Proprietary web-based brokerage trading platforms have sprouted throughout the world in recent years all thanks to advancements in technology. Today, developing your own custom trading software should not be a difficult task. There are several companies that offer you the opportunity to create your own custom trading software and facilitate financial trades without much effort. Nevertheless, while finding them is effortless, not all offers you come across can be relied upon to deliver the exact platform you are looking to create. It is therefore important to carefully review each group of techs that claim to offer these services and compare their claims against their work.
What it involves
The use of trading software is the new trend online brokers use to facilitate the buying and selling of stocks and orders. Brokers are the licensed entities that are allowed to buy orders for currency or financial securities. Having a trading platform makes it easy for investors, buyers and sellers to find out information and make orders straightaway without any further hassles.
However, brokers usually have unique frameworks and characteristics even though the legal process is similar. In order to include these attributes and competitive advantages, brokers need their unique platform that communicates and presents these products to potential buyers/sellers and investors. Trading software basically refers to computer programs and applications that are used to facilitate the trading of currencies, stocks and other financial products. With a vibrant experience IT team, building custom trading software should not be an overwhelming process. If you have none, there are companies offering platforms to help you develop your own unique software.
When looking for custom trading software, make sure the platform supports several popular security types and their inherent execution strategies. It should also bring together several vendors and offer downstream systems. Essentially, these platforms combine FIX engines, enterprise management systems, algorithm engines, analytics, pre-trade statistics, market data and reports as well as position allocation systems all together in a single harmonized trading software program.
Before hiring any company or choosing a given platform, it is important to lay down the details of what you want to achieve and how seamless the trading process should be. Once you have identified the features needed, you can proceed to review existing offers that can help you realize these goals. This involves examining their market reputation from previous and/or current clients, expert reviews and experiences of other stakeholders. It is also necessary to examine the security features in place to ensure your platform is never compromised, including a backup plan in the case of an attack. Other things to consider include experience, flexibility, room for future upgrades, integration with other trading applications and products, maintenance responsibility, support and cost plan.