Editor’s Verdict
Overview
Review
Headquarters | United Kingdom |
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Year Established | 2010 |
US Persons Accepted? |
SpotOption and The Magnificent Technology Behind Online Trading
In case you haven’t been paying attention, the Internet has changed the world slightly, perhaps nowhere more obviously than the financial markets. The advent of online trading in the past two decades has been nothing short of mind-blowing. What used to be the sole domain of governments, central banks, and billionaires is now wide open to anyone with a few hundred dollars to fund an account and a decent connection to the world wide web. The problem is where to start trading? The sheer number of brokers, platforms, assets, and markets can cause your plan to fund a retirement through trading to come to a screeching halt courtesy of analysis paralysis.
This article should help you sort things out and get up to speed on the incredible profit potential others like you are already taking advantage of.
The Online Trading Revolution
The bottom line is the Internet ushered in a new era of profiting from the buying and selling of various financial assets. Better still, you can do so from the comfort of your own home or even via a mobile device on the train to work in the morning, from anywhere (almost) on the globe and at any time of the day or night. How is this possible? Thanks to industry leaders like SpotOption, who have a small army of software engineers working daily to push forward what is possible with an online trading platform, anyone could be a successful trader. That’s right. Even you.
Building Better Brokers
Individual trading success is only possible when you have a rock solid broker executing orders on your behalf in the market of your choice. Since its founding in 2010, SpotOption’s mission has been to provide cutting edge tools and support for broker clients. Building better brokers is good for traders and good for the industry, and it all starts with the platform. In the SpotOption case, it’s a plural concept.
Web-Based: Trading in the cloud is dead simple. There’s no software to download or install. If you have an Internet connection, it’s as simple as navigating to your broker’s URL and logging in. Brokers who offer web-based trading are ahead of the game before it even starts.
Download: Having just proclaimed the wisdom and ease of a web-based trading solution, the reality is that some regions (China is one example) suffer from inconsistent Internet signals spotty enough that it could kill your trading strategy and bleed your account dry. The solution is to download and install a trading platform to a local computer. With your account information and trades safely stored in local memory, it doesn’t matter if your online signal drops for a few seconds or longer. The platform will automatically reconnect at the earliest possible opportunity and you’re back in the game.
Use the MT4 Plugin: If this is the first time you’ve heard of it, pay attention. The fourth iteration of the MetaTrader platform (abbreviated MT4) is the most popular trading platform in the world and has been for some time. MT4 aficionados, you’re in luck. SpotOption has built a convenient plugin that allows dead simple integration of your clients’ MT4 accounts into any SpotOption product you offer. In case you were wondering, yes, that is a good thing. Blending two global leaders in one trading package can only increase the profit potential of daily trading.
Land-Based: You might be wondering why in the world traders would gather at a physical location to conduct their business? Think about it like this. We humans are social creatures. We gather at coffee shops, sports bars, libraries and elsewhere to conduct activities we could very easily do in the privacy of our home, choosing instead the presence of others. Opening a physical retail location allows traders to gather for strategy, commiseration, jubilation and - perhaps more importantly - to buy the snacks, drinks, and other items you have thoughtfully provided to make the experience more enjoyable for them and more profitable for you. This face-to-face social interaction is a powerful idea that shouldn’t be overlooked, even in the Social Media Age.
It’s All About the CRM
Customer Relationship Management (CRM) is more than a popular catchphrase concocted by marketers. It’s a critical concept when it comes to the smooth functioning of the kind of global business any SpotOption broker will be engaged in. More importantly, an efficient CRM module is like having a marketing research team at your fingertips. The SpotOption CRM is split into nine dashboards - customers, leads, depositors, management, campaigns, exposure, back office, accounting, and affiliates.
Spot+ is CRM on Steroids: The real truth is that CRM is not easy. It’s never been a set-it-and-forget-it process. Until now, that is. With the latest version of CRM from SpotOption (known as Spot+) the customer relationship side of your business has been made as autonomous as humanly possible. Sure, you might want to flip open the dashboard now and then, just to watch the magic at work, but you needn’t devote long daily hours to that particular kind of toil. Actually, it’s not magic but rather the result of focused work by a topnotch team with the goal of leading the trading technology industry into the near future and beyond. Obviously, the less time spent tending to CRM chores, the more time can be devoted to growing the business.
A White Label Miracle
Maybe it’s not a Christmas miracle, but it’s pretty close. ‘White label’ is a term that has become important in the online trading industry in recent years, especially as global solutions companies like SpotOption have implemented it. The issue is that brokerages have their own logos, graphics, website design, etc. They’ve spent a lot of money developing a certain visual look for their company. It’s worth a lot to them to keep that vision intact.
The problem arises when a platform provider doesn’t provide the capability to use their software with company specific branding applied to it. SpotOption specializes in products that are easy for a client to ‘white label’ to their heart’s content. For all practical purposes, the end-user’s interface looks like it originated with their broker, though all the while it’s the same platform that other brokers have also branded as their own. These days, white label capability in regard to platform is of critical importance to the broker.
Technology for the World’s Traders
From humble origins, SpotOption has grown to include 150 employees working in offices in London, Hong Kong, and the Middle East. With a company philosophy that emphasizes innovation, top software engineers, programmers, and web designers spend their days pushing forward the envelope of what is possible with a modern online trading platform.
A Robust App: For years, it has been SpotOption’s goal to replicate the desktop experience in a mobile app. Most mobile device users are accustomed to apps that have skimped on design, function, and ease of use in the rush to simply get something to market they can call an app. For the active trader who has yearned for a higher app standard, one that looks great and reacts quickly to trade orders, SpotOption has felt your pain.
Complete Solution Packages
A new broker or trader has plenty of platform packages to choose from. While some developers have chosen to specialize in one aspect or another of providing services and/or products to brokers, SpotOption has taken a bolder approach in developing a complete system that includes CRM, payment processing, a state-of-the-art front end with all the bells and whistles, a robust backend to serve as your business partner, and anti-fraud measures that go beyond what others might deem sufficient. But you aren’t required to buy the entire system. If you already have parts in place that serve you well, that’s fine. Pick what you need and leave out what you don’t.
The Bottom Line
As a trader looking for a platform, it comes down to one simple task. How can you deposit funds and start trading as quickly as possible? For that, focus on a finding a broker with a proven track record and few complaints. A good strategy might be to visit trading forums and solicit input from users. Online reviews are probably of dubious value since so many of them take an angle. Once you have a handful of possibilities, go to the broker’s website and play around with a demo account. You probably will eventually find one that works better for you than others. If a broker doesn’t offer a demo account, move on to the next one. There are plenty who do and you really need to get a feel of how the software works before handing over money. Happy trading!
