What Type of CRM Do Forex Companies Need?

What Type of CRM Do Forex Companies Need?

In today’s market, customer satisfaction plays a major role in every company or organization's success and failure. That’s why it is essential for every business to make all efforts possible and increase the level of their customer’s happiness. One of the best and most efficient ways of achieving this goal is to get a CRM for their business. Forex companies are no exception in this story.

Forex trading has been becoming increasingly more popular in the past decade. The high demand in this market has made it a very competitive one; so much that customers change from one company to another for the tiniest details. This demanding nature of the market has made it crucial for Forex trading companies to go out of their ways to satisfy their customers’ needs fully.

But, what kind of CRM should you get for your Forex company? And, why do you need to have a different CRM specifically for a Forex company? In this article, we will talk about these questions and mention a few features that the CRM you are getting must have to suit the needs of your Forex company the best.


Why do you need a special CRM for a Forex company?

It might not be the most appropriate way to describe the Forex market as “complicated.” However, when it comes to managing a Forex trading platform, there are more than a few subtleties that one needs to take into account to be able to provide the best type of services for their clients. Suppose you own an online brokerage or manage a Forex trading platform. In that case, you need a Forex-oriented CRM in particular because of the many important details we will talk about here.

A Forex CRM is able to understand the Forex market better than a normal CRM. It knows the trading platforms, it understands the various patterns involved in the trading process, and overall, it can analyze the solutions on its own.

This type of CRM provides a huge advantage in the market for the broker and caters to the needs of the company the best. Also, it allows for integrations at various levels that are vital to a Forex brokerage’s success.


Now, let’s look at some important features that we believe a Forex CRM must-have.


  1. All-in-One Management Platform

Your ideal CRM for Forex must be able to manage data and client interactions, IB administrations, marketing activities, and everything else in one single place. As a Forex broker, you already have a lot on your plate, and you are already handling too many things at the same time. You do not want to get a CRM that only does a part of the job for you but leaves you with another part to take care of on your own. That only adds to your problems rather than helping you solve them.

Your CRM for Forex must also come with API (Application Programming Interface) services. This way, you will be able to integrate it with your MetaTrader 4 or 5, web or mobile trading platform, trader’s room, or any other existing tool that is necessary for a brokerage company.


  1. Lead Management and Customer Journey

The basic advantage of any good CRM is how you can simplify the tasks. For example, you must be able to view your customers’ purchase history, their demographics, their trading habits, and any other information with a single click. This enables your sales team to customize their approach to get in touch with each customer and go for cross-selling and upselling opportunities that would otherwise be a tougher sell.

Moreover, the lead management system must track all the lead activities such as conversations between the sales team and the customer, any messages, phone calls, meetings, etc.


  1. Multi-level Partner Management System

Managing revenue shares or partner commissions between multiple partners can sometimes be a very tricky affair, especially if you have multiple introducing brokers, fund managers, money managers, and affiliates who manage a common set of clients.

A good Forex CRM allows you to track, automate, and split payments to ensure the correct amount is paid to the right person, a feature that most other normal CRMs often lack. Additionally, the comprehensive dashboard of all the trades managed under each partner gives you an overall look at the progress.

Also, with a Forex CRM, you can have role-based access to the platform. At the super admin level, you can define the access types for your administrators, managers, and other partners if you wish to limit some of their activities or give more advantage to some.


  1. Customer Segmentation

Converting leads into customers is one thing, whereas keeping them happy and loyal to your brand is a whole different story. Segmenting customers based on their trade volumes or any other factor and maintaining personalized relationships with them is the key to this.

A good Forex CRM will provide you with a panoramic view of your customer, giving you an understanding of each customer’s trading habits, portfolios, and profitability. This enables your staff and the entire system to do their best to ensure that each customer is given a good analysis.


  1. Unified Communications Tracking

When your Forex CRM is integrated with your trading platforms, it allows you to view each customer’s entire trading history on one single screen. This eliminates the need to switch between multiple applications and reduces the time you spend on tracking a lot.


  1. Regulatory Technology

Since Forex trading is a global market, there are sets of regulatory compliance that apply. It would depend on the region you are operating from, but the basic processes stay the same for almost all the companies. Identity verification, anti-money laundering (AML) verification, and Know Your Customer (KYC) are the most important ones, all of which need to be carried out with diligence for each customer.

A Forex CRM understands these aspects and has the ability to be integrated with electronic verification systems. This allows you to manage these processes without any extra hassle.