How to choose the best Forex CRM for brokerage

21.01.2021

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 and use CRM for FX 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 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 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 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 CRM some specific tools like payment solutions, chat tools, email marketing providers, webinar tools etc.

 

UpTrader CRM solution

 

There are 8 features that you must pay attention to when choosing a CRM system for FX brokerage. 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]der.io.

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