Company news

We include swaps and commissions in P&L Rewards

20.02.2024

We include swaps and commissions in P&L Rewards

To enhance our Partnership Program and make it the most powerful one available, we have further sophisticated our partner rewards system. Previously, our partnership program's rewards were calculated solely based on profit. Now, in the final calculations, you can also include swaps and commissions to tailor the rewards to your specific needs. However, it is your choice whether to add these components or prefer to calculate rewards based solely on profit.

You will find all these settings in the Admin mode under the Affiliate Program section.

 

Have questions? Contact us at [email protected] or leave a request in the live chat.

 

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CryptoOrange is Available Through UpTrader Forex CRM

16.02.2024

CryptoOrange is Available Through UpTrader Forex CRM

We're excited to introduce CryptoOrange as the newest payment system option for all UpTrader clients. This innovative platform, based in Lithuania, provides brokers and their clients with a fast, secure way to conduct trades using digital currencies. The platform offers a suite of services including cryptocurrency exchange, secure digital asset storage, and a specialized payment system designed to facilitate transactions for merchants. As a leading provider in the cryptocurrency sector, CryptoOrange aims to streamline the adoption and use of digital currencies through its user-friendly interface and robust security measures. 

 

 As with all our payment solutions in UpTrader CRM, CryptoOrange can be customized within our Forex CRM to appear for clients based on their geographical location, enhancing the trading experience by catering to regional preferences.

Have questions? Contact us at [email protected] or leave a request in the live chat.

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We have launched the most anticipated feature for Partner Markup

12.02.2024

We have launched the most anticipated feature for Partner Markup

Responding to numerous client requests, we have introduced a new setting in the CRM under the Partner Programs section, which allows for the payment of rewards by account groups. Previously, Partnership Rewards were solely based on MetaTrader Symbol Groups and MetaTrader Symbols. This limited the flexibility of custom Partnership conditions in scenarios where MT Symbol groups are shared among some Client Account types. Additionally, if a client wished to offer different rewards for MAM and normal traders, it was only feasible by running two IB programs or having these traders operate on different symbol sets.

Now, you can pay varying partner commissions depending on the account group on the trading platform.

Furthermore, we recently released new filters that significantly expand brokers' capabilities for partner rewards personalization and client management. Key innovations include the ability to set filters based on parameters such as the trader's country, language, and partner code. The new functionality for affiliate programs is particularly important. Brokers launching affiliate programs with individual conditions for different partners can now create unique terms for their clients. For instance, a broker may offer increased payouts to one of the partners and configure automatic account opening with wider spreads for their traders.

By combining both features for setting up partner conditions, you will achieve individual, fully customized partner markup based on any parameters you wish.

Have questions? Contact us at [email protected] or leave a request in the live chat.

 

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Opening a Forex Company in Three Steps in 2024

07.02.2024

Opening a Forex Company in Three Steps in 2024

There are two notable trends in the forex market: on the one hand, the simplification of opening a forex broker due to the growing offer from fintech companies - developers of software for brokers, which improves every year, allowing new companies to enter the market, taking the best solutions for personal accounts, liquidity, trading platforms, copy-trading, and various plugins. On the other hand, the rules for regulating the activities of forex brokers are becoming stricter, forcing companies to have solid investments to cover expenses on licenses, legal entities, etc., which de facto closes market entry for very small companies.

 

We have made a brief overview of the main steps required to open a company and added the latest actual prices.

 

So, step 1 Trading Terminal 

 

You should begin by determining which trading platform you want and whether it fits your budget. Prices typically range from $2,500 to $12,000, with $2,500 being the cost for a White Label cTrader. However, there are significant differences in compliance requirements. For instance, MetaQuotes has introduced strict compliance requirements. Now, to purchase an MetaTrader Terminal, you are required to obtain a brokerage license in the jurisdiction of your company. This may include countries such as England, Cyprus, New Zealand, Seychelles, Mauritius, Labuan, among others, which can be costly for a startup company. License + opening a company with a bank account and mandatory hiring of local staff will cost at least $80k, but together with all additional expenses - from our experience, it ultimately comes out to $100k and above depending on the chosen residency. It should also be considered that the process takes from six months to a year, while you need to bear the costs of the opening itself and local staff out of the pocket. At the same time cTrader and DXtrade do not have such strict requirements. For instance it’s allowed to get a legal entity with a director in Santa Lucia, which is about $5,000, and the company opening takes a couple of weeks. However, without a forex license, you can use cryptocurrency and some payment systems - which many do successfully. However, this is still a limitation for expansion. If the brokerage company wants to move further into other regions, it will eventually have to obtain a brokerage license and open a bank account. 

 

Step 2 CRM

 

For servicing clients and partners, a Personal Account is needed, where clients can register, open and replenish accounts, withdraw funds, monitor trading history, receive notifications and bonuses, undergo KYC procedures. Partners will be able to keep track of their clients and receive rewards, and so on. The more complex and diverse business model the future broker envisages, the more developed system he should choose for growth, as transitioning an already operating business to a new CRM is always painful, so it's better to do it at the opening stage.

UpTrader CRM is an ecosystem of 6 modules: Back office, Admin, Trader’s Room, Copy-Trading Platform, Affiliate Program, and Sales Management. All of them are fully integrated, allowing for comprehensive management of every aspect of the business through a single interface. UpTrader focuses exclusively on developing CRM for brokers and constantly introduces new functionality, improving the user experience and striving to consider all the scenarios of trader behavior and management needs. Our staff interact with clients, analyze their needs, select ideas that may be in demand in all other companies, and bring them to life. As a result, we get a completely unique system covering the widest needs of brokers, making UpTrader CRM outstanding in its field of Forex Solutions.

 

In UpTrader, we have developed a flexible pricing model, where the main functions needed by a startup are included in the basic tariff (from $999): account management, KYC, deposit/withdrawal, notifications, etc. If the broker needs special modules: affiliate program, copy-trading, sales management, and more, all this can be connected additionally as desired. That is, you do not have to pay for these functions until you need them.

 

Step 3 - Set up 

The third step is setting up the trading terminal and price feed or liquidity. You can get the price feed without liquidity, for example, if you have not yet decided on a choice or just want to wait. Next, you need to set up the platform itself: configure symbols, pricing policy, spreads and commissions, calculate the financial model with partners, and accordingly set up trading. Usually, the worse the conditions for traders, the better for partners, and vice versa. Often the financial model depends on the country; for example, in some countries, the expected market leverage might be 1:3000, and if you have different conditions, then clients simply will not come to you, while in other countries it is 1:50, and if your leverage is higher, you may encounter regulators and get a scam reputation. At UpTrader, we help set it up.

 

Takeaways

As we see, opening a broker in 2024 is a feasible task, however, you need to understand well what you can afford. More and more companies are considering working without a bank through cryptocurrency, and this is a good and inexpensive start for companies allowing them to create a capital inflow and in the future consider opening a broker with a license.
 

Have you already decided on the jurisdiction and platform? Request a demo at UpTrader - our forex CRM is integrated with MetaTrader, cTrader, DXtrade. We work with legal companies, liquidity providers, crypto gates, etc., and can help at any stage of creating your company with any business model. Write to us at [email protected] or leave a request on the site uptrader.io, and we will contact you shortly.

 

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Forex CRM Strategy: Enhancing Profitability with Undervalued Resources

04.02.2024

Forex CRM Strategy: Enhancing Profitability with Undervalued Resources

Some companies overlook tools such as analytics directly in the CRM, where a trader can view current data without changing the interface and immediately make a trading decision. This oversight is unfortunate, as such an ostensibly obvious tool can significantly improve trading volumes and more. The CEO of one such brokerage permitted us to review their data. We categorized their clients into two groups: those who engaged with the analytics and those who did not. The outcome was quite revealing.
 

Statistical Insights

Clients who engaged with the analytics made deposits that were, on average, 15% higher per customer than those who did not utilize this resource. Furthermore, the average transaction size for this group was 25% larger. Significantly, their trading volume saw an increase of 230%.

Interested in achieving similar outcomes? It's simpler than you might think.

Providing daily, up-to-date market analysis in the trader's room can substantially boost your company's trading volumes, thereby enhancing potential profitability. This feature is already incorporated into the UpTrader Forex CRM, though it remains underutilized by many of our clients.

Market specialists diligently gather data daily, crafting and disseminating both technical and fundamental analyses that benefit traders globally.

This resource is readily available within the UpTrader Forex CRM. To initiate the feed broadcast, we invite you to contact our support team. By doing so, you will unlock a powerful tool designed to augment both sales and client loyalty starting from tomorrow.

 

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