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Screenshot of a breaking news alert e-mail from Q2 2017
Increased functionality is abound at Japanese FX giant GMO Click Securities, as the firm has simplified the account opening process for its retail client base.
The new procedure, which can be accessed via the broker’s mobile portal is called “Easy Account Opening”. It enables traders to set up new accounts by filling a simple form: providing their names, nationality among other essential information which is required to establish an account.
In Japan, contacting prospective clients by telephone in order to conduct conversions is illegal, and all of the veritable FX industry giants in Japan rely on internet media marketing campaigns, introducing brokers and affiliates for acquisition of clients. Add this to the extended period of low trading activity this year of which Japanese firms have also felt the pinch as well as burgeoning competition, and it is clear that ease of registration is a critical factor in ensuring clients choose one firm over another.
The entire procedure should not take longer than 1 to 2 minutes, according to estimates by the GMO team. The company already provides traders with an option for “Easy Account Opening” through their personal computers, but this takes between 5 and 10 minutes, a time interval the broker seeks to reduce.
The step is pretty wise, given the passion of Japanese traders for high tech and for mobile devices, in particular. Then, of course, GMO Click’s move fits well with the efforts of other Forex brokers across the globe to simplify the procedure for live account opening for traders.
On a similar basis, Canadian firm OANDA introduced introduced its Seconds-to-Trade registration in March 2014 for its Canadian clients, in which the procedure allowed traders to register with the broker and start live trading on fxTrade after two minutes instead of the usual 15 days.
In Europe, brokers have also sought to provide some relief to traders regarding the opening of accounts. For example, Dukascopy Europe made a step in that direction in the fall of 2013 by offering clients to set up accounts via scans.
A poignant consideration for FX firms when providing such services is that the convenience of the traders should be balanced with regulatory demands. In a number of circumstances, regulators demand detailed information from brokers about their clients so companies demand extra documents from traders and the procedure becomes complicated and prolonged. There is a “catch” in GMO’s offering in that it requires detailed information, meaning that the broker may request additional data from traders once they sign in to trade on a given platform for the first time.
You can read the official press release on GMO’s mobile application here