Important Factors to Consider for a Good Forex CRM

It is the outbreak of the Covid 2019 that has changed the way people live and work forever. Thus, posing a severe challenge to humanity. People have to get used to social distancing, working from home, mask mandate, and quarantine. The forex industry, unlike other industry also faced the same challenge due to the Covid 2019 pandemics. Many forex brokers had to deal with an influx of new investors while their employees stayed at home.

After surviving this pandemic, most brokers have witnessed a significant rise in both trade volumes and revenues. Thus, record-high trading volumes, though elevating forex broker’s business performance to a higher level. It brings more pressure to them, especially in maintaining good and stable customer relationships. 

There has been a significant elevation of the forex brokerage business with the aid of high trading volumes.  As a result, keeping traders satisfied and loyal to a brokerage brand is very difficult.  According to Trade Soft, it is seen that out of 21 broker’s 90 percent of them reported better performance after using forex CRM.

Some of the Forex brokers believe that there is still room for improvement within each forex CRM. More than fifty percent of them longed for optimized features, particularly in lead generation and business intelligence. For the client portal, brokers mainly cared about real-time communication, followed by user data and account management. No brokers reported dissatisfaction if the payment goes beyond your expectation which is a sign of how advanced the forex CRM technology has achieved.

According to the brokers a good forex CRM should consists of all these features as follows:

• Integration with Trading platforms
• KYC/Reg Tech
• Multi-tier IB management

To make our discussion interesting, let us discuss all these three-pointers in detail.

• Integration with Trading Platforms:

The strength of the Forex brokers CRM should take into account the CRM’s connectivity to other trading platforms. Among 30 plus trading platforms, MT4 and MT5 still dominate the market.  Meta Quotes tried to replace MT4 and MT5 though the result wasn’t a favorable one.  Most of our Forex CRMs integrated with both MT4 and MT5 trading platforms.  It remains one of the most popular trading platforms for all forex brokers.  It gets seamlessly connected with the CRM software without any worries. We at Trade Soft provide a standard connection for both MT4 and MT5.

• KYC/Reg Tech

A good KYC process turns out to be simple when verifying the identity of the customers. Particularly in an era where regulations are becoming tightened. Advanced technologies are applied to validate the KYC process.  Thus, speeding up the verification process such as facial recognition, voice recognition, and finger vein.

We at Trade Soft streamlines KYC processing and account opening during and after registration. At times, we also send auto-reminders from the document center to finish all kinds of incomplete document uploads and increase client approval rates.

• Multi-tier IB management

How can a forex broker reach out to as many customers as possible? How can a broker get access to an emerging market? The answer lies in IB or affiliate programs. Most Forex brokers tend to develop multi-level partnership programs, and the number of IBs may be unlimited. IBS plays a crucial role in linking forex brokers and customers but at the same time brings difficulties in management.

At times, commissions remain the mainstream in connecting brokers with IBs, whether they are paid in a fixed amount, by percentage, or deposit. Forex CRM ensures the timely transfer of the commission to designated accounts at an accurate rate. It will save a broker’s time in manual calculation.  Trade Soft CRM offers self-registration, commission control, and multi-tier IB trees with no level limits and customized configuration settings in managing multiple types of partner networks.  We provide custom commission modes and settlement, IB commission report, sub-IB account query, and commission withdrawal.

Other factors include payment gateways and installation.  Forex brokers always integrate multiple payment methods with their very own CRM software.  Forex brokers need to ensure the best trading experience and most convenient operations for users at the beginning of their trading journey.  We at Trade Soft offer portal interfaces to enable traders to make quick deposits using any payment service provider.

In conclusion, we can say that Forex CRM has played significant roles in assisting brokers in onboarding new customers and retaining existing customers during the tough time in the ongoing year of 2021.