While high calibre trader acquisition is difficult, the pandemic did boost signups and trading volumes. This is largely thanks to global lockdowns and individuals at home searching for new ways to generate an income.
Following a relatively sluggish 2019, the FX industry was thrown into the spotlight with many brokers reporting impressive year-on-year figures.
So how can brokers maintain the momentum? Leading financial services marketing agency Contentworks has compiled 10 hacks to increase trader acquisition in Q4.
Before we get into the trader acquisition hacks, let’s look at the current landscape. Our team has been in regular contact with brokers throughout the pandemic. Here’s what we found:
- Spike in ‘online forex trading’ search term
Firstly, there was a spike in people searching for online forex trading and a market rally spawning a host of day traders.
- The average daily FX trading volumes rocketed
The average daily FX trading volumes rocketed 18% year-on-year in March to a record $2.2 trillion, as panic over the coronavirus sent currency prices moving wildly.
5 of the 50 largest all-time daily spot volumes came in March, with monthly record volumes in euro/dollar, dollar/yen, sterling/dollar and the US dollar against the Swiss franc and CAD.
- During March 2020, PrimeXM reported an average daily volume (ADV) of $48.22 billion, which represented a jump of six percent month-on-month from $45.68 billion reported back in February. The company revealed that 20% of the overall traded volume was on XAU/USD.
- DeGiro reported a 265% increase in new accounts opened in the first six months of 2020 compared to 2019. And eToro said they had a 100% increase in new users in the first half of the year. The number of investments made, also quadrupled.
- IG Group said it had seen ‘exceptional trade volumes and client onboarding’ in the months since the pandemic struck. Over 1 million trades were placed on its platform each day in March, compared with 336,000 a year earlier. The boom saw IG grow revenue by 36% to £649.2m in the financial year ended 31 May. Pre-tax profit leapt by 52% to £295.9m.
How to Maintain Acquisition Success Going into Q4
While many industries buckled under the pressure of covid-19, the financial sector has largely flourished. But that doesn’t mean FX marketers can get comfortable.
The surge in traders means everyone must up their game if they wish to get noticed. Also, with trading volumes likely to drop when normality is restored, it’s important to establish your brand as a go-to for avid traders.
So, here are 10 hacks to keep you focused as we head towards Q4:
#1 Focus on Trending Instruments
As a marketer looking to boost acquisition, it’s essential to jump on trends to showcase your brand as being relevant. So, look at which instruments are trending and form promotional campaigns around them.
For instance, Gold has been in the…
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