Objective Review of TraderSoft Trading Technology
TraderSoft is a provider of online trading technology, catering to the financial industry in a number of different capacities. It provides traders and brokers with a whole host of technological solutions and tools to allow for the operation of a premium brokerage or you can use it to build upon your existing offering. TraderSoft Trading Technologies provides trading platform(s), MT4 plugin solution, CRM, BI reporting system, an affiliate program and custom website development, a veritable all in one solution. But could TraderSoft be a viable performance led solution for a brokerage or is it just another business trying to tick all the boxes?
Read our review and find out!
Trading Platforms
TraderSoft offers two web platforms and a mobile platform. The reason why they have two web platforms is because there is an old and a new web terminal, or the way TraderSoft calls them – “classic” and “modern”.
Both pieces of software are quite flexible, but the new one is much more intuitive. You can have access to both at the same time and will be able to use whichever you prefer. So while it is a matter of personal preference, we find the modern platform more user-friendly and faster than the classic.
TraderSoft mobile solutions are also available, so clients can trade on-the-go. An interesting add-on, yet rather standard for a technology company in this industry are TraderSoft’s in-house MT4 plugins, which aim to nurture and enhance the entire trading experience of the end user, as well as to provide the brokerage with more control over its operations. There is a whole range of MT4 plugins which are available on demand. They are integrated cross-platform, so end users will be able to benefit from their features both on web and mobile.
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The integrated Reporting tools look to be quite comprehensive, which once again demonstrates a rather computational thinking. The company claims they are regularly updating these platforms and says no major interruptions would happen after an update is performed.
Social Trading is another feature TraderSoft has integrated into their platform. It gives traders the opportunity to automatically copy the orders executed by other potentially more experienced individuals.
TraderSoft CRM
TraderSoft offers a complete and fully integrated back-office solution which they claim can allow you to retain a smaller workforce. TraderSoft’s biggest promise is that they fully customize their CRM for the brokerage during the integration phase. This comes with the general concept of analyzing different bits of data, so it can satisfy various business needs and therefore decrease the work load for entire departments. Quite frankly, this sounds a bit of a cliche, as this description should be deeply rooted in the creation process of any Customer Relationship Management system.
The TraderSoft CRM allows for the integrated telephone solution, VOIP, SMS and Live chats, different sorts of training webinars for the agents, comprehensive mass email system, reminders, notifications, and more. They seem to have spent a lot of time thinking about “what else” a brokerage might need. They seem to have thought of everything, even built-in integration with TeamViewer.
Such attention to detail is worthy of admiration, although the question is, does having all this functionality built-in does hurt the overall performance? So a place to check for that is the Reports section, which behaves really well. What immediately strikes as a bizarre UX solution on TraderSoft’s end though was to make a super-long menu, instead of solving these needs through simple filtering.
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Crypto Offering
TraderSoft made a serious effort to work with the uprising trend of cryptocurrencies, by allowing for traders to not only trade cryptocurrency instruments, which is perceived as rather standard these days, but also giving them the opportunity to deposit bitcoins directly to their wallets on the platform. Such crypto deposits happen over a rather unfavourable BTC/USD exchange rate, but as we know for a fact, that is not uncommon in the crypto exchange markets.
Although TraderSoft is presenting their crypto offering as a stand alone Crypto Platform, we find that it serves more as a sales technique.
TraderSoft Customer Support
TraderSoft offers you support via web, email, Skype and phone. While the web contact form has some issues from time to time, you can still go through the live chat and get the info you need. Once you become a TraderSoft partner, you will have a dedicated account manager who will respond to your queries (typically over Skype) in a rather quick manner. Depending on the nature of the client queries, this person’s main role will be to get answers from different stakeholders inside the company. In addition to the account manager, technical support is available 24/7 and affiliate support is there 24/6.
The company claims it provides constant monitoring of the core aspects of their clients’ business in areas such as billing, customer service and intelligent technology. However, it is not quite clear what that exactly means and what criteria this monitoring is based upon.
Voices From the Industry
Whenever we are conducting a review of a given provider of turnkey products and solutions, we like to gauge from industry experts what the given offering is truly like in practice. As our panel of experts are using these W/L services and their respective platforms to offer trading day in and day out, they quickly learn what is good about the offering and what can be improved upon.
Most experts say that the suite of trading platforms at TraderSoft are rather easy to use and have plenty of customizability options. They are suitable for beginners, there are also enough tools and research capabilities to keep more experienced traders interested. TraderSoft excels at customer service too, but some functionalities within their systems are rather over-complicated from design and business perspective.
Conclusion
TraderSoft has pretty much everything needed for a brokerage firm that is just starting out – innovative trading platform, mobile solutions, MT4 plugins, CRM and BI reporting system plus affiliate program management solution. They can even create a custom website for their future clients. While some of their products look a bit messy, overall they are doing a good job, especially on the customer service end. Their focus on putting technology on top sometimes outweighs the pure simple business logic, which is not always a good idea even in the fintech industry.
FTT Score
Based on the review above, on the scale from 1 to 10, our FinTechTycoon expert score is
7.
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