Localize your Forex trading platform to attract and engage traders worldwide.
In the ever-expanding world of finance, the foreign exchange market (also known as forex, FX, or currency market) plays a crucial role. With $6.6 trillions of dollars being traded daily on average, it’s the world’s largest and most liquid financial market.
The purpose of forex trading is to buy a currency when its value is low and sell it when it increases. Traders and dealers check the quotes of currencies from different brokers, buying and selling on the internet.
There’s no central marketplace where currency transactions take place. This means, as a forex broker, you have a huge opportunity if you manage to reach multinational clients.
Wondering how you can grow from catering only to English speakers to brokering deals with clients from all over the world? The answer lies in forex localization.
What is forex localization?
In October 2022, the Bank for International Settlements (BIS) published its Triennial Central Bank Survey. One of its key insights is the geographical distribution of over-the-counter (OTC) foreign exchange turnover.
Needless to say, the United States and the United Kingdom head the list. But Asian countries such as Singapore and Japan are making headway. Not to mention Hong Kong or United Arab Emirates, where capital gains aren’t taxed.
Now, the notion of attracting foreign investors may be wishful thinking. Unless you are ready to cater to the needs of traders from different markets in their language.
With forex trading taking place online, you need to make users from other countries feel at home on your website or app. And that’s where localization comes into the picture.
Localization, also referred to as l10n, is the process of tailoring your trading platform or service to each target market. This implies adapting your content, so it’s appropriate for audiences who speak other languages and have other cultural backgrounds.
As such, localization deals with linguistic, cultural and regulatory aspects, ensuring seamless communication and compliance.
What should you do before starting localization?
- Choose a multilingual forex trader’s software
The starting point is offering your trading services in languages other than English. So, you’ll need a platform that supports multiple languages.
- Decide how many languages you need
Less is more. There’s no point in having your website translated into 10 languages. Focus on the audience you’d like to attract, and take into account the regulations you’ll have to abide by in each country.
- Identify traders’ preferences
Language and culture go hand in hand. Traders from certain countries may prefer to have more text and information on a website than others.
Do your research to figure out what forex websites look like in the markets you want to target.
- Engage a language service provider (LSP)
Tempted to use Google Translate or the like? Don’t even go there!
Search engines punish websites that have been badly translated. So, if you want your translated site to stand a chance of showing up in search results, working with an LSP is a must.
What are the pillars underlying forex localization?
- Cultural differences
Financial terminology, trading jargon and regulatory information must be translated accurately. But that’s only the tip of the iceberg.
Localizing has to do with cultural sensitivity. What may be acceptable in one culture may be inappropriate or even rude in another. So, you must be aware of and understand cultural practices that differ from yours.
- Compliance
Forex markets are subject to strict regulatory frameworks. Understandably, as their purpose is to protect traders and ensure market integrity.
Now, different countries have varying regulations governing the forex market. The list is endless:
– Licensing requirements.
– Reporting obligations.
– Anti-money laundering (AML) measures.
– Know your customer (KYC) procedures.
– Data privacy laws.
When localizing a forex platform, you must ensure that it meets all regulatory requirements.
- User experience
Forex platforms and websites are the market entry point for traders. If they don’t understand how transactions work at first glance, they’ll go elsewhere.
It’s about having an eye for detail and ensuring the trader can relate to your content. Your platform users will be grateful (and relieved) if you adapt your:
– User interfaces.
– Navigation structures.
– Payment gateways.
– Currency symbols.
– Date formats.
What are the benefits of forex localization?
Having your website or app localized takes your brokerage to foreign markets, helping you start off on the right foot by:
- Widening your trader base
Localization holds the key to going from local to global. It allows you to tailor your service offerings to the needs of different target markets.
By localizing every aspect of what you do (including your marketing materials, user interfaces and customer service), you’ll engage a diverse clientele.
- Improving your reputation
As it is, clients often wonder how reliable forex trading is. That currency trading involves risks comes as no surprise. That’s the nature of the game.
Hence the importance of being perceived as a strong, reputable broker. Traders conduct thorough online searches before embarking on forex trading on an unknown foreign platform.
You will lay a solid foundation for your brokerage brand by making your website or app available in the local language.
- Increasing client loyalty
Localization efforts are a sign that you’re willing to go the extra mile for your clients. They’ll read between the lines that you understand their language and their cultural conventions.
Your message will come across loud and clear. And there’s nothing like effective communication to promote trust and build rapport. Which is in turn is crucial for attracting and, most importantly, retaining traders.
Still wondering whether investing in localization makes financial sense? Let us run you through all you stand to gain.
In a nutshell, localization can expand your global reach and partner base, while improving your brand perception and trader engagement. It’s no coincidence that it’s one of our most demanded branding services.
Would you like us to design the right localization strategy for your forex brokerage? Click here and let us know how we can help.
