Online stockbroking trading platforms are basic and opaque, with users only having access to antiquated technology when investing in the stock market, according to British electronic trading company IG Group.
This perspective has been publicized by the firm, coinciding with its launch today of an execution-only stockbroking service targeted to individuals. The encompasses IG Group’s existing technology which provides investors with real-time transparent pricing, sourced from multiple venues, and easy access to key international stock markets with market-leading commission rates.
The platform offers live pricing on over 4,500 shares and is supported by analytical tools, charting, market news and videos. It is also available via a diverse suite of phone and tablet apps to ease accessibility, with clients able to trade commission-free during their first month of online trading. It also offers customers a tax-efficient ISA option with no management fees.
IG Group considers this facility to provide an easier method of trading non-UK markets, which can be cumbersome and expensive to navigate through traditional online channels. IG Group’s customers will have access to international stocks in key markets such as the US, and receive a low cost and transparent charging structure on the currency conversion.
Tech savvy investors focus on convenience
Online research by British non-government organization YouGov for IG Group to support the launch, reveals more than one in ten (15%) people is more likely to invest in the financial markets than they were five years ago as Britain’s economy continues to improve. It also highlights the popularity of online business in Britain, with 60% performing an online transaction at least once a week.
The research also found that convenience is more important than price when transacting online, with almost seven in ten (68%) people making their last transaction online because it was convenient and four in ten doing so because the best price was available online, and that 45% of those surveyed are confident using a mobile app to conduct a transaction
Tim Howkins, Chief Executive of IG Group, comments, “The global financial markets are faster moving and more intertwined than ever before. Retail investors are becoming increasingly confident and demanding with technology, especially in the field of mobile apps. The traditional trading platforms available to those wanting to buy stocks online simply haven’t kept pace – they are basic and opaque.”
“Our research shows that people put convenience at the top of their wish list when making financial transactions online. Yet when it comes to trading the stock market, investors are getting anything but, with most stockbroking platforms using outdated and under-invested technology to ‘service’ customers.”
“Our new platform provides the latest in data, pricing and trading technology to those who want to trade the stock markets, and we can support them with round-the-clock customer service.”
“Users now have the right information, at the right price, available to them at the right time and in a highly transparent way – whether through a desktop computer, a phone, or a tablet. They will have the best of IG’s 40 years of trading experience at their fingertips. This has the potential to revolutionize online stockbroking.”