FXCM just launched its FXCM Labs which is essentially an opportunity for early adopters and enthusiastic followers to beta test new FXCM products. Currently beta testers can test FXCM’s Strategy Trader platform, a web based version of its proprietary Trading Station II platform and the same platform for mobiles (iPhone, Android, Blackberry).
It’s another example of the new, more transparent, approach by brokers such as MB Trading (with MBT World) and Interbank FX with Ideas. This solution is pretty much a win-win for brokers because not only is it a free beta testing but it is also very appealing for dedicated users who will appreciate the opportunity as well as an ostensibly transparent.
FXCM had this to say on the subject:
“The primary goal of FXCM Labs is to enhance product development by leveraging FXCM’s greatest asset—its clients. Who better to determine the value of products and the improvements or modifications they might require than the traders that are going to be depending on them every day? Using client feedback collected from FXCM Labs beta test groups, product developers can implement the changes needed to continue delivering the very best technologies the retail forex trading industry has to offer.
As a leader in online trading, FXCM is constantly developing new products and services to help our traders gain an edge in the forex and CFD markets. Many of our products, such as mobile trading or trading signals, were developed directly from client feedback. FXCM Labs is where FXCM showcases our latest ideas. By joining the FXCM Beta Test Group, you can try our newest products before they are released. By giving your feedback, you will have the opportunity to make a direct impact on the future of FXCM’s products and services.”
Hi Michael,
As you say, it’s a win-win situation for brokers. They get their flaky software tested for free, whilst simultaneously appearing “ostensibly transparent” and responsive to users feature requests.
I’m not so sure it’s win-win for the brokers’ long suffering “dedicated users” however. For more insight into the trials and tribulations of being a dedicated FXCM beta tester you and your readers might like to take a look at my forum post on that very topic:
http://community.trading-gurus.com/threads/22
Cheers,
Jim