Exclusive: Devexperts to Focus on Building out DXtrade in 2020

Towards the end of May, Devexperts announced that it was launching a new SaaS (Software-as-a-Service) trading platform, specifically designed for the retail FX and CFD industry.
So far this year, volatility has surged, driven by COVID-19. This, in turn, has brought and interest into the FX market, with many brokers reporting record trading volumes, particularly in March.

The launch of Devexperts’ new trading platform, called DXtrade, comes at a time of peak demand for the industry. To find out more, Finance Magnates caught up with Conor O’Driscoll, VP of OTC Platform at the company.
As , DXtrade is an “off the shelf” trading solution for CFD brokers. The platform is customizable, with brokers being able to determine the layouts and setup of the platform.
“Our initial plan was to launch it at this year’s IFX Expo in May. Unfortunately, this was not possible for obvious reasons, but the timing became even better, as the trading industry is experiencing uplift,” O’Driscoll explained to Finance Magnates.
“Many brokers report rise in trading volumes, traders keep being engaged by high volatility, all these result in higher attention to technology. We felt that the market was ready for a new platform vendor and that brokers are still looking for alternatives to the current vendors in the market, regardless of the current Covid-19 circumstances.”
Devexperts to focus on building DXtrade offering
When asked what Devexperts plans were for 2020, O’Driscoll outlined that the focus for was on building out its DXtrade offering.
“Our main focus towards 2020 is continuing to build on our DXtrade offering, we have a very exciting pipeline of new features and developments that we will be rolling out throughout the year and we look forward to sharing them with the market as they are released,” he said.
COVID-19 enhances the need for trading technology
Although has largely been a boost for brokers, the virus has brought a number of challenges. One of them, as pointed out by O’Driscoll, is that COVID-19 has made it harder to manage infrastructure remotely.
“… the ability for brokers to rely solely on their platform provider for support and maintenance during such difficult times certainly enhances the need for platforms like DXtrade,” he highlighted.
“Having to manage your own infrastructure remotely can be quite a challenge and if anything COVID-19 has made clear that brokers can benefit from using platforms such as DXtrade through a SAAS model.”
As , automation can help brokers be regulatory compliant, keep up with higher levels of trading volumes, and be able to handle larger numbers of clients being onboarded.
When asked whether he thought automation was increasingly important during times such as these, O’Driscoll replied: “I would certainly agree that there are a number of benefits to automation and also the outsourcing of functions within the financial space. Volatility within the market is always cyclical and never constant, this often results in a brokers staff’ either being understaffed/overworked during high periods of volatility and overstaffed/underworked during low periods, which is highly inefficient. 
“Through the use of automation and relying on 3rd party vendors like Devexperts, brokers can better manage their resources, resulting in improved efficiencies throughout their operations.” 
Experience is key
So what exactly is required to develop and launch a new trading platform for the FX and CFD industry? Besides time, money and skill, O’Driscoll pointed out that experience is one of the key ingredients needed.
“…I think what has really allowed us to launch DXtrade is the experience we have built over the past 18 years. Compared to other fintech startups, we had a significant advantage as we have been building custom trading platforms since 2002. 
“As a company, we have had to be creative and to think outside the box when delivering these platforms for brokers and it is these experiences, which have allowed us to build a unique platform like DXtrade that is affordable for the entire CFD market. After having been working on DXtrade for the past 12 months, we can unveil it to the market.”

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