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We won't say much about why bonuses are so popular. The interest in them never fades. Every new broker launches some kind of a bonus system. 

In UpTrader CRM, there are four types of ready-to-use bonuses: % on deposit, welcome bonus, % on balance, or monthly interest, and manual bonus. The settings for each of them allow you the flexibility to make them work for you.

There are 4 bonus types you can set up right away in UpTrader Forex CRM:

% on deposit

Deposit bonus is the most popular bonus type, since it is designed to encourage those who deposit the account. Everybody wins: the client does because they receive more benefits and trading opportunities, and the broker wins because they land a client who is truly ready to trade. Usually, the broker settles on the conditions and the bonus amount, for example, +50% to the deposit amount when depositing from $50 to $10,000. In the “conversion” field, the broker can specify the conditions under which the bonus funds can be converted to cash and become available for withdrawal.

Monthly interest

A monthly interest bonus has also gained popularity because it helps build loyalty and encourages clients to stay with the broker longer and to keep more money in their accounts since it becomes more profitable to do that. For example, a broker can set a required minimum account balance for a certain day of the month. If the requirement is met, a client receives a bonus on the balance. The conditions for cashing the bonus are also set in the CRM.

Welcome bonus

The main rule for this bonus is that a client can only receive it once.A welcome bonus is a popular way to generate traffic. The best way to attract a lot of cheap traffic is to offer free money. But can you turn that traffic into clients? That remains to be seen. 

Manual bonus

The superpower of a manual bonus means that you can give it just like that. If a manager wants to give out a bonus, they can do it without setting any conditions. This is a very handy sales tool which often helps in the moment.

For each bonus, you can specify description and condition fields. Create your own conditions for bonus programs using our settings!

If any questions talk to our expert in live chat or emal us [email protected]

The main disadvantage of accepting payments in cryptocurrency is the lack of familiar interface. When paying by card or through a popular EPS (electronic payment systems), no special skills are required to transfer money, all the fields are familiar, processes are automated, crediting is predictable. Cryptocurrency payment is not a mass method yet, and often such payments are made manually, which is inconvenient both for clients and for the company.

The manual way of accepting cryptocurrency payments from brokers’ clients looks something like this:

1) A broker manually creates a payment system in the CRM and specifies in the description an address to which cryptocurrency needs to be transferred.

2) Before transferring money to the broker's wallet, clients need to create a request through this payment system in the CRM.

3) To process these requests, the broker needs to manually open their crypto wallet, check which of these requests are paid and for what amount, because clients can create a request for one amount but actually transfer another one. If the amounts are incorrect, the broker needs to correct them in the requests and then mark the requests as processed or failed (if the money was not transferred).

There are two problems with such a process: manual work and difficulty identifying payments. If a broker has a lot of clients, there can easily be a situation where, say, 2 clients created a $1,000 request around the same time, and only one $1,000 payment came in. It is impossible to identify which client sent that amount, you would have to contact the client to find out.

Manual control inevitably leads to human error, and more often than not such errors amount to more than one thousand dollars. On top of that, as we know, cryptocurrency transactions cannot be undone or disputed.

UpTrader offers its clients to automate cryptocurrency payment acceptance with a crypto gateway. Crypto gateway is a civilised automated way of making cryptopayments with a user-friendly interface that eliminates human error, simplifies the finance department’s work and client transfers.

How UpTrader's crypto gateway works:

1) UpTrader’s crypto gateway has a simple API and easily integrates into any CRM.

2) A unique wallet is created for and associated with each CRM client who requests a crypto deposit. That is, only this client gets this wallet, and the wallet remains the same between different requests, so that the client does not get confused.

3) After that, our crypto gateway traces when money arrives to this wallet and sends data about incoming payments to the CRM which automatically processes requests and corrects amounts.

If cryptocurrency payments happen from time to time in your company and you anticipate an increase in them, take care of automation in advance in order not to run into problems in the future.
 

To get more information, mail us to: [email protected] or write us in online chat. 

We continue to write about different UpTrader CRM features which will help you improve your business processes and increase your clients' satisfaction. Previously we covered Wallet, Withdrawal control and approval system, and Market Analytics Feed, and today we will tell you about the Status System.

What is a status system? 

It is a configurable system that allows you to assign statuses to clients who fulfill certain conditions (deposits, KYC compliance, etc.) or fall into a certain category (country of registration, language, trading account type, etc.). The status system allows you to segment your clients based on parameters that are important to you and to build up the work with each segment in its own way. 

What does the system look like?

All client interface pages show the current status of the user as a progress bar. By default, the progress bar is set on minimum values. However, if certain conditions are met, the progress bar starts filling up and the name of the current status changes. If a client wants to know the details of their status, they can click on the status and read what it means. 

What could be the rules for assigning statuses?

You can think of any names: VIP, Standard, Base; Gold, Silver, Platinum, etc. You can set any rules for status assignment. For instance, you could treat clients whose deposits are higher than 10K in a special way. You decide then that these clients will be your VIPs and introduce certain special conditions for them. For example, no-commission deposits or deposit bonuses. 

In terms of settings, you can either assign statuses manually via back office or define custom rules. For instance, clients with a deposit over 10K get a certain status, and then it will be assigned automatically when they meet this condition. If at the same time you want to give out bonuses to such clients, you can set up the same rules in the bonus system. Users can receive benefits either manually or automatically, depending on your policy.

Use the status system as an onboarding tool

You do not need to use the status system as a marketing tool. You can also make it a part of your onboarding when your clients go through KYC, from registration to trade. For example, you can tie the status system to document verification, and each document will bring the client closer to trade, which will be reflected in their status. The KYC process itself can be long, and the statuses can provide transparency and reassure the client. 

Do I have to assign statuses to clients? 

None of this is necessary for a broker's work, but these little things tend to increase customer loyalty, introduce an element of gamification, and generally create a positive image of the broker. 

Come up with your own special status system, and delight your clients with new features.

If any questions, please mail us to [email protected] or leave a request in online chat. 

Truth be told, both trading platforms are good, reliable, error-free, and stable. Both platforms are professional and time-tested. They offer a number of useful tools, including charts, indicators, and the ability to develop custom plugins. So when comparing trading characteristics or pricing, we only aim to highlight the most significant differences between the platforms to facilitate your research and simplify your choice.

Besides, we will compare WL cTrader and MetaTrader 5 Full License specifically, because WL on cTrader is much more popular than Full License. Since October 2022, it has become very difficult to buy a WL MetaTrader 4/5, so it is much easier to get a Full License from MetaQuotes.

MetaTrader 5 Full License vs WL cTrader

Transparency is the key difference

The platforms are still different and the key difference between them is in the transparency of order execution. cTrader's policy is focused on keeping order execution transparency under their control. They keep execution records and allow traders to view these records. It is not possible to manipulate prices because they prevent users from editing the databases. Order execution in MetaQuotes is not transparent, so along with the way the platform is set up, there is more room for manipulation, which scammers can take advantage of. In this case, MetaQuotes shows the brokers the door.

Compliance

Another key difference between the platforms is the compliance process. Since cTrader controls the brokerage activity within the platform itself, including both the recording of trades and order execution transparency, they can welcome anyone because they do not risk anything. MetaQuotes, on the contrary, tries to find out whether the broker is reliable or not before the purchase goes through. Their compliance process requires customers to have the correct jurisdiction, bank accounts, and so on. This information should already indirectly confirm that the company is going to operate within the bounds of the law. Incidentally, because MetaQuotes pays such close attention to compliance, it has become virtually impossible to buy their White Label. In case of White Label, they do not know to whom they are selling the terminal rights. In case of a full license, MetaQuotes is calm since they have all the broker’s details.

Interface

The platforms have different design. At first glance, MetaTrader 5 looks outdated, they only have the light theme which does not change, the charts look complicated. 

cTrader’s interface looks more clear and modern. In addition, cTrader offers two themes: dark and light, which is very popular with users. At the same time, cTrader and MetaTrader are fairly similar in terms of the interface. Its graphical features, account management tools, testing capabilities, and technical indicators easily compete with those from MetaTrader.

Charts

The way users can interact with charts is different. For example, to change chart settings in MT5, you need to select the active chart and then make changes to the settings. In cTrader, each chart has its own toolbar, making it easier to manage the charts. Both platforms are generously stocked with indicators. The MT5 has more tools for technical analysis, such as Fibonacci, Gann, and Channel tools. cTrader, on the other hand, has other advantages such as charts that you can extend across several monitors.

In addition, cTrader offers more time frames and the possibility to display ticks on the main chart where you can use indicators and different types of charts, and not only a line chart in the Market Watch section as in MT5.

A-book, B-book.

Both platforms support both types of execution. However, since the possibility to manipulate trades in cTrader is limited, ECN/STP brokers choose it more often, while B-brokers prefer MT5. This is an important difference between the platforms that often makes brokers choose MetaTrader. Nevertheless, this does not mean at all that a B-broker on MT plans to manipulate data. MT has much wider possibilities for writing plugins and a huge market where you can buy ready-made plugins. In cTrader, there is no market and no possibility to write anything without their Software team. Of course, many companies do not like this and are therefore more inclined to choose MT. Moreover, MT offers both A-book and B-book, and the honesty of their work can be confirmed by modern tech escrow intermediaries. Wiring their money through them gives traders a guarantee that it will be received. This is how Serenity Escrow works, for example.

Serenity Escrow 

Serenity Escrow is an intermediary between a broker and a trader. Escrow uses blockchain technologies and works through smart contract. Blockchain transparency allows to compensate for non-transparent transaction execution. Deposits and withdrawals on the broker’s side are made through the smart contract, and the trader's funds are stored on the smart contract until one of the parties applies for withdrawal of these funds. Since all deposits are stored on the smart contract, if the client or broker disagrees (clients can also be cheaters), the arbitration panel reviews the transaction documentation and makes a verdict on who will receive the funds. Thus, Serenity serves as a guarantee of the broker's honest work and payments. Serenity will also add to the broker's reputation and provide guarantees to the traders in all cases: for the brokers working both on cTrader and MetaTrader, for brokers operating as a hybrid scheme with both A-book and B-book, and for brokers only working as an A-book.

Read more about Serenity here

Originaly posted on Finextra

What happened? What problem did we solve?

Once again, a developer nervously told a support engineer that the issue the customer is experiencing is not on our side. He added that it was at least the 4th time that he was answering this particular question and that it would be worth remembering it. The support manager got offended and replied that he was not sure if the situation was the same, since he did not have their chat history at hand and the question was urgent and required immediate attention. The customer, seeing his request status is not changing, continues to bombard the support team with questions. 

Everyone suffered in this context. First of all, the support person, literally torn between chats. The developer suffered from the same repetitive questions, the management suffered from complaints, threats, and eternal emergency mode. The customers suffered, as their questions were left hanging in the air. The situation is quite typical for software providers, where minor bugs, appearing here and there, make everybody nervous, both just because they exist but also because developers are bothered with the same question: well? when?

Messaging apps are evil

“The root of the problem leading up to this situation was the way requests were handled by the support team” says Project manager UpTrader Elena Pinchuk. 

 “When the company was a small startup, each customer was assigned a personal manager who answered all their questions in a convenient messaging app: Skype, WhatsApp, Telegram, and so on. Maximum ease of communication, instant response. However, when the company started growing, the number of chats increased, and the answers to typical questions got lost in tons of correspondence. Gradually, chaos ensued and the system began disintegrating. Change was triggered when a manager approached the developers with yet another “stupid” question but they decided that the problem was not worth their attention and left work for the weekend. It turned out that the problem was serious, but due to the lack of alerts and status updates they were unable to correctly identify its severity. The team repeatedly apologized to the customer, drew conclusions, and decided that it was time to give up messaging apps and launch a support portal.”

What system we chose

After having researched the market, we decided to try the Help Desk by Atlassian since we already used their task tracker Jira. “We decided to try the system for a month, configuring it so that certain incidents trigger alerts”, continues Elena.

“Within a week, we trained and tested our support team and informed our customers that they could now use this new and convenient system. As expected, some customers were unhappy with the change, because they had to get used to another system. Some had unfounded fears that now it would be even slower and worse”.

 After all, before they could just type a quick message and now they had to go to the portal, think how to categorize their issues, leave a ticket, and wait. Every customer has an account. To create a ticket, they have to answer 3-4 questions and specify the urgency and the category: bug, new feature request, etc. The ticket instantly goes into the system. The customer can see how the status of their issue updates from open to in progress and is reassured that their issue is being addressed. It is convenient for both the developers and the support staff that categorization makes it possible to systematically track recurring errors and optimize solutions accordingly. A convenient search function allows the customer to find their issue history in two clicks.

What was the result? 

“We limited the ticket resolution time to 48 hours, with 6 hours to first response for non-urgent questions and 1.5 hours for urgent ones. This added predictability and transparency. The speed with which we are working has increased and the number of support tickets has decreased. We don’t feel the need to monitor all the chats anymore and manually go through urgent and non-urgent tasks. A pleasant bonus is the ability to track employee efficiency”, said Elena. 

“So far, the system is not ideal”, added CEO UpTrader Vasily Alexeev. 

“However, we can already see a significant effect. Satisfied employees, customers, and managers are the key to customer loyalty and sustainable development of the company”.