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crm software for forex

CRM for Forex brokers

There is no denying that the customers are the core of any business model. Customer interaction and the connections built with a customer decide the growth of your business. The Forex platform is an extremely vast domain. It requires proper management, analysis, and inception, and data tracking.

This is where the proper use of CRM becomes a great game-changer. CRM is a strategic tool that aids in creating a relationship with customers that result in brand loyalty and customer retention. This Forex management strategy greatly assists the increase of profits. It also builds an easy user interface for data collection and scaling the steps for communicating with the traders. A decent adaptation of the CRM solution for forex brokers lets you accurately track the traders’ data. This includes money transfers, deposits, and/or withdrawals.

What is CRM in Forex?

Forex CRM is a CRM software built specifically for Forex brokers and facilitates customer relationship management through the automation of processes. A forex broker is continuously interacting with thousands of customers every day, the goal could be anything from support services, to promotions and sales, forex CRM could be a great help. Forex CRM becomes an automated sales engine that is controlled by the sales team. Through it, we can approach potential customers, find new customers, and gather the maximum number of customers. it also helps to keep constant contact with your current customers and ensure maximum retention.

How does forex CRM work?

CRM helps make magic possible in many ways. Some of the forex CRM solutions are:

– Helps identify and categorize the leads

– Helps manage the relationship with independent brokers

– Helps with costs reduction

– Elevates your level of customer support ideal

– Makes data analysis possible

Identifying and categorizing the leads

One of the main objectives of CRM is sales. Potential clients and leads can be discovered and generated in many ways, such as referrals, advertising, organic presence, etc. CRM combines all of these functions and roles, making it possible for the team to manage as many leads as needed simultaneously. Classifying and categorizing each lead individually is a task that is impossible otherwise.

Maintaining relationship with the independent brokers

There is no denying the importance of an IB (independent broker) in the forex market. The relationships you hold with the independent brokers are just as important as the ones with independent traders. Independent brokers are great stakeholders, and they can ensure great deals for any company in foreign exchange. Forex CRM helps you get your relationships in great shape.

Operation cost reduction

The traditional methods of forex broking, even though slowly going instinct, are still available. It is completely clear that the traditional, not automated method, costs more as it will require employing more people. You will have to assign all the tasks to resources that you pay for. Other than that, there is always the chance of human error that is less probable with the use of automated software. Forex CRM allows you to manage multiple operations with a small, efficient team.

Offering the best customer support possible

Luckily, we are far past the days of having to set up a complete call center to manage customer relationships. Most businesses now offer automated chatbots that can solve most customers’ issues. Through the great help of CRM, the need for human interaction has been minimized. Forex CRM software is capable of solving most customer issues in real-time and managing most of the customer support functions 24/7. This will decrease the costs and make it possible to focus your resources on more important tasks, improving overall productivity.

Analyzing the huge amount of data possible

In the current digital age, we have been lucky enough to have so many valuable tools that provide us with an abundance of data. Unfortunately, it is almost impossible to get all of this data to use without having a huge group of employees. This would probably cost you more than it would benefit you, or you could afford, especially if you are not a big company. CRM software makes scrutinizing and adopting all these data possible.  

How does forex CRM elevate your business?

  • Unification and simplification of communication 
  • Establishing better strategies
  • Better profiling 
  • Increase in lead generation 
  • In-depth analysis 

Creating a streamline of communication

Forex CRM is simple, yet there are just too many ways to do it: social media, email, website, calls, etc. if these marketing strategies are implemented efficiently, they can build a good protocol for CRM. Forex CRM is crucial to maintain a record of the conversations, purchases, and marketing materials that are associated with the traders and leads.

Establishing better strategies

When better anticipating the customers’ demands, your team does a better job at satisfying them. Through the help of forex CRM, your business can better provide for the needs and requirements of the company. Another upside is that you also become more efficient in the organization and automation of various business aspects. Furthermore, complex aspects of customer interactions can be fused and simplified to increase customer satisfaction.

Better profiling 

forex CRM makes it possible to analyze each of your customers individually. This makes it possible, to include their individual purchasing habits, preferences, opinions, etc. This makes it possible for your business to better implement its operational tactics.

Increase in lead generation 

CRM is a great tool in analyzing customer interaction histories such as previous purchases, service satisfaction, and associated marketing campaigns. This analysis can then be used to create a better marketing strategy that improves the sales and services provided by your business. Also, the automation of the process makes it possible for the customer to render the service and time without any delay, introducing real-time report generation which is an automated form of case logging. Put these together and everything becomes way more efficient.

In-depth analysis

Through CRM we can access a better understanding of the loyal customer’s needs, demands, and wants. It can also discover growth patterns that make it possible for businesses to achieve their future business goals. Forex CRM especially gives you an upper hand in an overall competitive and crowded market, making it possible to achieve an in-depth analysis of your customer’s needs.

The importance of forex CRM

“There is only one boss, the customer. And he can fire everybody.” There is no better way to describe the power customers hold than the way this quote by Sam Walton, Founder of the Walmart supermarket chain stores, does. At this time, keeping traders fulfilled, and loyal to your brand has become harder than ever. It requires great dedication and sophistication to satisfy customers now. The days of call centers and deposit bonuses are long gone. None of these are now enough to differentiate yourself in such a competitive industry anymore. Many forex businesses are coming shortly because of how they fail to retain customers.

And the importance of customer service will only rise. A walker consulting service believes that: customer satisfaction will be more important than the price and the product.

What to look for when searching for the best forex CRM?

Having any customer relationship management tool is better than having none. The foreign exchange market has always been very competitive and responsive and the fast pace is not going to decrease. Today, CRM has become crucial to keep up with the increasing demands of the industry. Forex CRM enables you to offer top-notch customer service and manage independent brokers and other partners. But there are just so many options available nowadays, that choosing the right CRM software could into an extremely hard task. The better the CRM, the more it looks and feels like a complete broker management system with back-office tools, partner portals, and even a trader’s room.

Here is a list of features you want to look for while searching for your ideal CRM software:

  • Platform agnostic
  • Sales support
  • Multi-level partnership management
  • Compliance tools
  • Communication tracking
  • Reports
  • White label customization
  • Software company provider
  • Payment integration
  • A la carte availability
  • Segmentation tools
  • Partner portal

Platform agnostic 

It is important to choose a platform-agnostic CRM, as flexibility is key in planning a smooth future further down the road. Your business will shift and expand to new markets as time goes by, and you might want to offer your clients new trading platforms. But, that will be a guaranteed software headache, if your CRM software is not already platform-agnostic. For example, imagine that you are going to include a Zulu trade, in addition to MT4 and MT5, you do not want to go through a whole CRM software change to make that possible. do you?

Sales report

We have already talked about how leads are one of the most important, central parts of ANY CRM software. Through the CRM software, you must not only be able to see a lead contact’s information but how often a lead has been contacted and where they are in the sales funnel. Furthermore, the ideal CRM also makes it possible to see where each lead came from. This allows you to better understand which channels are more successful and permits you to focus your resources efficiently.

Partnership management at a multi-level level 

Multi-level partnership management makes it easier to handle complicated trades, especially the ones with more than one partner, they are forex account managers. You need to pay rebates to your introducing broker and other partners. Additionally, for deals that involve multiple associates relating to the same client, a tool that aids in splitting rebates or payments and ensures that the appropriate person is paid the correct amount is a great help. If this is a special concern of yours, look for the CRM software that specifically mentions multi-level partnership management.  

Compliance tools

Many CRM software can help financial services companies deal with regulatory challenges. These challenges, often called Regtech are often build in great CRM software. When choosing your forex CRM software, look for ones that can aid you in managing KYC and can track if the customers have submitted the appropriate documents or not. Take into consideration how you would like a forex software to deal with KYCs and see if the tool is capable of that during a demo.

Communication tracking 

A central function of any CRM software should be the ability to improve your relationship with your clients. A program that offers a note feature can be a great assistance and advantage in this area. Through these notes, your team can keep detailed records on each client, whenever they have an interaction with them, and later review these records before contacting them. This way the employee will accurately know who they are talking to, each time at your brokerage. Furthermore, it even ensures that the clients feel seen and valued and fewer errors occur.


Earlier, we mentioned how forex CRM can be a great tool in compiling and analyzing data, especially considering how much information you will put into it. With good CRM software, it should be easy to generate reports on leads, revenue, trading statistics, dividends, and more. The software should also include reports that facilitate complying with the rule in your regulatory environment. Even if your environment is currently not regulated, it is better to play it safe by keeping this in mind, as regulations may change rapidly. If specific reports are extra important to your business, make sure to ask about them during the demo. The CRM provider will be more than happy to help.

White label customization 

A CRM software that allows you to customize your trader’s room, with your color and logo, will make you look way neater and put together. This especially important if you want to have a brand image and voice, that echoes all across your website, and your client portal. Such a feature will allow you to achieve that consistency. When the customers log in, they face a familiar branding and see a well-designed site. This will make your business seem more professional and way more trustworthy as well.

Software company provider

It is also necessary to check your provider’s background, as many of them are in the brokerage industry themselves. This way your information and data are directly handed over to one of your competitors. By choosing a company that is solely active in software and tech, you will ensure that their greatest goal is to provide amazing software and not growing their own brokerage business. Moreover, this will ensure excellent developers and a dedicated support team that will back you up if you face any problems.

Payment integration 

Choosing a CRM software that integrates with payment methods is the most simple way to ensure deposits are easy for the customers. The easier the forex pay and deposit process are, the customer becomes more likely to make their first deposit, and then become a usual client of yours. When your CRM integrates with payment methods, like bank accounts, Skill, or Neteller, payments are immediately processed. Clients will not have to wait this way, and it becomes easier to sell.

A la carte availability 

If your business is not in the earliest stages of development, you must consider that some CRM providers require you to use a variety of services they provide, such as web development services. At times they require you to use a specific liquidity provider that pays the CRM for providing business. Although this might sound helpful if you are just starting, as you will be receiving a more complete package, it might become a problem in the future. As your business expands further, you might find yourself in need of features your provider does not offer. This will lead to your expenses growing, as you will find yourself locked into the rates a single company sets. Your abilities to adapt to new circumstances will be hugely limited.

To prevent that look for a CRM provider that does not force their other services upon you. But, instead can introduce you to other service providers, assisting you with the different aspects of your business.

Segmentation tools

Many of your customers will be making multiple purchases each day. This will have you end up with a huge pile of data. Your FX CRM must be capable of managing that pile. One way some CRM softwares handle this is by giving you the ability to divide and categorize these clients based on a wide variety of factors and details, such as country, annual income, EMIR classification, etc. Choosing software that can manage this data will be greatly helpful when dealing with client retention efforts, compliance management, and more.

Partner portal

Offering partnerships and accepting new independent brokers are a part of growing your brokerage. A partner portal feature will be very practical, as it will allow you to empower the IBs by giving them access to accounts. In this way, they can help convert leads and support customers that are making deposits. This feature creates a win-win situation for both the brokerage and the IBs, giving them a system where they can have a better understanding of what is going on with clients. 

The importance of the Trader’s room

Trader’s room creates the base for any Forex CRM. It is any CRM’s most important feature or key feature. It is through the Trader’s room that each of the traders can find access to the features of the CRM, and trade with ease.

What is Trader’s room? 

Trader’s room or client portal is also often referred to, as the CRM for traders. It is a common area in the CRM that makes it possible to bring in all the traders together on one platform. Trader’s room is an online portal that hosts many different sections such as KYC to upload documents, Demo account, Request for Live account, IB, or Affiliate section to manage IB hierarchy and IB commission. It even offers E-Waller to preserve your spare funds, Deposit, and Withdrawal Section to manage your finances.

If we consider CRM a bridge that connects traders and brokers, we should totally understand how these two are integrated. Some of the most important features a trader’s room must have are:

  • An online wallet
  • Payment portals
  • Online support
  • Broker hierarchy
  • Mobile apps
  • Online notifications
  • Multi-lingual platform

An online wallet 

By having a built-in online wallet in your trading room, it becomes easier to synchronize the trading and funds, and the trading process becomes a lot smoother. You can also transfer the funds from wallet to trading and vice versa, and IB commissions and internal wallet transactions become easier.  

Payment portals

This guarantees the complete security of each transaction the trader is making. This feature is of vital necessity and has various options such as debit, online banking, credit cards, PayPal, etc. This way the trader can choose one and not be scared of losing data or confidential information.

Online support

Trader’s room online support will be the best solution if any trader needs on-the-spot assistance.

Broker hierarchy  

This ensures the proper and correct calculations of rebates and commissions. This feature stores and handles the data of the independent brokers efficiently. The support team can solve the issues of traders immediately once the tickets are generated.

Mobile apps

In today’s world, there is no easier way to access the internet but through a cell phone. Traders might be traveling, or not have the time to sit behind a laptop or PC, in these scenarios their cell phones will be their go-to option. Mobile apps are getting increasingly important, and you might lose your chance with some clients if you do not offer one. The mobile app improves the user interface with easy navigation.

Online notifications 

Anyone would like to be notified of the activities happening on their account. For example, if deposits and withdrawals are notified to the trader online, he can make a smoother transaction more easily. It creates more trust in your business and makes you the more efficient option as well.

Multi-lingual platform  

Language should not be a barrier, especially in a trade like this, where clients might be from any place, all over the world. It makes almost no sense to stay local in forex. If your platform is multi-lingual, clients will be able to access you from any place on earth without fearing miscommunication.

How does AI affect forex CRM software?

In all businesses, there are two major game-changers concerning customer relationships: understanding each customer’s individual needs, and communicating effectively throughout the client’s journey. 

Both of these challenges are capable of defining the future of your company. The outcome of neglecting either will be a lot of missed opportunities, poor customer service, fewer conversions, failure in upselling and increasing churn.

Understanding each customer’s needs individually will allow you to offer them the services, and products they would be most eager about. 

And on the other hand, effective communication will assure a great customer experience without any miscommunications, resulting in customer loyalty. 

Delivering a more personalized customer experience also increases conversions. To be able to succeed in these challenges you will need to analyze customer data.

Many CRM softwares offer the benefits of AI or artificial intelligence. To be more precise, this means the advances of machine learning (ML) and Deep Learning (DL). If your CRM software includes machine learning, it can learn and adapt to new data without your intervention. Considering the large piles of data your brokerage will be continuously collecting, this becomes extremely important.

To access great insights about each forex trader, you will have to channel data from phone calls, live chats, chatbots, emails, PPC, and social media campaigns.

Furthermore, the data involving deposits and withdrawals, along with the payment records regarding transactions can be analyzed, crossed, and matched with marketing activities. These insights will be a great aid in developing new strategies and predicting where to spend the marketing budget to achieve your campaign objectives. 

New leads will be efficiently gained, and costs are reduced as these prospects are acquired more cost-effectively which reduces CPL and CPA.

Self-hosted forex CRM or cloud-based Forex CRM?

There are two main ways to keep track of all your CRM data: hosting on a cloud and self-hosting. It has always been a great debate about which is the best choice.

What is the cloud hosting of CRM?

The simplest way to put it is that cloud-based CRM is a CRM software that is hosted in the cloud. This means all the collected customer data is stored and accessed through the internet. This allows access to your data, from anywhere and any device. It is also very useful if you do not have the facilities to store all the data that you own.

What is Self-hosted CRM?

Self-hosting is also known as premises or local hosting. Here, the software is installed and accessed by the company-s own servers. With self-hosting, you will have more control, and will not have to worry about sudden, unwanted changes and upgrades. It might cost you less, and many businesses believe it is the safer option.

Self-hosted forex CRM versus cloud-based Forex CRM

It is important to note that in this article, we do not aim to say one of these two is the ultimate best option. Any of them might be the more beneficial option for your business. Here we aim to pin down some of the highlights of both hosting options.

Especially if you are at the beginning of your forex CRM journey, you might believe that a self-hosted CRM is certainly more efficient, because of lower costs and higher security. The truth is, the days of one-time payments for software are long gone. 

Besides the costs of maintenance and recurring expenses, softwares are now constantly evolving and giving out new upgrades. Cloud-based CRM might also be a cheaper option when we consider data storage.

You would be lying to yourself if you believed that your data will be safe if the server is in your office. Errors happen all the time, and nowadays your team does not sit in your office. As we have already discussed, you will need mobile app access. 

Securing self-hosted CRM can get pretty expensive, and you cannot have self-hosted CRM on offline servers. Most companies just beginning to grow will not have deep enough pockets to be able to afford the costs of firewalls and other security tools.

The expanses of self-hosted CRM

Unfortunately, the costs of premises CRM are often overlooked as they seem obvious at the first glance. Sadly, keeping one server or a good desktop will not work. Some of the costs that must be considered are:

  • Installation costs: apart from the amount you will be paying for the software, you might be paying for installation charges as well.
  • Hardware: CRM is needed all day, every day. It will require strong servers that can run 24/7. The CRM software is not the same as the accounting software, which only a few of your team might use. 
  • Everyone will be using CRM. So the server must be powerful. Choose an SSD as a storage device. You should also go for the best hardware device you can afford, as there will be no way to retrieve your data, once it is lost.
  • Backup plan: continuity is vital in today’s world. You cannot afford to work without your CRM, even for an hour. This is even a more critical matter when you are dealing with the forex market, which is extremely responsive. You should always keep one more server for backup.
  • Internet connectivity: you should always have backup internet as CRM does not function without excellent internet connectivity.
  • Administration costs: you will require someone to check and manage everything. For example, the backup, connectivity, or the DR plan.
  • Upgrade costs: many factors may create a situation where you would need an upgrade. Your users may increase, you may want to expand your platforms, you may change your process and changes in technology might come into play as well.

Cloud CRM myths 

One of the biggest fears people have about cloud CRM all the time is that their data will be sold or used. Some argue that a cloud CRM is easier to hack, therefore less secure. While big provider companies can spend way more on security than you probably do. Here is a list of common myths and misconceptions that might be the reason you are considering self-hosted CRM:

  • that your data will be accessible to everyone
  • that your provider might want to steal your data
  • that your provider is collecting your data to sell it
  • that you will be charged for data storage
  • that you will be charged extra for data export

Data accessible to all

Although it seems obvious, this is one of the most common misconceptions we hear about every day. Many believe that if they store their data on a cloud, it will be visible and accessible to everyone from all over the world. yet, one could argue, that your data is way safer in the cloud. Data safety is very important in a provider’s brand image and they spend a lot of money to ensure secured watertight discrimination of CRM instances.

Data theft and use by the CRM provider

Well, every cloud CRM provides a privacy policy. Moreover, if your provider is famous and a popular choice, they will not have the time to look through all their clientele’s data in the first place. To become even more certain of your provider’s security, you can look at the other business they provide for and their feedback.  

Data sold to the competitors by the provider

If you have done enough research, you might have come over some instances of customer complaints about data misuse by cloud-based CRMs. BUT, this is a very rare common occurrence, which happens mostly with free, and open-source CRMs. Almost no CRM provider companies would ever dare sell customer data. Their brand safety is way more important to them and they try their best to attain great customer loyalty and trust. Just read the privacy policy, and check through if there have been no complaints about the CRM software you have chosen and you will be alright.

Data storage charges

Yes, some CRM providers do charge for cloud storage, but most of them do not. The most common payment method with the reputed CRM companies is the per-user subscription.

Additional data export expanses

Again, yes some providers do charge you for data export. This mostly applies to free CRM software that may charge you for downloading your data from their CRM cloud to your PC. Yet, this is fairly uncommon between CRM vendors. Make sure you have read through the terms and conditions, and you will be all set. 

Reasons for choosing cloud-based CRM over self-hosted CRM

  • Flexibility in expansion: if your user base changes or grows, a cloud CRM will be capable of handling it. Cloud CRM can be scaled immediately and with ease, and you can pick out any add-ons anytime you choose without the need to stress about your data.
  • They always use the latest and fastest hardware base: providing and managing the software they offer is their job, so upgrading their infrastructures is one of their top priorities. In fact, most cloud vendors do it regularly.
  • No need for lengthy installations: The moment you purchase your software, you will be able to use it. While you may need installation and hardware fees when you purchase a self-hosted CRM, Cloud CRM will be up and running in a couple of minutes or hours.  
  • Makes mobile connectivity possible: well, it is impossible to consider mobile CRM without having the back end in the cloud.
  • Easy integration: a cloud-based CRM is way easier to link in with portals, SMS gateways, email websites, and more as they are already online and floating on the internet. Without a cloud, you cannot have mobility.

Safety measures to keep in mind while selecting cloud CRM 

Here is a list of things you can do while choosing a cloud CRM, to ensure a safe and pleasurable experience.

  • Get a proper NDA/SLA from the vendor: this is the most important, so we have put it first. Make sure to sign the documents before you begin to share your business data with your vendor.
  • Define appropriate data access levels: give proper thought to how you want to manage data access levels. With almost any good CRM software there is the option to control what the users can see and do. Invest time into designing it appropriately. Remember that this can be not only about the software but your management policies.
  • Selected IP access: one way to be safe is by restricting the CRM access from a restricted pool of IP addresses. Another great way is to log the IP addresses of the device from where CRM is accessed.
  • Dual authentication: make sure your CRM provider has the technology to provide dual authentication. This can be based on OTP (over SMS) or Google Authenticator. 


CRM now has a more crucial role than it ever has, especially in the foreign exchange market. A wider stream of Data and leads are received each day, making it impossible to analyze without the help of proper software and tool.

CRM provides new forex solutions that will change the game completely. With the help of CRM, regulations can be managed more easily as smoothly. You can streamline your sales process, follow up on customer’s journeys, and create a customer information core. 

Forex CRM creates better cooperation between departments and integration with other tools.

Searching for the ultimate top broker CRM can be hard, as there are so many factors to watch out for. But through asking the correct questions in the demo, and thinking through what works best for your company and situation, you can choose the one most suitable for you.

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