On Monday, the Forex technology provider, Spotware Systems announced the release of Broker OAuth, a new solution it says will revolutionize the mobile trading experience of users.
The solution makes it possible for traders to “authenticate using their broker’s Client Area credentials and perform all actions such as know-your-customer checks and deposits without leaving the trading platform.”
Traders can now use one set of credentials for their trading activities, Tarek Abdullah, the Business Development Manager at Spotware Systems, pointed out in a statement.
Aris Christoforou, the Head of Marketing at SpotwareSystems, told Finance Magnates that Broker OAuth was developed in response to brokers' demand for an easier onboarding process for traders.
He explained: “The onboarding process is one of the most difficult parts of the trader’s journey and one of the main pains of every broker.
“Traders have to visit a broker’s website, create a set of credentials, select a trading platform, create another set of credentials and constantly switch back and forth between the platform and the client area for simple operations like deposits and withdrawals.
“We had a constant demand from brokers to improve this situation and provide a frictionless experience to the traders.
“Now all of this is over. Traders can download the trading platform, choose a single set of credentials and then have everything at their disposal, one click away.”
Furthermore, Broker OAuth will help to improve the time it takes for traders to get ready to start trading, Christoforou said, adding that it will help to reduce the time traders spend outside a broker’s platform doing administrative actions.
“Brokers also benefit from higher user acquisition and faster client onboarding processes, especially on mobile devices, with KYC checks, deposits, and withdrawals taking place within the mobile app,” Christoforou explained to Finance Magnates.
Eyes on White Label Industry
Finance Magnates exclusively reported that Spotware recently introduced a new package deal tailored for turnkey solution providers to disrupt the white label industry.
William Aweida, a Business Development Manager at the company, noted that the deal was designed to meet the rising demand for all-in-one brokerage solutions.
“We have received a lot of interest lately by solution providers, inquiring about options to offer cTrader White Labels alongside their technologies. Therefore, we decided to offer a new package specifically designed for technology providers,” Aweida explained.
In July, Spotware upgraded CTrader, its multi-asset trading platform, to a cross-broker platform, enabling users to trade with multiple brokers from its app alone.
