How to choose a Forex CRM for your business

The Forex market is very receptive to new businesses looking to offer brokerage services although the competition level can be high. It’s a tough industry that doesn’t provide new entrants with a second chance so to succeed, you need to take a diverse range of important factors into account. Relationships between a brokerage company and customers are one of the most important aspects that need to be considered.

A Forex CRM is exceptionally important for beginner brokers regardless of their size and are an important part of a brokerages infrastructure. CRM solutions determine whether a company attracts many traders or disappears into oblivion. In this article, we discuss the necessary steps that should be considered when choosing an FX Customer Relationship Management system.

A step-by-step guide for choosing the best CRM solution for your Forex brokerage business

This task requires a series of important aspects that need to be taken into account. There are numerous solutions on offer in the market, making it easy to find one that perfectly matches your specific demands.

First and foremost, business owners need to clearly define their goals and building up your company’s vision while working on development strategies is the best way to start. A CRM system is also very important at this stage and requires Forex brokers to analyze their target audience including location, age, experience, and other important criteria. This will enable you to develop a broad picture of whom you are going to provide services to.

  • Choose between two types of CRM systems:

When it comes to choosing a Forex CRM, both self-hosted and cloud solutions have proved popular. Both types are characterized by a set of useful features. Cloud systems in particular have undergone explosive growth. Cloud Forex CRMs are regarded as being more convenient and effective, as they require no servers and reduce overall implementation costs. Up-to-date cloud-based systems are known to be secure, hence they are regarded as a perfect solution for a new broker starting out. However, self-made systems also have a number of advantages:

  • Outline the must-have features for an effective CRM system:

There are different systems that suit different businesses which is why you need to outline the features you want to be included. For instance, a crypto exchange CRM and management systems for FX brokers may have different features highlighted as priorities. The differences may concern gathered and processed data volumes, built-in elements, compatibility with trading platforms, integration of payment options, etc. It is worth bearing in mind though that the more features, the better is not necessarily the case. Brokers should hone in on the features they intend to use.

  • Keep in mind your future horizons:

This stage is closely linked with the first and the third steps. Business owners should understand the direction in which the company is going. For instance, if your brokerage business starts to offer services in more countries and attract more clients, a chosen CRM system may not match your upgraded needs and may lead to huge additional expenses so it is important to choose appropriately.

  • Get all-in-one solutions:

On the subject of Forex brokerages, a standalone CRM system is not sufficient to fulfill all the needs of the business. Business owners need to also implement a trader’s room which is why many brokerages seek out providers that offer all-in-one management services.

Traders’ rooms are regarded as an integral part of a CRM system, as they provide a base for a CRM implementation. A well-designed client portal for FX traders includes the following components:

  1. Secure built-in online wallets to synchronize deals and funds
  2. Secure payment gateways to simplify deposits and withdrawals
  3. 24/7 multilingual customer support to solve traders’ problems timely
  4. Compatibility with mobile apps to provide on-the-go users with convenient functionality
  5. Online notifications to inform traders about all the activities taking place on their accounts.

The given features are basic for every trader’s room although of course, business owners can expand the list with some of their own specific demands.

B2Core will revolutionize your business

With multiple companies offering different CRM systems, it is not an easy task for business owners to select the ideal solution. However, B2Core makes this task a lot easier.

B2Core is an all-in-one product that includes a high-end CRM, convenient trader’s room, and Forex back office. There are many reasons to choose this product, which explains why more than 150 brokers, exchanges, and banks have already implemented this product:

  • Three different packages are available for business owners (Basic, Advanced, and Enterprise). Get the features you require only.
  • It is equally convenient and effective for different market players: FX or crypto brokers, spot crypto exchanges, margin exchanges and hedge-funds, etc.
  • Compatible with various trading platforms.
  • Advanced interface offers your customers everything they need, so they have all the important tools at their fingertips.
  • Access to several language options means that B2Core gives traders the unique opportunity to enjoy all the functionality in any language – the Weblate system activates settings in real-time mode.
  • B2Core is all about the utmost security on every level.

In summary, B2Core is one of B2Broker’s flagship products and a big leap forward in terms of professionalism and success for business owners who have implemented the product.

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