With the integration of Google Analytics (GA) and Google Tag Manager (GTM) into our Match-Trader platform, Forex Brokers and Prop firms gain valuable insights into trader behaviours, especially on demo accounts. This integration empowers businesses to assess whether their offerings and services align with their clients’ and target audience’s needs, habits and expectations. By leveraging these insights from demo platforms (available also for Prop firms), Brokers can better prepare to service traders on live accounts or paid challenge accounts, ultimately driving business growth and increasing trader retention.

Forex trading platforms are typically standardised to perform specific functions, and altering their user interface requires significant resources and technical expertise. Match-Trader stands out as a modern platform built using Progressive Web App (PWA) technology, providing all the benefits of a web-based platform. This modern foundation enables an intuitive experience for the new generation of traders accustomed to applications like Revolut, Robinhood or eToro. The web-based nature of Match-Trader allows brokers to leverage GA4 and GTM effectively. While they can’t modify the platform’s interface directly, Forex Brokers and Prop firms can utilise the insights gained from GA and GTM—particularly from demo accounts—to enhance their services and distinguish themselves from competitors.

Focusing on Demo Accounts to Align Services with Trader Needs

Understanding trader behaviour on demo accounts is crucial. Demo platforms provide an environment where potential clients interact with the trading platform without the risks associated with live trading. By tracking these interactions, brokers can evaluate whether their offerings meet the expectations and habits of their target audience.

While on live accounts, the dealing desk extensively analyses trading activities, and the data from demo accounts offers unique insights into traders’ initial experiences and preferences. This information is invaluable for brokers aiming to refine their services before traders transition to live accounts or paid challenge accounts.

Creative Ways Brokers Can Use Google Analytics for Business Growth

Here are strategies Brokers and Trader Funded firms (TFF) can employ using GA and GTM analytics on the Match-Trader platform’s accounts, along with the benefits for their business growth:

1. Evaluating and Enhancing the Broker’s Offer

Events Tracked:

• First Open/Visit
• Instrument_change
• Timeframe_selected
• Order_made
• Indicator_add

By analysing which instruments, timeframes and tools traders prefer on the demo platform, brokers can assess if their product offerings align with client expectations.

Benefits for Business Growth:

• Tailored Service Offerings: Adjusting the available instruments and features to match trader preferences increases the likelihood of retaining clients when they move to live accounts.
• Market Trend Identification: Recognizing popular trading preferences helps brokers stay ahead of industry trends and better adjust their risk-management strategies.
• Enhanced Client Satisfaction: Providing what traders are looking for enhances their overall experience, encouraging them to choose the broker for their live trading needs.

2. Identifying and Addressing Usability Challenges

Events Tracked:

• First Open/Visit
• First_interaction
• Followup_interactions
• Order_made
• Snapshot

Analysing where platform users might drop off, or face difficulties helps brokers identify usability issues.

Benefits for Business Growth:

• Improved User Experience: While brokers can’t modify the platform directly, they can provide feedback to the technology provider and offer guidance to users.
• Reduced Abandonment Rates: Addressing challenges early increases the likelihood that demo users will transition to live accounts.
• Competitive Advantage: Brokers facilitating a smooth demo experience position themselves favourably in the market by allowing their clients to familiarise themselves with the platform  before they start trading on a live account or pay for a challenge

3. Developing Targeted Educational Materials

Events Tracked:

• First_interaction
• Followup_interactions
• Drawing_add
• Custome_indicator_created
• Order_made
• Indicator_add

By identifying areas where demo users struggle or show significant interest, brokers can create educational content to address these specific needs.

Benefits for Business Growth:

• Improved Onboarding Experience: Tailored educational resources for new users can reduce the learning curve, encouraging more active participation from the outset.
• Enhanced Trader Competence: Creating tutorials or webinars focused on complex or underutilised features helps traders become more proficient, leading to increased trading activity.
• Establishing Authority: Providing valuable educational content positions the broker as a knowledgeable leader in the industry, attracting more traders.
• Reduced Support Load: Proactive education can decrease the number of support queries, improving operational efficiency.

4. Personalizing Marketing Campaigns Based on Trader Behavior

Events Tracked:

• Instrument_change
• Timeframe_selected
• Aggregation_change
• Chart_type_selection
• Custom_indicator_created
• Compare_on
• Multicharts_selected

Understanding traders’ preferences for certain instruments, timeframes or chart types enables brokers to segment their audience effectively.

Benefits for Business Growth:

• Higher Conversion Rates: Personalized marketing messages resonate more with traders, increasing the likelihood of converting demo users to live account holders.
• Optimised Marketing Spend: Focusing on the most promising leads ensures resources are allocated efficiently, maximising return on investment.
• Enhanced Engagement: Tailored communication keeps potential clients interested and engaged with the broker’s offerings.

5. Enhancing Customer Support and Service Offerings

Events Tracked:

• Snapshot
• Compare_on
• Multicharts_selected
• Drawing_favorite
• Custom_logo

By monitoring how traders utilise analytical tools and features, brokers can anticipate support needs and offer proactive assistance.

Benefits for Business Growth:

• Improved Satisfaction: Promptly addressing common queries or issues enhances the overall trader experience.
• Reduced Support Costs: Identifying frequent problems allows brokers to update FAQs or support materials, decreasing the volume of support tickets.
• Building Loyalty: Exceptional customer service fosters trust and encourages traders to continue using the broker’s services.

6. Strengthening Trader Retention Strategies

Events Tracked:

• Custom_logo
• Indicator_add
• Custome_indicator_created
• Drawing_favorite

Monitoring engagement with customisation features indicates how invested traders are in the platform.

Benefits for Business Growth:

• Personalised Communication: Recognizing traders who utilise advanced features allows brokers to tailor communications and offers to keep them engaged.
• Loyalty Programs: Brokers can reward highly engaged traders with special incentives, fostering loyalty.
• Churn Reduction: Early detection of declining engagement enables brokers to intervene with re-engagement campaigns before traders become inactive.
• Upselling Opportunities: Knowledge of user interests enables brokers to offer relevant advanced tools or premium services upon account upgrade.

Conclusion

Leveraging GA and GTM on the Match-Trader demo platform provides brokers with critical insights into the behaviours and preferences of their target audience. By focusing on data from demo accounts, brokers can assess whether their offerings meet client needs and make informed decisions to enhance their services. This proactive approach enables brokers to prepare better to service traders on live accounts or paid challenge accounts.

While the dealing desk thoroughly analyses live trading activities, the unique insights from demo accounts allow brokers to refine their strategies before traders engage in live trading. By concentrating on educational initiatives, personalised marketing, usability improvements and preparation for live account services, brokers can create significant added value for their clients.

Embrace the Data-Driven Future

By understanding and responding to trader behaviours and preferences on demo platforms through GA and GTM, brokers position themselves at the forefront of the industry. This data-driven approach ensures that brokers are ready to meet the needs of today’s sophisticated traders, ultimately leading to sustained growth and success in the ever-evolving Forex market.