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Probably all of you are familiar with the abbreviation CRM in the context of the brokerage business or business in whole. What it is and how to choose the best and use CRM for Forex brokerage management, let's find out right now.

 

What is CRM and how Forex CRM can improve your brokerage business

CRM (Customer relationship management) system is an application software  for managing strategies of interaction with clients. In particular to improve business relationships and service, increase sales, optimize marketing by storing information about customers, establishing and improving business processes and then analyzing the results. Since a Forex CRM system allows you to manage the whole cycle of customer relations, from one single point simply and effectively, it is obviously an important part of every business.

FX brokerage is an extremely competitive and demanding industry. It is essential to be special among numbers of other brokers to catch the clients. Forex CRM is one of the main things that helps brokers to differ themselves from each other. Most of them offer the same trading platforms and almost the same range of services, while speaking about a broker management system, there is a room for creativity. Forex broker CRM can significantly increase the financial success of your brokerage business.

Forex CRM system is an integral part of the FX brokerage management, since it develops strong relationships with your traders. Forex CRM software helps you to get more leads for your business, including the rules of lead management, MT4/MT5 CRM integration, scheduled reports etc.

A Forex CRM provider is a very responsible position because he must perfectly understand the mechanics of the market, functionality of trading platforms, the different partners involved, and the overall situation. Only such a Forex CRM developer can create a Forex CRM solution that would be useful as well as comfortable to use.

 

Important Forex CRM Features

Here are a few points to pay attention to when choosing the best FOREX CRM solution. This information will be useful for FX brokerage as well as for Forex CRM providers.

 

1. Multifunctionality and platform independence

CRM for Forex brokers should be, firstly, multifunctional and platform agnostic. The best forex CRM combines data managing, customer interactions and marketing activities. Providing an API will also be a big advantage, since it helps to connect your services and tools with CRM easier. If your Forex CRM system is platform agnostic, you have an opportunity to explore new markets and integrate some additional services without changing a CRM software.

 

2. Lead and sales management 

Good sales are the core part of the good FX brokerage management. Forex broker CRM must simplify the work of the sales managers and marketing team of your company. All the customer’s buying history, habits, geographic location as well as the whole contact information should be available in one click. Tracking the channels where the leads came from is also an important Forex CRM feature. All this information makes it possible to create an individual customized approach to every customer, that, in turn, has a positive impact on sales.

 

3. Multi-level partnership management

Dealing with partners and IBs is a complicated and rather tricky process, when it comes to paying managing revenue share or partner commissions. It is difficult to calculate the correct amount if the affiliates are associated with the same set of clients. This process can also be simplified with the help of a Forex CRM system. Ideally, all calculations are automated while all data is shown transparently for each client and fully available in the partner's section. CRM system is a tool to split rebates or payments to your partners correctly. In this case your multi-level partner network brings only benefits to you and your partners. 

 

4. Customer segmentation tools

After converting leads to sales you surely need to keep your clients loyal to your brand. This is where CRM customer segmentation comes into play. This tool allows you to observe the whole picture of the clients activities as well as manage that data. It is possible to separate and segment customers according to their trading volume, habits, portfolios, profitability or other factors, that in turn helps with compliance management. Your marketing and sales team will thank you for such a reduction of their client retention efforts. 

 

5. Unified communications tracking

With a suitable Forex CRM system there is no need for managers to switch between 

different applications. All necessary data is available in one place to save time and guarantee timely execution of all tasks, so as to raise productivity. Make sure that the data be it phone calls, chats, PPC or social media campaigns are effectively integrated into your CRM. Moreover, back end admins should also be aware of activities that require their immediate help.

 

6. Regulation

Verification process is sometimes an uneasy one for clients due to Anti Money Laundering rules and Know Your Customer (KYC) requirements. Forex CRM software should use the regulation technologies to complete this process without extra troubles. Good CRM allows you to see all your clients and their trading activity, control deposits and withdrawals, monitor KYC procedures, and execute your marketing activities. 

 

7. Reporting capabilities

Forex broker CRM should have the functionality to generate the reports on trading statistics, leads and revenue simply. These insightful reports are a powerful tool for increasing operational efficiency and creating better business strategies.

 

8. Customization

If you want to look more professional to customers you need to stick to your brand style throughout, including CRM. CRM should be customized according to your identity, for example your logo and color scheme. Company's branding that is familiar to clients makes them more loyal to you. Good customization functionality is also important for integrating into your Forex CRM some specific tools like payment solutions, chat tools, email marketing providers, webinar tools etc.

 

UpTrader Forex CRM solution

There are 8 features that you must pay attention to when choosing a CRM system for Forex brokers. Having worked in the financial services market for a long time, in UpTrader we do understand all the issues above. That's why we work fast and effectively to help your FX brokerage management develop strong relationships with your clients and employees. We will boost your business just in one day. That is how long it takes to integrate UpTrader CRM with your trading platform. Control your sales, improve your team's communication with traders and partners, keep track of withdrawal requests, and help clients with technical issues with UpTrader CRM. 

To order a trading platform, website, or CRM, submit a request to [email protected].

Starting a brokerage firm is widely believed to be expensive and time-consuming. Because of this common misconception, people often choose to become an IB (Introducing Broker) instead of taking a chance and trying their luck at achieving genuine success. We want to dispel your prejudices and give you a step-by-step guide on how to start a forex brokerage firm easily with UpTrader.  

 

Being an IB and getting about half of a broker’s revenue seems like a great deal: after all, you are only looking for new clients, and the broker is doing all the heavy lifting, like trade execution and payment processing, right? Wrong. 

Have you ever thought about becoming a White Label forex broker? This article is for those who said yes as well as for those who started searching for White Label forex broker meaning. You can keep all the profits to yourself just for a small monthly fee. We offer you a White Label of a MT trading platform bundled with our award-winning Forex CRM and Forex Backoffice system and will help you sort out your other worries like establishing a company and signing up with payment system providers. White Label forex broker cost? Starts from €1,000 per month with UpTrader!

However, do not forget that a bigger income comes with a bigger responsibility. With White Label all the actual customer service is your job: you will need to think through your branding, marketing campaigns and sales strategy. 

Previously, brokerage business required deep technical knowledge – you had to go deep into both trading and IT. However, things have become much simpler in recent years: to start a broker that will be ready to receive customers a couple of weeks later is no longer a dream. IT-services and products can be outsourced, infrastructure can be built in cloud, and what is left to you is only sales process. Too good to be true? But not with UpTrader.  

In 2020 you do not need to have considerable knowledge in brokerage business. Many entrepreneurs coming to UpTrader are far from being experts. And that is absolutely fine for a broker now. There are a lot of white label crypto currencies brokers as well as white label ecn brokers, you can even get a white label trading app. All you need is just follow these 5 important steps. 

 

Work out your corporate framework

First you need to register your company. The registration process is quite clear and simple, although it has its pitfalls. 

When it comes to launching new ventures, one of the key points is the choice of jurisdiction of your company. Before settling upon a particular region, you need to consider which jurisdictions offer you the best conditions for doing business.  

The most common choice is offshore. You can have a legal entity registered in, say, Saint Vincent and the Grenadines. The main advantages of having offshore companies are no taxation, flexible legislation, and support of foreign businesspeople at all levels. Rather good opportunities for doing business, right? 

However, running an offshore company has its own drawbacks, such as certain difficulties with signing up for bank accounts and payment system providers. To avoid such problems, you can open a company in a regulated jurisdiction (for example Labuan region of Malaysia), it will be much more expensive, but will show clients and business partners that you are a serious company that can be trusted.  

UpTrader provides a full range of legal serices both as a standalone package, and as part of White Label MetaTrader 4 and MetaTrader 5 offerings.

 

Get a trading platform

That is an easy one! For sure you are already familiar with MetaTrader, the world's most popular trading platform, used by the vast majority of brokers. MetaTrader's popularity is due to its reliability, comprehensive trading conditions settings, tools for technical analysis and familiarity to traders from all over the world. 

There are two versions of MetaTrader: MT4 and MT5. Both platforms are designed for Forex trading, financial market analysis and use of expert advisors.  

With the help of UpTrader you can buy White Label of any of them. MT4 white label is the most popular option, because this is the only way for a new company to get this platform, since the new copies are not being sold for quite some time now. 

UpTrader White Label forex broker trading platform:   

— Provides access to financial markets both from desktop and mobile.  

— Gives a wide range of trading instruments in real time: popular and exotic currency pairs, CFD shares, futures, indices, metals.  

— Provides statistics: analytics, charts, indicators.  

Mt4/Mt5 white label cost.

 

Connect to a forex liquidity provider

Next you need to think about your liquidity provider. What is liquidity and why is it important? A broker’s income is the difference between the spread of their liquidity provider and the end spread for traders. That is why it is important to find a stable liquidity provider with the tightest spreads. It allows you as a broker to hedge your risks.  

There are also brokers who themselves act as the counterparties in trades of their clients without the participation of large market makers. In this case, a broker profits from traders who “blow” their deposits, which sometimes disturbs clients as the broker seems to be interested in their failure. And there is a risk of professional traders bankrupting the broker with large earnings.  

The best of both worlds is a balanced risk management strategy. For example, passing high-volume clients to a bigger liquidity provider, while acting as a market maker for those who trade small volumes. 

Brokers usually combine sources of profit from the trading activity of their clients and rarely work exclusively with one model. On the average, a small broker deals with a monthly volume of about $100 million. 

You can choose your own liquidity aggregation model with UpTrader.  

 

Setup an online Forex Backoffice and CRM

It can be said that the key component of a successful modern brokerage business is an online Back Office system that allows clients to manage their accounts and funds, and brokers to work with their clients. It helps brokers manage the entire client relationship life cycle in one place. 

While choosing a trading platform might be easy – after all, there are not so many options to choose from – picking a Back Office and CRM system might be tricky: there are a lot of options on the market. But they are not created equal. 

A common mistake is to try to use a general-purpose Forex CRM system. These Forex CRMs are not really fit for brokerage companies – after all, managing goods in warehouses and their logistics is quite different from managing trading accounts. 

Then there is a variety of Forex brokerage CRM systems on the market, but most of them were built by brokerage companies for themselves and the decision to sell them to other companies was an afterthought. This makes these Forex CRMs really suited to only one way of doing business, customization options are lacking, and every slight change requires expensive development projects. Setup time for such CRMs may take several months. 

Thankfully, there is a new wave of modern brokerage SaaS CRMs such as UpTrader Forex CRM. These white label broker trading software ​​​​​​ were built with startups in mind, they include all the necessary options out of the box and can be launched in a matter of days. For example, some of our clients went from signing of an agreement to live operation in just 24 hours.

UpTrader Forex CRM is our flagship product that we are truly proud of. It includes a Trader's Room where a client can register and manage their own accounts and funds, an IB section for your Introducing Brokers, a Forex Back Office panel for the staff of the company, a special section for your Sales team, and an Administrator’s panel with flexible customization of access levels and available features for staff and customers. 

UpTrader Forex CRM helps to manage your Introducing Brokers, marketing promotions, bonuses and see all your clients and their trading results right in one place, while IB programs can be easily integrated into your brokerage website. 

 

Create a forex website

Of course, for the good brokerage business, it is necessary to create a functional website. Nowadays you can easily do it yourself or seek professional help. UpTrader has a professional team that can create a fully functional website for your company. Our services include branding, copywriting, design, and web development. Websites we build are fully integrated with our products.  

That is all! Only these five steps separate you from becoming white label forex broker. 10 years of successful experience in Forex industry make UpTrader a trustworthy partner to help you build a new business of your own. 

 

Contact us at https://uptrader.io/  

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