitors?
It also begs the follow-up question: if the online trading space is so competitive, with many brokers resorting to the same tried and tested marketing channels in order to attract new traders, why hasn’t greater platform selection offered brokers more of an opportunity to differentiate themselves? For Conor, this is a clear case of the known versus the new.
For many, the risk of taking a new platform is often deemed higher than the opportunity of reaching a wider contingent of traders. This ignores the evidence we’ve seen from the dominant market players who offer proprietary platforms as opposed to ageing solutions that promise no future development or improvement” – Conor O’Driscoll, VP of OTC Platform at Devexperts