What is Forex CRM? How does it work?

The Forex market is still among the most promising industries that entail possible high profits even for newer players. Meanwhile, the competition level constantly emerges; this is why brokerage companies need to implement high-end solutions. CRM is among the components to take into account primarily.

What is CRM for Forex brokers?

CRM is an abbreviation for Customer Relationship Management; this said such software is responsible for the interaction between a broker and its clients. Successful brokerage companies understand the importance of high-quality CRM solutions that enable business owners to overrun their competitors.

If we compare top Forex brokers, the vast majority of companies are based on the same trading platforms and offer more or less the same scope of services for their clients. As such, CRM software is a field to highlight your company’s pros and attract more clients.

What are the working principles of Forex CRM software?

All the working principles of such software can be roughly broken down into the following functions:

  1.   To identify and classify the leads:

CRM software designed for FX brokers is first and foremost responsible for sales. A team gets leads from referrals, ads, and other sources, and a team itself needs enormously much time to identify and classify every lead. As for a high-end CRM, the task becomes elementary, as software enables teams to manage numerous leads simultaneously.

  1.   To build up communication with independent brokers (IBs):

On top of independent traders, IBs are important players in the market as well. Forex CRM helps a brokerage communicate with independent brokers, inviting those players to join a trading platform.

  1.   To provide traders with high-end customer support:

On the subject of Forex brokerages, high-end customer support is named among the top priorities on the way to success. Meanwhile, CRM software revolutionizes this goal, incarnating numerous customer support features. Furthermore, the software is able to solve problems in real-time mode. Since Forex CRM is responsible for customer support, a company’s team can shift accents to more important tasks – i.e. productivity, functionality, and innovations.

  1.   To analyze giant scopes of data:

Giant datasets are something most up-to-date spheres have to face. We are all living in the digital age; this said, a problem of data analyzing and structuring is vital. Trading CRM software is the best solution to clear a “datablock.” Such software analyzes tons of information referring to potential clients and presents possible outcomes that are the best match to build up communication and invite newcomers to join your platform.

  1.   To cut a company’s expenses:

When financial issues are a subject of discussion, nothing seems more important. Successful FX brokers are always interested in effective ways that lead to minimizing expenses. High-quality CRM software that corresponds with your business needs is an effective substitution for diverse employees. Eventually, once a business owner implements revolutionary software, a smaller number of staff will suffice for a brokerage company.

Put simply, Forex CRMs simplify your working processes, cut expenses, and make your business compliant with traders’ needs and expectations.

The two types of FX CRM software

Such software is of two types: desktop and cloud CRM. Which solution better corresponds with your needs and goals?

While talking about on-premises CRM software, costs are of major consideration, as business owners need to pay for both software and installation. Furthermore, a powerful server is needed to help your CRM operate correctly. Backup server and Internet connectivity are necessary factors to prevent operation failures. No matter how technological and high-quality your CRM is, upgrades are required over time. Suffice it to say, desktop solutions are costlier when compared to cloud software.

Cloud CRMs work out to be more effective and less expensive; meanwhile, some Forex brokers believe the myths are related to insufficient informational protection. Reliable and trustworthy providers guarantee brokers the highest level of data protection. As for pros, cloud-based software carries many of them:

  • Scalability. Cloud CRMs are compatible with augmenting user bases, enabling business owners to activate diverse settings at any time.
  • High-end infrastructure. The landscape is fiercely competitive; this said providers offer businesses the most innovative and fastest infrastructure.
  • Straightforward access. A brokerage company purchases software and gets instant access to its functionality, facing no lengthy installation.
  • The simplicity of integration. Cloud-based CRMs are easily integrated with portals, gateways, and other channels.

This said cloud software is more effective for businesses from the viewpoint of both available features and expenses.

Trader’s room as the base for FX CRM implementation

A brokerage company’s clients get access to CRM features through their traders’ rooms. What is a trader’s room? The answer is pretty straightforward. Such a portal serves as a bridge between traders and brokers, enabling a platform’s clients to reach different sections, including Verification, Demo account, Deposits, Withdrawals, etc.

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