Now Comes the Question: Where to Seek the Best CRM Provider?

When doing brokerage business in the Forex market, in addition to maintaining good relationship with their clients, brokers have to ensure that clients meet the relevant regulatory requirements in order to reduce their own risks as much as possible. It thus comes a concept that we often hear about: KYC (Know Your Customer).

KYC means the process by which a trading platform obtains relevant identifying information from its customers. Users who do not meet the standards will not be allowed to use the service offered by the platform. Law enforcement agencies can also use the information provided by the platform as a basis for investigation of criminal activities. In the most straightforward words, KYC is the real-name authentication that we now need to use when we use Alipay and register to invest in major securities platforms, including uploading the front and back of ID cards, video authentication, cell phone authentication, etc. All fall under the KYC category.

Brokerage firms generally implement KYC functions through CRM software to reduce their own risks and better manage their clients. Most CRM softwares on the market have KYC functionality, but different software have different emphases. Today, Fazzaco recommends the following 8 powerful KYC software tools to help brokers better manage their clients and avoid risks.

Axis CRM

Axis CRM is Broctagon Fintech Group​'s best work. It uses the 2FA login authentication system to easily collect and authenticate client certificates, manage client permissions through custom group settings, and automatically review logs.

CurrentDesk CRM

CurrentDesk​'s CRM software streamlines the KYC process and facilitates retail investors’ opening accounts. CurrentDesk's File Center helps brokers send automatic reminder notifications, retain incomplete customer data uploads, and speed up data approval, saving the trouble of disturbing customers.

ForexKit CRM

ForexKit​ is a company that specializes in CRM toolkits in the Forex market, which provides customized CRM features based on client requirements. In terms of KYC, ForexKit CRM enables users to upload files via simple drag-and-drop, and helps brokerage firms' back office and compliance teams to easily review client uploads with video authentication capabilities. The software can also verify IB users' email addresses and phone numbers via PIN codes.

Broker Work

As one of the fastest growing fintech companies in recent years, LeanWork​’s Broker Work CRM software is undoubtedly the most shining product. With Broker Work's powerful account features, brokers can easily manage customers’ basic information, financial information, ID information, complete suitability tests, and follow up customers' operation and transaction records. It is also worth mentioning that Broker Work also offers options for localized deployment and dedicated cloud server deployment in addition to the common SaaS deployment, providing more options for brokers looking for better service. 

The Ultimate CRM

The Ultimate CRM, BackOffice's flagship product, minimizes KYC time through RegTech. There’s no need to spend too much effort preparing customer-related reports or monitoring customer behavior. Customer reporting features make it easy to meet compliance requirements, and specially designed areas make it easy to upload various data files.

UpTrader CRM

As an established fintech company for over 10 years, UpTrader​ offers advanced software technology and services. Customers can register and complete verification with just a few clicks. In the background management interface, brokers can see clients’ trading activities. The software offers a variety of identity authentication options to ensure that the identity process is easy and fast.

QoreFX CRM 

QoreFX​ CRM has an advanced approval system that supports complex agent and client relationships, allowing multiple account logins with the same ID, and is compatible with the broker's own KYC/AML system. All types of uploaded documents can be sent through protected channels to translators in various languages for translation into the target language that meets the requirements of the regulatory authority while protecting information security.

Broker365

Broker365’s Simple2Trade is a CRM software that can seamlessly interface with various platforms, with powerful KYC authentication and biometric identity features, making it easy and fast to open an account and register. Another major feature of Broker365 is that it has a match module, which can set up a trading match arrangement within 5 minutes. Broker365 supports multiple trading software and multiple ways for deposits. It can stimulate the interest of customers and constantly solidify the basic customer base. That is to say, the software helps retain old customers and recruit new customers.

In short, CRM software must have strong KYC capabilities to provide better customer service and reduce time for opening an account and certification, helping brokers operate within the guidelines of regulatory agencies. KYC function is only one of the parameters for judging CRM software. For more information on CRM and a complete list of CRM providers, see Fazzaco's list of Forex CRM providers​.