When it comes to online trading, it can be quite unsettling to trust your hard-earned money to a software solutions. As such, trading firms need to be very careful when choosing their software solutions. It is important to look for a tool that can be easily customized according to the needs of your firm, without compromising the accuracy and the accessibility of the information. So, if you are the owner of a trading firm, here’s what you need to focus on when choosing between different trading software companies:
1. Choose a company that offers a wide range of services
If you are an online broker, a robo advisor or a small trading firm, you might be tempted to choose a cheaper software that fits your current business needs. However, as your business grows, so will your data needs, and it is important to work with a company that can adapt their services to the growing needs of their customers. So, try to find a white label trading platform that serves online broker dealers, as well as robo advisors and trading firms. They should offer web and mobile trading terminals, middle and back office and OMS. Moreover, look for trading software solutions that are easily integrated with third party apps.
2. Trading algorithms
When comparing the trading algorithms of different software solutions, there are a few key aspects that you should consider. First of all, they should have real time market data feed, as well as company data feed that accounts for EPS and PE ratios and other company fundamentals. It should also be able to connect to various markets. This means that it should be able to accept feeds in different formats, or be compatible with third party data vendors. Last but not least, latency should be your biggest concern. While data movement will never be instant, look for a solution that has the smallest delay, as a fraction of a second can make or break a trading venture.
3. User experience
A good trading software solution should be highly customizable in order to let you create the best user experience (UX). A quality white label web trading platform allows the flexibility and personalization of the trading dashboard to meet the needs of every user. The current state of web software development and HTML5 technology opens up enormous possibilities for customization. Versatile Widget Designer allows you to create your own widgets or integrate other trading web apps with no programming skills required. Last but not least, the platform is cross-browser and cross-device. which means it works from any device – from desktops to tablets, smartphones and even smart watches.