With a recent proliferation of trading platforms, and a consequential necessity to both secure our existing customers and attract new ones, the tools that we can offer are crucial. I want to highlight here the tools that I have found most useful in this regard.
Regulation
The most essential element of any business is ensuring that its customers are secure, and that their personal details and financial information remain confidential.
The regulatory framework should ensure that online platforms provide clear information
In this regard, it’s worth bearing in mind the comments made by Alex Chisholm, CMA Chief Executive, in October 2015, when he delivered the following remarks: “The regulatory framework should ensure that online platforms provide clear information on how they operate, and what their responsibilities are, so consumers can make informed choices.”
We find that by displaying the regulation information prominently on the homepage, customers are immediately put at ease.
Cashback Scheme
Whilst many, if not all trading platforms, offer an opening bonus to entice customers, this is not a reward system that is likely to maintain customer loyalty.
I have found that traders are far less likely to be interested in a one-off bonus than a constant cashback scheme, simply because the cashback allows traders to earn money by trading, which is the exact reason they had for joining the Trading Platform in the first place.
At UFX, we have developed the cashback scheme so as to ensure that customers are rewarded for every trade that they carry out. Feedback has been extremely positive, and whilst we do offer bonuses, a move away from the bonus culture has been well-received.
Simple Trading
From experience, I can say with certainty that a trader dislikes nothing more than the inability to place a trade because the platform has created too many obstacles. It is essential that trading is simple to effect, with all the guidance and charts available providing assistance, rather than hindrance.
The maxim that I try to bear in mind is whether the trader is able to place a trade from any page on which they find themselves, whether that be a graph or trend.
Here you can see how the UFX site enables a person to click on a trend that catches their attention, and immediately make a trade without having to return to the main trading screen.
Access to Information
Customers like nothing less than having to access numerous sites to locate the information that they require to place a trade. A broker needs to ensure that a customer has access to every bit of information that he/she requires, and the less a trader relies on other forums, the more likely they are to return to the trading site time and time again.
A daily blog with a market update, graphs that can be altered to show the desired timespan, or simple trading trends all provide the information that all of our customers require.
Bottom Line
The tools that a company offers should be designed with the customer in mind. They need to be simple to use, informative, and most importantly, designed to inspire customer loyalty.
Thomas G. Williams is VP Customer Relations at UFX.com. Contact him at Thomas@ufx.com. You can learn more about UFX's trading platforms and partnerships here.
