Choose the Right CRM Tool to Grow Your Business

​Forex brokers need a specialized CRM system to onboard customers, generate leads, manage IBs, track customer activities, and record interactivities. Currently, there are about 65 high-quality forex CRM and CRM-included solution vendors in the market. 

Summary

Most of the companies list their information and CRM features on their portals, and provide a DEMO link to attract customers. While some focus on CRM products only, others provide a series of solutions and other services, such as white label, trading platforms, and account transfer software.

1. Basic Features

Most forex-specialized CRM vendors would provide IB features, but not all of them have listed this information on their portals.

Tips for brokers:

When choosing a qualified CRM vendor, you should keep your IB size and the strength of CRM vendors in mind. The more tiers you have, the more complicated calculation you would face, and more time you would spend in communicating with your IBs (for instance, Launch FXM​’s CRM Lite version doesn’t provide multi IB module). Select a powerful IB feature would save your time while bringing you more customers and profits. Factors to be considered include commission rate, multi-tier layout, interface friendliness, and commission report, analysis and statistics.       

2. Connectivity

As you may expect, MT4 is still the most popular choice for CRM vendors. All the 22 vendors who have explicitly displayed their CRM connectivity information online can access MT4, 17 can access MT5, and only a few can connect to other trading platforms.

Tips for brokers:

Choose a compatible CRM to avoid potential risks, and choose a more inclusive product if you want to adopt less dominant trading platforms.

3. Additional Features

Only 8 CRM products have mobile function​, which is an indicator of a vendor’s diversity and ambition. 

Customer support is another factor that may influence retention rate. Some vendors promise 7X24 support, but others may provide 6X24. Select a reliable CRM vendor that will never treat your problem casually.

KYC/RegTech is also helpful to keep your operation within the legal framework and ward off potential risks. Through technology, you can easily verify customers and keep a safe operation environment.

Tips for brokers: 

With mobile features, you can communicate and manage clients anywhere at any time, which will significantly improve efficiency and ensure customer satisfaction. If you want to cater to your customer’s demand in a timely manner and keep everything under control, remember to select a CRM with mobile availability. 

Customer support and KYC/RegTech features should be consistent with your business model and development plan. If you are an IB and only have a small size of clients, maybe you can lower your requirement for these two features. 

4. Deployment 

Forex market is completely globalized, so on-line CRM seems to be the perfect choice. But it’s not the only model. For example, LeanWork provides on-premise CRM deployment, which would ensure high stability and higher safety, although it may have a higher price and require higher investment at the beginning.

Tips for brokers:

Choose a stable online server. If you still face frequent system failures after seeking customer support several times, maybe the incapable server should be to blame. SaaS services may not be very flexible in customization, so compare more products to suit your business.

5. Payment Gateway

Built-in payment gateway will enable brokers to make payments and transfer bank account through multiple methods. Some vendors may offer several choices, and some may combine bank transfer, bitcoins, e-wallet, and other payment tools.

Tips for brokers:

Learn your clients’ payment habits and choose a CRM system before making the final decision.

6. Clients

A vendor’s clients or cooperating partners, in a certain sense, demonstrates its competence. If a vendor has cooperated with large banks, financial institutions or the government authorities, or if it has successfully respond to a crisis encountered, it would be more trustworthy than those who haven’t.

Tips for brokers:

Other than well-known partners, the number of clients of a CRM vendor can also demonstrate the popularity of its products.

All the information listed above is based on the official website/portal of each CRM vendor. Please feel free to contact us via service@fazzaco.com if you have any question.

For more information about CRM vendors, please check at https://www.fazzaco.com/company/forexcrmproviders.