5 Challenges of Forex Translation and How to Overcome Them
Because of the intense competition in the worldwide Forex market, businesses cannot afford to spend a lot of money on Forex translation and linguistic difficulties. GTE Localize has identified the 5 most significant translation difficulties that international businesses might encounter when localizing their Forex content and introduced the best suitable solutions to fix them correctly.
1. Forex Terms
When entering the Forex market, you won’t simply be working with currencies in pairs as a trader or broker. It’s crucial to clearly understand the specific terminologies and their definitions. However, in this most liquid financial market in the world, Forex terms can be the biggest challenge of Forex translation.
Translators need to have in-depth knowledge of the specific terminologies and use them neatly in both the source and target language. Several terms are popularly accepted in some countries but they can be presented in different words in other countries, although they have the same meaning. In certain cases, it’s even impossible to find out the equivalence for some source phrases in the target language.
Solution 1: Research, Research, and Research
Regardless of gaining basic information or advanced wisdom in Forex trading, translators, editors, and localization managers always need to update their knowledge. Therefore, continuously researching information on Forex and Finance is crucial.
There are rules that traders and brokers must always follow and all of these requirements should be understood by translation providers. You might find the IAS 21 (The Effects of Changes in Foreign Exchange Rates) as a valuable resource because it explains how to incorporate foreign currency transactions or foreign activities into the financial statements of a business, how to convert financial statements into a presentation currency, and more.
Solution 2: Keep The Consistency
One way to help you stay consistent in Forex translation is to follow the termbase. Make sure that the terminology must adhere to the International Financial Reporting Standards and use the QA tools for overall checking.
Solution 3: Be Adaptable
With Forex translation providers, it is possible to modify the words if they are out of date. And when there is no equivalence, using their description, paraphrasing, or coining a new term with the best knowledge and judgment can be the most effective solution.
For example, in the Thai language, it is preferable to use transliteration with explanation and apply the exact technical English terms in translation. Let’s look at how to deal with the Thai translation of some specialized Forex terms.
2. The Market Change
Due to the fact that most traders do not necessarily exchange actual currency, Forex trading is primarily about speculation. The supply and demand for currencies are influenced by a number of variables, including interest rates, trade flows, tourism, economic strength, geopolitical risk, etc. And the currency market may be quite lively at any moment, with continually shifting price quotations.
As the Forex market fluctuates day by day, it requires the linguist to keep up with the latest news of Forex volatility to produce the appropriate Forex translation. There are 2 simple tips to follow.
Solution 1: Be a Trading User
To get the most objective and practical perspective on the Forex market, it is advisable for linguists to sign up for an account on the Forex platform that they are going to translate. By learning how to trade online, translators can understand the client’s products properly and keep up with the Forex market change on the website.
Solution 2: Be an Active Learner
Although not too difficult to master, Forex trading is a unique project that calls for specific understanding. And it would be necessary if you want to be responsive to market fluctuations. For instance, there are distinct factors that influence currency price movement than there are in equity markets, and the leverage ratio for Forex trading is larger than it is for equity trades.
Forex translation providers and localization managers may learn the ins and outs of Forex trading through a variety of online courses. Another handy tip is reading or listening to the Forex market change news in your native language, which might bring an easy approach to understand the Forex volatility.
3. Time Pressure
Localizing Forex content means that you have to meet the high-quality Forex translation standard and the short turnaround time requirements simultaneously. Then, quick response times have never been more important. Being more agile than your competition can increase your chance of success.
With daily Forex news or marketing content, the translators would have to finish translating them within a few hours for publication in local time. And there might be penalties applied if one locale is delivered late.
With weekly analytics, quarterly reports, and trading strategies, the majority of Forex businesses will issue their annual details and financial statements at the same time since there are specific publication dates. If the Forex translation team does not deliver the translation at the scheduled time, these figures may become inferior compared to other competitors.
Solution 1: Have Plans For Forex Translation Time and Urgent Task
Linguists and localization managers should estimate the amount of time they have for the project, then allocate the time reasonably for each task. One notable example of this solution is the translation and localization cooperation between Exness and GTE Localize.
Exness is the leading international retail Forex broker with an annual trading volume of $2,275 trillion in July 2022. They have reached 343,000 clients in more than 150 countries with instantaneously and continuously available content in multiple languages.
To meet the short turnaround time expectation of Exness, GTE Localize has a dedicated team of PMs, who are permanently ready to run any assigned tasks and operate them efficiently. At the same time, the linguists for the Exness project are also fixed as they understand the specific style of Exness and are always prepared to receive any daily tasks.
Moreover, when clients urgently have demanding assignments of Forex translation, it is necessary to book schedules ahead for linguists to reduce the risk of over deadlines and minimize the time of coordinating with many possible linguists.
Solution 2: Save Time with CAT Tools
A translator may finish entire tasks faster with the help of a CAT tool. When a project calls for a quick turnaround, they also enable cooperation. Translators can work through documents more rapidly by skimming over pre-translated text. Additionally, the tool will automatically fill in the translation whenever the source segment arises while translating a new segment that appears across the document or throughout a batch of documents.
When socially distant teams of translators work, CAT tools guarantee consistency and save a lot of time.
4. Punctuation and Tone of Voice
With Forex translation for papers, every detail must be accurate. An incorrect punctuation placement, an extra number, or an omitted digit might result in hundreds of dollars in financial damages.
Moreover, some financial/Forex papers, such as audit reports, are often text-based, despite the fact that financial translations are frequently mostly number-based. These documents often follow a certain tone of voice and may need to be presented to international stakeholders.
Solution 1: Have Specific Rules for Punctuation
It is impossible to avoid using a lot of numbers in Forex documents. There may be considerable differences in how numbers are expressed throughout the world and in your own country. Finding the right technique to utilize commas, points, or current dates that are suitable for the nation you are targeting is important when localizing Forex content.
For instance, the majority of English-speaking nations use a comma to separate thousands and a period to separate decimals. However, in many other nations, such as Germany, the thousands are denoted by a period, whereas in Switzerland, the thousands are denoted by an apostrophe. As you may imagine, some translators would find it puzzling in Forex translation.
The project managers must understand who the target audiences are and how punctuation marks are adjusting to them. Then, they should set up the QA settings to ensure that quotation marks and punctuation are transformed correctly as they should be in the target language, and also supply the linguists with precise punctuation rules in the guideline to keep consistency.
Solution 2: Follow the Client’s Tone of Voice Strictly
Translators must consider your business’s tone of voice when handling Forex translation. Specific requirements about tone and style are usually provided by the clients so it is necessary to make sure that the content would be translated accordingly into the target language while also taking cultural conventions into account.
Effective support for translators on this issue is gathering some general information about the target audience and location. There are some useful questions to be asked: Which areas/countries that the Forex website focuses on? What is the audience’s age? Where can you find the news sources that the audiences often read?
5. Confidentiality in Forex Translation
Confidentiality is a critical issue in translating Forex content. The majority of Forex data is private. Until the quarterly and annual financial reports are made public, at least. Also, translators and PMs can not reveal any information about the internal documents and public-later documents. The crucial information shouldn’t be disclosed to rivals or investors until it is necessary.
When you want to expand your trading website internationally, it requires the production of a Forex translation in a variety of languages. The likelihood of data leaking increases with the number of translators working on the project. When the Forex information is exposed, the website might lose important updates.
Solution 1: Sign the Non-disclosure Agreements
Every party involved in the Forex translation project must confirm security and confidentiality by signing the non-disclosure agreements (NDAs).
It is a legally binding contract or agreement that was signed at least by two organizations or people in order to create a confidential connection and safeguard any kind of financial/Forex translation. Two parties agree that no other party will get information or documents about the project. In addition to ensuring complete confidentiality, signing NDAs will stop rivals from gaining access to translation information.
Solution 2: Use a Secured Translation Management System
The safe storage and transmission of translation-related documents are guaranteed by the use of an appropriate translation management system.
Take advantage of the platforms like Crowdin, Memsource, memoQ, etc. as they are the availability of a private, online client site where the translation instructions and source documents may be posted. It ensures that all data is secured with encryption and kept in the cloud. Nobody will have access to the data, guaranteeing that the translation files are always kept safe. Even translators’ data can be delivered securely.
To become a leading firm in the Forex industry, it is essential for you to work with a professional translation agency. And GTE Localize is one of the top choices since we provide the top-notch Forex translation services, bringing valuable experience to your customers and enhancing your business development.