One of North America’s largest retail FX firms, Interactive Brokers, is currently testing a new service called Traders’ Marketplace, a platform set to connect all sorts of participants in the Forex business. The platform, which is still in its beta version, promises to allow various service providers and their clients to communicate and do business.
At first glance the new service may appear to have similar characteristics to those of [email protected], the meeting point of traders and providers of software tools, programs, education and research services. It is evident that [email protected] is a type of appstore for Interactive Brokers’ clients. Although this well-established service is doing well, it faces stiff competition from the growing number of similar appstores launched by other FX brokers lately.
The most recent examples come from OANDA and its OANDA Marketplace, as well as TradeStation and its TradingApp Store, with both services released in February this year. In addition, software providers and platform developers which include Tradable, Leverate, and X Open Hub also offer sophisticated marketplaces for apps that traders can use.
In the case of Interactive Brokers, Traders’ Marketplace makes a step ahead of its predecessor [email protected] and certain rivals. The new service aims to outpace them and be bigger, not because the number of apps will be higher, but because it will cover a wider range of market participants.
The new platform intends to attract many industry participants including retail traders, investors; professional advisors, brokers, hedge fund managers and service providers, programming experts, software tool providers, investment advisors, educators, administrators, money managers and brokers.
Those who wish to open an account for the new service can do so now, with the platform yet to be made available to brokers and investment advisers. Meanwhile, Interactive Brokers continues to buck the trend seen at most US Forex brokers in the first half of this year, which has brought many firms low volumes and declining revenues. The trading activity at the company is booming and the broker posted a rise in trading volumes and customer accounts in July 2014.