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Why does your Forex business need a CRM?

Why does your Forex business need a CRM?

Mistakes are always painful. On the other hand, newcomer brokers prefer to cut entrance expenses as much as possible. What are the effective practices? Business owners get White Label trading platforms and liquidity, partnering with successful well-known brokers.

Some newer players of the FX market cut expenses by selecting low-quality CRM systems, and that is a dead-end road. Doesn’t it sound too dramatic? In fact, many beginner brokers underestimate the meaning of a high-class Forex CRM system. Such a solution serves as one of the crucial components that impact your brokerage business.

    What are the major ways a qualitative CRM solution impacts your FX business progress?
  • Brand new interaction with leads.
  • Clusterization of active traders.
  • Effective management of partnerships.
  • Extensive reporting network.
  • Staff optimization.

Let’s dive into each aspect deeper to understand why progressive CRM solutions are considered a powerful weapon against competitors.

How to interact with leads?

Forex is a fiercely competitive industry, while brokerage companies are working on effective ways to attract more traders to their platforms. Meanwhile, even the best promotion strategy is effective with a certain group of leads only.

Forex brokerage CRM solutions take the interaction process under control. Such a system categorizes leads into several groups, according to multiple principles, and business owners may easily understand what leads from a certain category expect to get. For instance, someone needs the highest security levels, other potential customers are looking for low fees or diversity of trading pairs, etc. Brokerage companies work out different strategies for every target category of leads.



What’s even more important, these systems enable managers to monitor the interaction status with all the leads, minimizing the rate of rejections.

Registration as halfway the success

Imagine the situation when a newer trader has joined the platform driven by an effective promotion strategy. Is the mission completed? Many brokers think so, paving their paths to failures. FX traders of today understand the growing competition level in the market. When your client has found nothing that meets his (her) expectations, several minutes are enough to change a trading platform.

CRMs cluster your active traders into groups, letting you know more about their trading statistics, experience, objectives, and geographical locations. Business owners may create exclusive offers for every group to increase client loyalty. The more satisfied active traders are with given services, the higher peaks your company is going to reach.



Furthermore, a customer FX CRM is responsible for high-end support when active traders face troubles and headaches. On the one hand, such a system sends requests directly to responsible managers to solve a problem instantly, while on the other hand, a set of diverse reports may let managers and support agents predict possible troubles and either avoid them or get effective measures at their fingertips.

Partnership as a must-have step for successful brokers

The vast majority of brokerage companies are thrown upon their own resources at the beginning of the way; meanwhile, partnership models simplify your path forwards to success and open new horizons.

    What are the most widespread partnership models?
  • White Label solutions. For instance, a beginner broker wants to cut expenses. Business owners apply to large brokers and use their licensed trading platform and liquidity. Primary brokers get rewards that depend on trading volumes.
  • IBs (introducing brokers). Private traders and companies may act as IBs, landing customers on your brokerage platform. Introducing brokers get rewards based on landed clients’ trades.

A successful company needs to manage partnerships, sending rewards timely, and sometimes it is a challenging task. Two ways are possible: either to hire employees specifically for this task, or to implement a high-end Forex CRM system responsible for invoices, rewards, and reports.

A reporting system as your best alarm

That is a common situation for brokerage businesses when an owner understands the mistakes of the chosen way, but it’s too late to introduce changes without a massive outflow of traders. CRMs are claimed to provide business owners and managers with detailed reports, informing them about current problems and leaving enough time to find the right solutions.

The extended reporting network informs about the smallest details: trading stats, the efficiency of diverse features, general moods of users, etc. A report may timely warn a business owner of the negative tendency, while timely updates impact the situation positively.

Hire employees that you truly need

Staff overage is a problem most brokers face. Brokerage business success depends on multiple factors, and newcomer business owners hire numerous employees to control every process: analysts, support agents, lawyers, admins, etc. As such, monthly expenses are high enough.

CRM software may cut your staff by 30-50%, depending on your objectives, volumes, and status. Such a system automates most processes inside a brokerage company; this is why it takes controlling duties under management. Furthermore, automation processes exclude risks of errors that are natural for humans.

To sum up the benefits from the implementation of the high-quality functional CRM system, we may highlight that software helps business owners transform leads into active traders, automate inner processes, and cut expenses. Doesn’t that sound like a must-have characteristic of a successful FX broker?

How to find a reliable Forex CRM developer? B2Core is a package solution that offers unique features to boost your business. Select a package that meets your demands, wasting no money. This CRM solution is not about getting money – it is all about jumping partner FX business to a new level.