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How to Choose the Right Forex CRM? – Step by Step Guide

How to Choose the Right Forex CRM? – Step by Step Guide

The number of FX broker businesses is still on the rise; meanwhile, the statistics do not sound good news for beginners: 90% of newer brokerage companies that entered the Forex market end up their way with a failure. Inappropriate market analysis and insufficient implemented software are among the key reasons. Despite the fast-growing number of Forex traders worldwide, they are looking for the best available services (advanced tools, straightforward interface, eye-catching features). CRM systems are among the attention magnets for beginner traders in case if the software meets their expectations.

Why are CRM systems important for a Forex brokerage company?

On top of effective interaction with traders, such software solves much more tasks that impact an FX brokerage company development – CRM systems collect and centralize data, serve as high-quality reporting systems, optimize sales, etc. There are some widespread myths related to a Forex CRM:

Myth 1. CRM systems are useless for small brokerage companies.


That is entirely natural when beginner brokers are looking for every opportunity to cut expenses, entering the FX market. Customer Relationship Management is not among the solutions to stretch a dollar. High-quality and effective CRMs automate your processes and minimize expenses within diverse operating spheres. Furthermore, such a component lays the foundation for a company’s further development.

Myth 2. CRM software is too expensive for newer entrants.


This myth is somehow related to the first one, as beginner brokerage companies are trying to convince themselves to ignore a CRM for brokers implementation. Plenty of companies offer software for business owners; this is why the field is fiercely competitive which makes prices entirely affordable even for beginners.

Myth 3. CRMs are not compliant with your onboard systems.


The market of CRM systems roughly breaks down solutions into two categories: ready-made and custom products. While talking about customization, experienced specialists provide the fullest complex of settings to integrate your existing systems with CRM software. Everything should operate as one mechanism.

As such, the importance of CRM implementation is obvious, and owners of brokerage businesses face another dilemma – how to choose the right solution among the wide array of solutions available on the market?

Stages to choose a Forex CRM corresponding with your needs

When a newer business owner wants to implement effective Customer Relationship Management software, the following steps are mandatory.

Step 1. Understand your business vision and goals.


First and foremost, brokers need to outline their primary goals and understand the path they are paving. CRM systems are claimed to develop your brokerage business and open new horizons; this is why, point out some features that sound crucial for you.

Step 2. Apply to a reliable provider of trading CRM solutions.


Once you’ve decided which features you are looking for, find a reliable, successful provider on the basis of reviews. What are the characteristics of reliable providers? Trustworthy companies offer package solutions so that a business company can select the best matching package from a set of suggested ones. Furthermore, reliable providers set up the software to ensure brokers that all the systems are integrated and operate appropriately. High-end customer support falls into the category of components related to trustworthy companies only.

Step 3. Rely your improvements on a CRM solution


CRM systems aim to develop your Forex brokerage business. Use the given statistics, reports, and feedback to improve your services, making them more adjusted to end-users. The process of an FX CRM implementation sounds easy-to-activate; meanwhile, brokers need to understand features they want to include in their CRM software.

    The list of must-have features for CRMs
  • Agnostic to trading platforms. No matter which trading platforms you are going to use at the beginning, select a system that can be connected with a wide range of platforms to exclude possible troubles and headaches in the future.
  • Compliant with legal norms. According to the Forex regulation, brokers need to follow KYC and AML policies. High-quality CRM software includes a trader’s room where new entrants are able to verify their accounts. Furthermore, CRMs may enable brokers to integrate third parties.
  • Easy-to-report. Successful brokerage companies are mainly based on appropriate control and constant improvement. This is why your CRM system needs to provide informative reports and statistics related to profits, trading activity, etc. Those reports lead business owners to understand which improvements are required to jump a company to the new level, adjusting all the services to traders’ needs.
  • Helpful in sales management. Transformation of leads into active traders is considered among the key features of every CRM software. Sales managers get all the information about leads in one click (location, trading habits, strategies, profits, and so on). This information lets managers work out an individual approach to every customer, exceeding his (her) expectations totally.
  • Time-saving. CRMs systems are possible to automate the vast majority of your processes provided manually. This said a business owner needs fewer employees having a Customer Relationship Management system implemented.

As for the other features, they are a two-edged sword. On the one hand, the more features, the better. On the other hand, avoid options that do not correspond with your goals (current and future). Compare the functionality of products to understand which software matches your business the most.

B2Core – a sure step towards success

The B2Core solution is among the most eye-catching technologies on the market. Three packages are suggested to empower business owners to select the one with a set of necessary features. Furthermore, the solution offers brokers a CRM, trader’s room, and client’s portal.

With many years of experience, B2Broker understands the needs of both traders and business owners. B2Core is a product that appeared on the borderline between constant needs of traders and innovations – brokerage businesses receive an even more convenient interface, even more secure solution, and even more functional software.

Such a product grants your business grace over competitors!