Toronto is a hotbed of forex innovation, and one such firm that has sprouted from that innovation center is Kooltra. Kooltra is a cloud platform that allows for the automating of foreign exchange trades and it has recently rolled out its new, proprietary system called FXCore. This platform addresses some long-standing issues that forex brokerages have had with hosted SaaS environments.
No installation needed
The platform makes provisions for cloud-based data storage among a number of other infrastructure facilities that do not require any installation at all. Since it is a back office technology, it can be easily integrated with multiple trading platforms or liquidity providers giving forex brokers an unprecedented option to scale their businesses. This scale does not mean that managing risk would be more difficult, quite the contrary. It makes managing risk even easier and more robust than ever before. It will also help firms increase their scope of business while reducing operating costs on the whole and reacting quickly to the needs of their client base.
Tools have been added to the back office platform to allow brokers an easier and more succinct data view. Brokerage clients are now able to view, at a glance, their marketing campaigns along with any relevant affiliate information. A global view shows total revenue, leads generated, conversion rates, deposits, and profit for all available campaigns. All this is just an easy glance for whoever uses the platform.
Kooltra signs up major client in the UK
The UK is the center for forex trade, with almost 40% of global foreign exchange happening in the capital of the powerful island nation. While there have been numerous clients signed up to the new FXCore platform, the most high profile has definitely been ATFX, which is an FCA regulated foreign exchange broker. The CEO of ATFX sad that the reason the company chose Koolstra is due to being able to dive head first into the institutional market with minimal fuss on their side.
The CEO further went on to state that the company had “been very impressed with Kooltra’s team and product; we’re actually ahead of schedule with a solution tailored to our business,” which is high praise for a new product offering such as FXCore.
Kooltra now has customers in the UK, Australia, and Canada and is looking to explore more opportunities in markets outside of the English speaking area. They believe that they have a solution that will blow the competition out of the water due to the nature of product innovation in the sphere of foreign exchange.
Adam Katz, the CEO of Kooltra, says that front-end development has been the primary focus of the industry because that is what the end users see and that is what brings most people on board. However, now that clients are stabilizing, the companies that provide services need to make sure that they are ready for any swings and roundabouts in the market and to lower costs to maintain a greater competitive advantage.