Uncover the CRM Compatibility: Your Guide to Choosing the Right CRM for Forex Business

The year 2020 saw an unprecedented surge in retail trading for brokers in the forex industry as the increased frequency of Black Swan Events has caused serious market volatility throughout the year. In this scenario, brokers seeking to improve customer acquisition and retention, or stand out in the increasingly competitive market, must dig deeper into the trading habits and preferences of their clients.

Customer data can actually be analysed using a Customer Relationship Management (CRM) software in today’s era of big data. Previous research by Fazzaco indicated that 90% brokers have revealed a jump of more than 10% in their business, after they used a CRM software. So how to choose the right CRM for your brokerage business? This article will offer a glimpse of the most commonly used CRM on the market in terms of compatibility.

Mobile CRMs

In today’s fast-paced world, people are seeking convenience in all aspects of their lives, and investors tend to use fragmented time, such as commute and lunch break, to browse through industry news and check statistics relating to their trading accounts. Even professional traders will not sit in front of their compute, staring at the K-line chart all day long. Instead, it’s more likely that they will take advantage of MT4/MT5 mobile applications to track the markets anytime and anywhere. Additionally, users now require in-depth services that address their problems accurately. Any untimely or unprofessional answer can cause the customer loyalty to decline.

This situation naturally prompted a rising demand for mobile CRMs from brokers. Fazzaco’s previous survey found 85.71% of brokers are using CRM softwares with a mobile version. Furthermore, Fazzaco has recently taken a close look at 30 CRM softwares on the market and found the following 8 offers a mobile version.

ForexKit CRM of FxKit​: Designed on the basis of its web system, the mobile version is with clean and easy interface, multiple functions, and compatible with smartphones and tablets. Users can also leverage a streaming video or saved video file via the Documents module to ensure video based compliance for a face-to-face meeting and remain complaint with KYC regulations.

The Ultimate CRM of Fx Back Office​: The integrated system is with regtech solutions and user-friendly interface. Users can make VOIP calls directly from the system.

Forex CRM of Kenmoredesign​: The intuitive Forex CRM solution allows users to easily check the deposits and withdrawals, account types, and trading history of clients. The system also provides access and tools to analyze clients data and supports deposits directly via smartphones.

CRMs of LaunchFXM​: LaunchFXM boasts 3 CRM products — Pro, Lite and Source, of which only the Forex CRM Pro has a mobile version. Pro also has additional features of analyzing and reporting as well as PAMM / MAM compared to Lite and Source.

mF CRM of mFinance​: The system supports one-click setting for multilevel agent rebate group and rebate ammount and provides electronic indentify verification service to help brokers reduce risks. Additionally, customers of mF CRM are offered 7/24 Service and support.

TradeSmarter​ CRM: The software operates with 21 languages, a risk alert functionality, and multiple payment solutions. Its VPORT functionality offers up-to-date market news.

UpTrader​ CRM: The system enables brokers to see all trading activity of their clients. Its vast analytics and Introducing Broker (IB) management section can help brokers improve their performance.

Dasher of ShiftMarkets: The mobile version of Dasher is an entire suite of CRM solutions featuring all functions of the web version. With clear and concise analytical charts, Dasher comes as the top choice for brokers.

Compatibility with Trading Software

Most CRM softwares are compatible with MetaTrader 4 (MT4) as MT4 is currently still the most popular third-party platform for trading forex. However, many brokers also provide customers with MT5, cTrader and their own trading platforms. This means it could never satisfy brokers’ requirements if a CRM software is compatible only with MT4. The following 4 CRMs are compatible with multiple trading platforms and able to alleviate brokers’ concerns about technical development.

FinoCRM Lite of Finovace​: FinoCRM Lite is Finovace’s flagship product and is compatible with MT4 and cTrader. FinoCRM Lite features a multi-level IB management system and a Trader’s Room, which enables real-time communications between brokers and their clients.

CRM WORK of Jiangheng Technology: CRM WORK is compatible with MT4, MT5 and cTrader. As part of its one-stop system, brokers can manage clients, operate by client groups and reach out to clients via different channels in one place. CRM WORK also provides flexibility and visibility to IB management, rebate setting, access control and data analysis.

Forex CRM of SB Brokers.Solutions​: The forex CRM of SB Brokers.Solutions is compatible with, among other trading softwares, MT4, MT5 and cTrader. The system allows automated deposits and withdrawals and is able to send emails and newsletters to clients and groups of clients. It helps brokers achieve impressive customer retention and acquisition rates.

B2Core from B2Broker​: B2Core is a package solution with 3 versions — Basic, Advanced and Enterprise. The systems are compatible with most of the commonly used trading softwares, such as MT4, MT5, cTrader and dxTrader, in addition to the company’s self-developed trading platform — B2Margin.

Brokers will consider many factors when making their decision on CRM, including not just compatibility but also IB-related functions, technical support, user interface, commission management, etc. See Fazzaco’s company list​ to find out more about CRM providers.