Australian online trading firm ThinkForex has maintained a relatively low profile over recent months, however this week the firm has released its revamped corporate website, which includes a series of new services for traders, including an audio service for FX traders.
The new service is launched in partnership with RanSquawk, a London-based service which delivers real time market information via several media, including audio stream and text. With the addition of this service, ThinkForex traders will be able to get audio updates on the FXÂ markets delivered in real-time in order to further engage clients, and provide market information in a method understandable to retail traders.
In May this year, LeapRate explained that spoken word, video and interactive methodology represents the future for many online businesses, with the technology-focused FX industry being no exception.
The audio service aims to provide traders with various information, including live market commentary, economic reports, announcements of news in a countdown format before the release of imminent market reports.
Additionally the audio service incorporates technical analysis, a functionality which is hard to imagine as being implemented via auditory means. Apart from this mysterious feature of the radio, we should probably accept that it is a good means of conveying information to traders, whose eyes are preoccupied by staring at charts, data, and quotes.
The new service is in contrast with the approach adopted by other Forex brokers, like Dukascopy, FxPro, and Saxo Bank which have all launched successful financial TV channels which provide continual market information to clients as well as host interviews with most influential industry participants. With YouTube being among the most used resources online, many FX firms are taking to using it as a means of conveying information, with ThinkForex being no exception, offering information to retail clients via its YouTube channel.
ThinkForex will offer the RanSquawk service to its clients free of charge when it goes live, which is anticipated to be in the near future.
As previously mentioned, the announcement for the pending launch of RanSquawk’s audio serivce is an instrumental feature within the update of ThinkForex’s website. The accent on the market news aspect is clear, as well as the need for firms to retain their existing customers in an environment in which acquisition costs are very high.
As far as the new website is concerned, it has adopted a modern format, and provides clear information relating to the functionality of systems which increase lifetime value of traders, including the firm’s mobile offering, however the firm has removed some of its now obsolete services. An example is Bullion Trader, the platform for trading precious metals, whose launch was announced by ThinkForex in November 2013. Despite its existance of less than a year, it is no longer featured.