The “bread and butter” revenue of many Forex brokers comes from high trade volumes and long term retention of successful traders. There’s a clear interest, for you as a broker, to empower and retain traders however you can. We recently highlighted ideas for helping new traders, so here we’ll break down how brokers can tailor offerings and incentives to help and retain more experienced traders.
You may define “experienced” trader by whatever metric makes most sense for your business; given the rapid turnaround rate of traders, this article will define “experienced” traders as those who have spent multiple years trading profitably.
One notable area of overlap between a new trader and experienced trader audience is advertising channels (check the where to say it of our new FX trader blog). Since online ads about forex may be strictly regulated in your operating location, you should carefully assess advertising options and budget first, keeping in mind that experienced traders looking for a broker will likely rely on their professional network or FX forums over a Google search.
Key Priorities for Attracting and Retaining Experienced Forex Traders
1. PRODUCT OFFERINGS & FEES
Experienced traders will expect competitive options in the usual places like low deposit requirements, spreads, interest rates on capital, etc. Where you can distinguish yourself from competitors is with creative incentivizing.
Once you’ve done your market research and created your ideal “experienced trader” persona, develop (and if possible, advertise) a graduated system whereby that trader accesses exclusive discounts, spreads, or even special MAM and PAMM programs, based on the trade activity you want to encourage. Some brokers use fees policies to discourage inactive trading accounts or provide bonuses and build high ticket value trading competitions to encourage more activity in a given period.
2. MENTORSHIP OPPORTUNITIES
A quick Google search of “forex blogs” or “forex advice” will show you there is a lot of online content available on how to trade and strategize forex for a profit. While some of this content is unfortunately filled with dishonest intent, traders who have stuck with forex long enough to see consistent returns are often passionate and honest about helping others learn from their experience and enjoy sharing advice via blogs or forum threads.
Creating opportunities for honest and open mentorship within your brokerage is an effective way to recognize and reward experienced, savvy traders. Your firm could choose to go the content marketing route of gathering, branding and publishing your experienced traders’ advice. If they’re interested, you may even try pairing experienced traders with those who are either inexperienced or having trouble turning a profit.
3. TOP-NOTCH CUSTOMER EXPERIENCE
Experienced traders are not likely to stick with a broker whose technology and customer relations are clunky or unreliable. Traders’ online experience with your brokerage is a critical piece no matter how experienced they are, but those with experience will feel more comfortable assessing and finding a new broker if they’re frustrated trading with you. As much as possible, integrate your forex client portal system with popular trading platforms, payment service providers and use a Forex CRM that helps your team provide better client experiences.
Experienced forex traders can be all-star clients for your brokerage, providing not just a steady source of business but also mentorship to new traders and marketable advice content. Brokerages that want to attract and retain experienced traders must first define a persona for their ideal “experienced trader”, then craft incentives like graduated discount programs or mentorship opportunities around that trader’s interests.
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