Do you need a Technical Co-Founder in an FX Brokerage?

You don’t need to be an IT whiz to run a Forex Brokerage. But what does it take to build a successful Brokerage on the actual technology side of things?

Our industries – Ours being “Service & Software Providers” and yours “Forex Brokerages” – are driven by a very different set of people. While it is challenging for us to find talent exposed to the Forex market it is nowhere near as challenging as finding Technical Top Executives or VPs for your Forex Brokerage. The reason for that is not straightforward, but this is exactly what keeps the Financial Industry back in general when it comes to their tech.

For example, did you notice that the rise of FinTech coincided with the rise of Crypto?  And that is not a coincidence.

We’ll come back to C-Levels, but let’s talk about the rest of the tech team:

• VP of Technology
• Project Managers
• Designers and Developers.

Since the beginning of the COVID pandemic nearly every business on the planet suddenly had to improve their tech to be able to take orders online, provide customer support form home, automate processes, and take their sales online. 

This created an unprecedented shortage of developers like none the world has ever experienced. It takes a lot of time to become a developer, senior developers even longer, so this shortage drove up the costs of everything.

As soon as the demand started levelling off in early 2022, the crisis in Ukraine disrupted work for every web dev company I know. It must be the same for many others.

Add to that the great exodus of talent and disrupted money flow in Russia and you will see a increased demand for software developers once again.

So now, what about our VPs and Project Managers? Usually it is a CREATIVE individual with a technical or UI/UX Design background with some management experience. The skill sets of candidates for these types of positions are quite varied,  and they are naturally attracted to disruptive and fun projects of which there are plenty.

Consider yourself in that position, would you rather work on something like SoundCloud or Airbnb or manage the creation of Accounting and Regulatory Reports on Forex data? There is nothing wrong with those, I personally love them, but this job description does not immediately ring the “I CAN CHANGE THE WORLD” bell.

There are companies that provide a complete software development service that can power the business, a company that would provide a CTO, Technical VP, Project Manager, and a group of designers and developers.

These are not exactly your regular dev houses, they would be a provider of a Vertically Integrated Solution, an agency such as MojoTech.

These companies are not cheap, you are looking to spend $300,000 to a million to build a solution that you need and you will spend 6 months to a year between chats and calls with them.

There is good news, there is a good chance that you can find a ready-made solution that with only a few tweaks can achieve the desired result.

Kenmore Design is a Service Provider, we are not an Agency, not a Custom Dev firm. We have a ready-made product CRM and Traders Cabinet that is already powering hundreds of brokers and provides functionality to hundreds of thousands of simultaneous users. We will implement your customizations if needed, develop custom expansions, and provide a service to your Brokerage completely freeing you from any need for a Technical Co-Founder. Your operations can start within a week.

With our help and guidance, you will be able to quickly gain a solid client base and develop an excellent reputation.