Partnership can be a wonderful thing.
Whether it be partnering with another business or a client, a successful partnership can deliver mutually beneficial outcomes in a fraction of the time compared to going it alone. Forming a strategic partnership at the right time can be the difference between success and failure.
In the FX/CFD industry, partnerships are responsible for a large and ever-growing share of companies’ trading volume. Affiliates and introducing brokers generate a significant amount of new business each year for all brokers in the space, but partnerships don’t stop at the business-to-consumer (B2C) level.
Partnerships can also be a tremendous reputation-booster and revenue-driver in business-to-business (B2B) relationships. A good example of B2B partnerships delivering value for both brokers and traders is the existing cavalcade of deals between brokers and third-party tech-focused companies providing supplemental services for traders, such as charting and automated market analysis.
Just recently, one of the FX industry’s growing powerhouses, BDSwiss, and technology company Autochartist extended their partnership dating back to 2018. The two companies have utilised both their respective development teams to offer BDSwiss traders access to Autochartist’s latest tech innovation: Trends Analysis.
According to Christos Alatzidis, Chief Information & Technology Officer of the BDSwiss Group, the exclusive new feature is available only to BDSwiss WebTrader users, delivering a comprehensive automated market analysis solution for the firm’s clients.
BDSwiss traders can access a real-time stream of trade recommendations, with premium users able to access more than 500 varying trends, overlaid onto live charts with the ability to automate trade entry — but up to a point. Although the software automates analysis and can suggest market orders, users must manually confirm their orders before execution.
Moreover, as a sign of our globalised and multicultural times, the multi-platform tech innovation is available to a global audience in more than 20 supported languages.
“We included the feature to position Trends Analysis as an analytics-focused provider of trading recommendations that is distinct from algorithmic, robo or copy trading. The software detects evolving market sentiment and can place market trades via a self-adjusting order, but the client must confirm to execute. Furthermore, the software accounts for preset market parameters and can automatically adjust risk management settings at the trader’s discretion.
“Trends Analysis integrates computer algorithms provided by Autochartist with our proprietary web-based trading platform. The result is a composite product that can track price action in real-time, seek out developing patterns, generate potential trading recommendations, and finally, assist the trader in placing a trade by setting stop-loss and take-profit orders,” said Mr Alatzidis.
“One of our primary goals as a trading services provider is to serve as a conduit for our clients by giving them access to effective tech innovations and supporting our fintech development with appropriate trading education to ensure our innovative tools are put to good use,” Mr Alatzidis added.
Partnering in development
Innovative new products that deliver value for the client can either be done in-house or by a third party. For BDSwiss, partnering with the likes of Autochartist means the company can offer its clients trader-assistance tools that are continually evolving.
Autochartist partners with dozens of other firms in financial hotspots such as the City of London and Cyprus, ranging from the very small to the very large such as IG, Saxo Bank and TD Ameritrade.
As an interesting side-note, the small island nation of Cyprus is now home to more than 200 regulated investment firms. A competitive market is spurring tech innovation and raising the bar when it comes to gauging service quality for retail clients. Professional trading services are filtering down to the consumer level with the likes of BDSwiss stepping in to bridge the divide, both in terms of market access, but also, providing trader support in the form of astute market analysis.
According to Ilan Azbel, CEO of Autochartist, firms that take a more active role in partnering with the fintech innovator are best-placed to attract more novice traders looking to try trading for the first time, but who may be unfamiliar with how professional traders use charting in their work.
Mr Azbel explained that the new Trends Analysis tool was in development for several months and would only be made available to end-users via existing broker relationships the company maintains.
Concerning their latest Trends Analysis launch, BDSwiss’ WebTrader is one of the first trading platforms in the retail trading space to offer Autochartist’s one-stop-shop solution including chart analysis, assisted trade execution and risk management.
“Our development team is constantly adding features to our suite of products available on MetaTrader, web-based and mobile platforms. We have established a strong presence in the FX/CFD industry over the past decade, but to maintain our industry position and reputation, we must continue to innovate and deliver ground-breaking trading tools for retail traders,” said Mr Azbel.
“By partnering only with well-established firms like BDSwiss, we think our innovations can reach the right audience at the right time,” he added.
Mr Azbel also revealed that the tool’s trade recommendation success rate reached as high as 71% when tested on currencies, indices and cryptocurrency price action, as part of a 6-month stint of pre-launch market testing.
“The new Trends Analysis tool brings together several aspects that are important to all traders. By harnessing artificial intelligence, sophisticated data analytics, market analysis and order execution in a single web-based platform, we think we’ve developed something unique.”
“I would like to say a big thanks to all the developers and technical teams at both Autochartist and BDSwiss, for all their dedication and hard work to get this innovation onto our traders’ screens,” said Mr Alatzidis.
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