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Forex Trading in the digital age and the utilization of technology for achieving success

Posted:Sep 06, 2023 09:57 Category: AI , Crypto , Europe , Posted by Content Team

The SIGMA CIS & Balkans panel recently convened in Cyprus, where four industry specialists engaged in discussion as panellists on the topic of Forex Trading in the digital age and the utilization of technology for achieving success.

The distinguished panellists included Andreas Livadiotis, Nicholas Shamtanis, Michael Nichols, and Stefano Sordini.

Meet the Panellists

Andreas Livadiotis, is founder, and CEO of XValley Technologies Ltd, a company specializing in providing tailored services for developing trading software within the finance industry. His successes span across the forex, blockchain, banking, and equity markets, setting new standards for innovation.

Nicholas Shamtanis, is the Chief Executive Officer (CEO) of Netrios and RedAcre. Netrios offers a diverse array of technology-driven solutions, including trading platforms, customer relationship management (CRM) systems, payment integration solutions, and customer support services for end traders. Red Acre, another brand under his purview, boasts a team of over 300 experts proficient in various domains essential for supporting clients in the fintech industry.

Stefano Sordini is an award-winning Fintech Specialist and CEO at NetShop ISP. He has in-depth experience in the fintech industry. NetShop IS is one of the most preferred hosting providers among Forex brokers and emerging tech companies in the Fintech sphere. Last year, the company on-boarded more than 45 Forex brokers for the hosting of trading platforms and disaster recovery solutions.

Michael Nichols, is Head of Sales at Match-Trade Technologies, a trading technology supplier based in Cyprus. He embarked on his journey in Forex in 2016. The company operates as an independent trading technology platform, offering bespoke liquidity from a CySEC-regulated provider.

Key Points discussed

Stefano Sordini warmly welcomed the panel and delegates, and spoke about the expertise of the panellists in the forex and technology sectors.
The discussion delved into the advantages of cloud-based solutions in the forex industry compared to traditional hosting, with Sordini focussing on the term ‘cloud’ in the context of Forex, acknowledging its potential complexity for some.

Sordini highlighted that software could be seamlessly integrated into existing infrastructures or platforms when discussing cloud-based solutions. The discussion also touched upon how, 15 years ago, companies dealing with KYC, AML solutions, risk management, affiliate software and CRM faced limited options, either developing these tools from scratch or outsourcing them at substantial costs.

Empowering brokers to focus on money making

The panel explored the transformative impact of cloud technology on the financial services industry, presenting exciting developments from emerging technology companies. In the forex sector, brokers can now focus on core business functions, reducing both time and costs associated with product launches. With an array of products available, brokers can tailor their choices to align with their specific needs and budgets. This shift has empowered brokers to streamline their operations and concentrate on vital aspects within the financial services sector.

Nichols elaborated on current developments, stating, “I can inform you about the current landscape. As we are aware, the majority of trading volumes in the industry are driven by high-frequency trading. What we see now is the enabling of individuals with limited programming skills to utilize existing technology.”
The panel referred to chatbots and GPT-like models as examples, illustrating their integration into trading platforms, allowing users to input instructions such as “When does the price of gold reach this level?” or “When a certain technical indicator crosses a specific threshold, perform this action for me.”

“You no longer need to be an experienced programmer”

The tools available today essentially empower both experienced and non-programmers to provide instructions to the trading platform, generating a Python script that users can easily drag and drop onto their charts, thereby initiating automated trading. The discussion centred around the evolving role of AI in trading platforms and its potential to formulate trading strategies for a broader audience.

During  the panel discussion, Nichols elaborated on the practical applications of AI in trading platforms, explaining how technology is able to generate Python scripts that users can effortlessly integrate into charts, thereby automating trading on their behalf. He added that this is only just one instance of how AI can disrupt existing technology.

Versatile and efficient tools

The panel discussed the versatility of AI, highlighting its potential in customer support services. Integrating AI into responses could potentially overcome the scalability challenge of hiring hundreds of support personnel, providing more efficient and rapid customer support. AI can continuously improve, respond swiftly to inquiries, and even monitor the scripts used by salespeople.

The consensus was that AI’s potential applications in the financial industry are extensive, with the technology poised to play a more prominent role in the coming years. Both Nature by SP NET and Red Acre are actively exploring these possibilities.

Cutting down on costs and focussing on growth

Nichols initiated a discussion on the significance of selecting the right system from both a broker’s and a retail trader’s perspective. He emphasized the importance of innovation when choosing a tech provider, asserting that an innovative and stable tech partner with a customer-centric approach is indispensable for a broker’s growth. Technology often serves as the initial point of contact for clients, significantly influencing the broker’s overall image and competitiveness in the market.

In essence, the panel unanimously agreed that choosing the right tech provider can be a pivotal factor in enabling brokers to stay ahead of the competition.

The prestigious SIGMA CIS & Balkans Summit recently gathered in the vibrant setting of Cyprus. During the forex event, four esteemed industry experts took centre stage as panellists, diving deep into a captivating discussion on the profound transformation of Forex Trading in the digital age and the strategic deployment of cutting-edge technology as the key to the success strategy of stakeholders in the forex space.

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