An announcement from FXCM Group has revealed that FXCM Plus, its free online trading portal for FXCM clients, has received a new update. The website itself allows for clients to leverage a variety of tools in order to help gleam greater amounts of information regarding their positions and the market at large.
Updating Its Clients-Only Platform
It should be noted, however, that only account holders at FXCM are allowed to gain access to the list of tools. As it stands now, one of the main upgrades to FXCM Plus was done to its Trading Analytics 4 suite. Daily percentage returns, account statistics, and updated text for analyses have all been incorporated with this new update.
Further features that FXCM Plus provides FXCM clients include trading analyzers, trading signals, as well as the Trading Analytics suite mentioned before.
Saturated Markets Lead To Fierce Competition
As it stands now, brokers all across the globe are actively battling to stand out from one another, with additional features being offered by firms to their respective clients in order to boost conversion and retention rates. When a client is choosing a new brokerage, providing them with enough tools for the job stand as a good enough reason for them to join up with one brokerage, in particular.
A key move from FXCM was selling its free educational platform, DailyFX, to IG Group. A special deal was signed in the process, allowing FXCM to gain access to the US markets. However, after the broker exited the US markets wholesale, there is no effective usage of the portal thanks to said deal.
Thinking Of The Long Term
The issue comes that companies need educational efforts in order to ensure the long-term success of not only their business, but their clients, as well. With an increase in regulatory scrutiny sweeping across the industry throughout these past few months, it’s become quite clear that retail FX brokers need to prioritize the interests of their clients more than they are right now.
With a sudden boom of regulated brokers doing malpractices, or unregulated brokers just pouring out of the woodwork, a number of reviews and updates have been done with the brokerage industry’s best practices.
The requirements for retail brokers had seen an update regarding regulation from the European Securities markets Authority, or ESMA. Furthermore, ESMA has continued to urge the EU’s various national regulators to start cracking down on the malpractices of licensed brokers.