I think there’s a few UI improvements that could be made to make FX easier to work with.
Two suggestions that might help more advanced users.
- With the wide bid/offers, the FX grid is not that useful now. Instead, a grid of best bid/offer would be more informative (at least for people who get the conventions). Giving the spread as a percentage would also help. If people see where the tightest market is, they might congregate there more, helping liquidity.
- On the order screen, it should list the best bid or offer that you would execute against.
Then, a greater simplification is to create an “easy FX mode.” The user picks the currency they are buying, the one that they are selling, and then they see a unified order book based on consistent pricing across the two quote conventions. (Every order price is translated into the same convention.)They then buy/sell into the market with the best price on the opposite side of the trade, and the lot sizing is automatically set for that convention. The only trick I see is a new order coming in, flipping which market has best pricing while in the middle of setting the order.