In the world of online forex trading there are the traders who make the trades and take the risk, and then there are the brokers. The role of the forex broker is something that novice FX traders who expect to make money in the market need to understand.
The role of the forex broker
In simple terms, the role of the forex broker is to give advice and assistance to currency traders. The forex currency market is a worldwide market that operates round-the-clock, and such a vast market is replete with pitfalls for the novice and experienced forex trader alike. Using a forex brokerage will allow the trader to do business on the currency market 24-hours a day, and the broker will also advise on the price of leading currencies around the world at any given time. Of course, in the end, whether the forex trader has success or failure with a specific trade is down to his or her own skill and decision-making, but the help and advice of a competent forex broker is always highly desirable.
Technology and support
Online currency trading is becoming ever more technologically advanced. New forex trading platforms, software, forex robots, and automated trading systems are being constantly developed. Because of these technical advancements in currency trading there are those who might argue that the role of the broker is being diminished, but this is not necessarily so. In most cases, forex brokerages have adapted their services to help traders take advantage of the latest technology, and many have even developed their own online trading systems and made them available to their clients. These added services provided by forex brokerages have extended the scope of trading for even the smallest traders in the world’s currency markets.
Forex Trading has been a important business and LTech India Software Systems supports forex brokers with their tools to manage their business.
Lets see, how LTech India Software Systems supports brokers, and what they have to say about their venture and how did they started their venture and learn about their business and journey so far.
1.What is the Name of Your Venture? Any specific reason for this name?
LTech India Software Systems Pvt. Ltd. No Reason.
2.Who is your target Audience/clients?
Target Audience- Forex Brokers, Developers for Forex Brokers
3.Where is your venture based (city, state, country) & What are your geographical target areas?
Noida, Uttar Pradesh, India
Target Areas- US, UK, Singapore, China, Dubai, Israel
4.What problems does your venture resolve? What are your products or services?
Our venture supports Forex Brokers with various tools to manage their business. Also, we have technology for setting up exchanges.
We have products for FX brokers in Tools that use Metatrader platform.
5.Share the idea or story behind the venture. How did it came to an existence? What motivated you to start your own venture?
The venture started in 2006 with more of a freelancing task with a client in financial domain. Slowly, we started working with various clients in Financial domain as well as web applications. This was our starting point in the IT consultancy. We remained in the same field till 2010.
In 2010, we started moving towards products and developed Commodity exchange solution. It took us around 2 years to complete the product and we launched first exchange in Nepal as Everest Commodity Exchange in 2012.
As the commodity exchange business needs lots of investment and long time to crack a deal, we started working on smaller products that support Forex brokers using MT4 from September 2014, and we are launching a new website www.fxbrokertools.com to sell our suite of solutions online.
6.Who are your biggest competitors and how do you differentiate yourself from them?
Biggest Competitors are as under-
7.How did you identify your co-founder? Tell us something about your co-founder/s
I am technically sound with wide range of experience of around 15+ years in C++, Trading technology which helps exchanges, brokers and traders with technology tools for managing their business efficiently and effectively.
Just the requirement was to finalize on the person who could handle administration, HR and other important part of the Company. For which I didn’t had to go far off, as I could find those qualities in one of my siblings and she took up the charge successfully till now. She has been my support system for successfully running our organization.
8.How did you hired your first team members? What skills Do you want in your employees/team?
Initially we approached one of the consultant with wide experience of hiring IT resources. But it was bit difficult to hire resources, because the kind of skills we were looking for were not available for the location- Lucknow. Till 2014 August, we were working at Lucknow, but September 2014, we shifted to Noida for better recruitment and getting reasonable resources as per our requirement.
The skill sets which we require now are as under-
C++ candidate with financial domain which includes- STL, Multithreading.
C#.net candidates with Financial domain (with WinForms, WCF etc.)
9.What expansion plans are you looking for the next 2 years, next 5 years?
2 Yrs.- We have invested ample of our efforts in developing our products which cater for Brokers, Traders etc. We would be marketing the products by reaching out to Forex Brokers, Traders and developers across the globe.
5 Yrs.- As we have been quite busy with the development of the Products, we bit ignored the Exchange solution. Things are in better position now, so we plan to move ahead with enhancement of the Exchange solution with top notch features.
In due course of time, I would like to move into IoT (Internet of Things) for the Defence services.
10.Where do you want to see yourself in next 10 years?
Lets see what future has planned for us.
11.What are your goals over the next 1, 3, 6 and 12 months?
Initially we would be targeting on the products which are complete with the development and running successfully to market. The Products which we are targeting on are- MT4 Push API, MT4 Web API and Traders Room. Once we seek a reasonable response from the brokers and traders we are planning to launch Social Trading Engine in due course of time.
12.Have you raised any funding? Or have any plans for the funding?
No, we haven’t raised any funding. Further also don’t have any plans for same.
13.What were the problems you faced during the starting days and how did you resolve them?
The Problems which we encountered during the venture were related to Skilled Resources, Government Compliances, Banks not aware about the Softex Forms, STPI registrations (where the authorities didn’t have idea about how to handle the IT part). Further to surprise, was that none of the banks were ready to go ahead with providing loans.
14.What was the most challenging part of your journey till now? How did you overcome those challenges?
Journey was filled with lots of roller-coaster rides. One of them was changing our focus from Services company to Product development company. In 2010, we sold one of the product of Exchange Solutions in the Market of India, which failed miserable. Due to which we incurred heavy loss and we had to wind-up organization for some duration. Still we didn’t lost hope and kept on moving ahead with low profile for around 2 years and finally shifted to Noida in 2014.
When we shifted Noida, we bit struggled for a year and then targeted towards fixed products which were already developed.
15.Are you married, single or in a relationship?
16.What are your hobbies? What do you do in your non-work time?
I am inclined towards reading science fiction, Thrillers, Romantic Novels etc. In non-working time, I do love watching movies both Hollywood and Bollywood.
17.Whats your favorite food & holiday destination?
Everything served with love is favorite but do enjoy South and North Indian Food.
Holiday Destination- Arunachal Pradesh- which is enriched with natural beauty.
18.Whom do you consider your idol or biggest motivator?
19.What do you feel is the major difference between entrepreneurs and those who work for someone else?
Entrepreneurs are always eager and willing to accept challenges. They are always looking out for opportunities and don’t wish to ignore whenever it comes to grab it. Entrepreneurs decides on his targets, profit, happiness, time, and lots of other stuff. It’s the courage to chase your dream, grit to face downs and determination of succeeding with team members.
Those who work on someone else, is having a defined pattern of working which he/she needs to perform. They just don’t have to bother a lot with regards to their
20.If you had the chance to start your career over again, what would you do differently?
If got the opportunity of starting my career again, would prefer to Launch my dream product of Commodity Exchange Solution and getting it marketed across globe with Top notch brokers and traders.
21.How has being an entrepreneur affected your family & Social life?
Being brought up into the Defense Background, no one ever thought that I would be going ahead with the Business Proposals, Technology etc. Initially have worked with top-notch companies of IT.
When took the step of moving ahead with plans of entrepreneur, they were bit confused whether I would be able to explore to what I have plans. But in span of time, I tried to convince them and intimated that I do enjoy getting involved with technology and development, so surely will get success.
As it’s always said that when hard times come, then you realize that who is your friend or foe. In our hardship also, we came to know that family strength is the strongest and they would always be there in your life whenever you need them. Even though sometimes their instruction or concerns could pinch you but most of the times they are your strength.
22.Anything, you would like to say to our readers or upcoming entrepreneurs?
For Upcoming Entrepreneurs, keep your target set and be determined to achieve the set goals even entering the hardships of your life. In your life you should never lose your control and try to grasp whatever you can on the daily basis.
23.Tell us something about your education & family background.
Our upbringing has been in the Defence background. As our Father was working with India Army, and in every two to three years we used to get shifted from one location to another. It was really an awesome experience due to which we got lot of locations to visit and learn the culture of the India. I got the confidence of expressing our selves from the functions, events which took place in the environment. I did our schooling from KV schools across the locations. I came into civil environment when I came to Allahabad. I did my Graduation from University of Allahabad and then further moved to Kolkata for perusing my career with IT (NIMC).
Once I completed my MCA (Masters in Computers), took to internship and the same company due to my exemplary skill set took me as their employee. For a span of 4-5 years I worked with different companies and enhanced my skill set. In year 2005, I got the opportunity of working as a Freelance C++ developer for one of the Top companies in US. It was the first step for entering the business environment.
24.What is your USP which makes it unique & different from other start-ups in similar domains.
Immediate Support and high end technology tools for Brokers and Traders.
25. What do you think is the biggest threat to the success of small businesses & Start-ups today?
For Today’s startup’s the biggest threat to success are- Government compliances which are not at all user friendly, Lack of Skill Sets etc.
26. Do you consider yourself successful and by what means do you measure success?
Yes, I do consider myself successful. It has inculcated to overcome with hardships smoothly, accepting challenges in every front of my life and the overall experience which have gained throughout the tenure. The best part which describes your success is not the turnovers but it’s the culture and satisfaction of your team members who have been co-operative till now.
27.Please share complete name, address, phone number, email id & website of Your Business & Contact Person.
Name- Rekha Roy
Address- Unit-810, 8th Floor, Tower-2
Assotech Business Cresterra
Sector-135, Noida Expressway
Phone No- 9910085182
Email id- [email protected]
Contact Person- Rekha Roy