A Step-by-Step Guide to Select an FX CRM System

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With the highest level of competitiveness, the Forex market invites newer brokerage businesses, demanding them to offer clients the ultimate functionality. What is the key factor to take into account? Start with Forex CRM Software. Such a system is mainly responsible for the interconnection between traders and brokers. This said, the chosen software may influence how satisfied your clients are with the services. On the other hand, eye-catching CRMs provide business owners with tons of required information that leads brokers to adjust their services to end-users’ needs.

Meanwhile, beginner brokers face a dilemma – which Forex CRM provider to apply to? There are five key steps to choose the best matching software to push your brokerage business forward.

Step 1. Outline your goals and needs.

The foremost concern is to point out the objectives of your brokerage business. List the key tasks a Forex CRM must handle and think over possible hurdles and headaches. For instance, a high-quality system is compatible with a string of top-rated trading platforms. Furthermore, your software must optimize sales and marketing features, integrate with other systems, etc.

Newer business owners need to have a clear vision and understand future perspectives. The number of CRM systems suggested on the market is broad enough; meanwhile, implement the one that entirely meets your goals.

Step 2. Automate as many processes as possible.

Automation processes are among the trends of today’s world. Forex business is not the exception – these processes cut your expenses and save much time, offering end-users services of the highest quality. CRMs are claimed to automate a bunch of inner processes, minimizing your need for human interaction.

High-quality CRM software automates the transformation process from leads to active clients, speeds the customer support up, enables business owners to get reports and live statistics. The more processes can be automated with the help of such software, the better. On the other hand, all the automated interaction stages should be done well.

Step 3. Get all-in-one solutions.

When the software is compatible with your goals, and automation is among the top CRM’s features, find out which functionality is suggested for end-users. Traders expect to get a convenient and straightforward environment where all the key features are at their fingertips.

Top-rated systems connect payment providers to simplify deposits and withdrawals, include functional client’s areas with a set of trading tools and the possibility to manage multiple trading accounts. Traders understand the value of time; this is why brokers need to offer something truly convenient and easy-to-operate.

Step 4. Take legal issues into account.

Once a Forex CRM is compatible with your business requirements and traders’ needs, it’s high time to think over the legislature. The majority of brokerage-friendly jurisdictions require companies to follow KYC and AML requirements. The compliance with legal norms and standards falls into the category of top-5 CRM features.

What does it mean? High-class Customer Relationship Management systems check whether a newer entrant corresponds with KYC and AML requirements. Furthermore, such systems empower business owners to access real-time reports and statistics, handle fees, taxes, and other payments, automating the financial side of a company’s activity.

Step 5. Integrate the required systems.

This step is the last, but definitely not the least. The functionality of a successful Forex broker consists of multiple components – i.e., trading platforms, payment providers, customer support options, partner software, etc. While talking about CRM solutions, everything should operate as a united mechanism.

This said, many newer brokers prefer to implement package solutions. For instance, B2Core is a revolutionary product designed by the B2Broker company. The solution includes a trader's room, CRM, and client’s portal, taking into account your business needs.

What are the features of CRM software included in the package? Compatibility with more than 10 in-demand trading platforms, advanced trading analytics, a convenient dashboard, compliance with legal norms, flagman security, and the named features are just the tip of the iceberg. Business owners are able to select among the three available packages to get options they really need.

Don’t neglect the importance of the Customer Relationship Management system, as this software may highly impact a broker’s success in the Forex market.