Founded in 2013, TradeCore is a UK-based b2b fintech company that operates in the financial services industry. Since its founding, the company has established itself as a trusted partner for FX and CFD brokers, thanks to it’s unique products and services.
A key offering in TradeCore’s suite of products is BrokerIQ (BIQ), a pioneering Customer Relationship Managemt (CRM) solution for the traditional brokerage industry. BIQ delivers a unified solution by integrating multiple trading platforms and facilitating real-time synchronization of trade data. The system also encompass other essential components such as integrations to market leading KYC and payment providers, ensuring both efficiency and compliance in running a brokerage.
How BIQ helps brokers
BrokerIQ is designed to host the complete front and back office operations of a forex brokerage. The product offers:
- Mobile friendly white-label client portals
- Integrations with leading trading platforms such as DXtrade, cTrader, MT4/MT5
- Pre-built or custom KYC and AML workflows supported by marketing leading providers
- A versatile payment module supporting over 300 payment options for end clients
- A unique Introducing Broker module
By unifying back and middle office functions within a single product, your most critical departments are enabled to work within one CRM. The unified approach allows brokers to effectively manage a wide array of daily operations, from client onboarding to customer support and retention resulting in a very efficient operation.
For example: when a client encounters an issue during the onboarding process they’ll turn to customer support for immediate assistance. However, if the issue turns out to be, say, compliance related, the compliance and customer support employees can quickly resolve the issue as they have access to the same client data e.g. KYC and AML checks. We’ve observed how this streamlined approach accelerates issue resolution by eliminating the need for time consuming cross-department communication and reducing the potential for errors along the way.
An increasing number of brokerages are exploring the possibilities of providing cross-platform trading to their clients. However, they often face challenges such as having to have deeply technical staff in order to manage multiple trading platforms or payment providers in a single system. TradeCore addresses these challenges with BrokerIQ by supporting multiple trading platforms and over 60 PSPs offering over 300 unique payment methods. The complexities of real time trade data imports, and management of PSPs by geography, client type and other sophisticated parameters are solved by BrokerIQ who makes it possible for brokers to easily and quickly diversify their products.
Real case scenario in critical times when MetaTrader is out of service
Consider the recent situation with MetaQuotes as an example. When Apple removed MT4 and MT5 from the App Store, it sent shockwaves throughout the industry, leaving hundreds of brokers questioning how to onboard new clients and continue serving existing ones.
This is precisely where TradeCore’s expertise came into play. With existing integrations to industry-leading alternatives like DXtrade, TradeCore was well-positioned to facilitate a seamless broker transition. Since BrokerIQ contains all client data, it can automatically create new trading accounts on an alternative platform, either on a case-by-case basis when specific criteria are met or based on a broker-selected flow.
Client migration typically takes anywhere from a few hours to a couple of days. Consequently, within just two days, a broker can be prepared to offer their clients a new trading platform, complete with fully backed-up operational data.
How it works?
Prior to the migration, we obtain all necessary supporting data, such as client information and their current balances. The migration process primarily involves:
- Closing open positions on the old platform
- Creating new trading accounts on the new platform
- Transferring funds to the new platform
Brokers must ensure that all positions are closed before proceeding. The duration of the migration depends on the broker’s preferred approach. Trading accounts on the new platform are created instantaneously, and funds transfers typically take just one day. Subsequently, we collaborate with the broker to facilitate a smooth, large-scale client migration.
Our role includes creating trading accounts for clients on alternative platforms, such as DXtrade. The broker’s responsibility is to communicate the migration process to clients, prompting them to pause trading. Once a client ceases trading, they can easily transfer their funds internally and begin using the new platform. Brokers may also opt to display a message encouraging clients to migrate immediately, or the process will occur automatically when a predetermined deadline is reached.
All this depends on the business flow of a broker—we’re ready to accommodate.
Current stats
Since its launch in 2013, BrokerIQ has helped brokers onboard millions of clients and processed billions of dollars in payments. We work with major companies such as AvaTrade, ICM.com, Finsa, TradeNation, One Trading Markets, FlexInvest, and many more.