The number of FX broker businesses is still on the rise although the statistics may not sound too good for beginners: 90% of newer brokerage companies that enter the Forex market end up failing. Inappropriate market analysis and insufficient implemented software are among the key reasons. Despite the fast-growing number of Forex traders worldwide, they are looking for the best available services (advanced tools, straightforward interface, eye-catching features). CRM systems are among the attention magnets for beginner traders for the software to meet their expectations.

Why are CRM systems important for a Forex brokerage company?

On top of effective interaction with traders, such software solves many more tasks that impact on an FX brokerage company’s development – CRM systems collect and centralize data, serve as high-quality reporting systems, optimize sales, etc. There are some widespread myths related to a Forex CRM:

• Myth 1. CRM systems are useless for small brokerage companies.

That is entirely natural when beginner brokers are looking for every opportunity to cut expenses when entering the FX market. Customer Relationship Management is not among the solutions that you should cut costs on. High-quality and effective CRMs automate your processes and minimize expenses within diverse operating spheres. Furthermore, such a component lays the foundation for a company’s further development.

• Myth 2. CRM software is too expensive for newer entrants.

This myth is related to the first one, as beginner brokerage companies are trying to convince themselves to ignore the implementation of a CRM for brokers. Plenty of companies offer software for business owners which is why the field has become fiercely competitive, making prices entirely affordable even for beginners.

• Myth 3. CRMs are not compliant with your onboard systems.

The market of CRM systems roughly breaks down solutions into two categories: ready-made and custom products. On the matter of customization, experienced specialists provide the fullest complex of settings to integrate your existing systems with CRM software. Everything should operate as one mechanism.

As such, the importance of CRM implementation is obvious, and owners of brokerage businesses face another dilemma – how to choose the right solution among the wide array of solutions available on the market?

Stages involved in choosing a Forex CRM corresponding with your needs

When a newer business owner wants to implement effective Customer Relationship Management software, the following steps are mandatory.

• Step 1. Understand your business vision and goals.

First and foremost, brokers need to outline their primary goals and understand the path they are paving. CRM systems develop your brokerage business and open new horizons which is why you should focus on some features that are crucial for you.

• Step 2. Apply to a reliable provider of trading CRM solutions.

Once you’ve decided which features you are looking for, find a reliable, successful provider on the basis of reviews. What are the characteristics of reliable providers? Trustworthy companies offer package solutions so that a business company can select the best matching package from a set of suggested ones. Furthermore, reliable providers set up the software to ensure brokers that all the systems are integrated and operate appropriately. High-end customer support falls into the category of components related to trustworthy companies only.

• Step 3. Implement improvements based on a CRM solution

CRM systems help to develop your Forex brokerage business. By using the given statistics, reports and feedback you can improve your services, and adjust them more to end-users.

The process of an FX CRM implementation is fairly easy-to-activate although brokers do need to understand features they want to include in their CRM software to make it work well for them.

A list of must-have features for CRMs

CRM systems may carry diverse features and business owners need to understand which ones are vital for their FX brokerage development. Experts point out the following must-have features of a CRM:

1. Agnostic to trading platforms. No matter which trading platforms you are going to use at the beginning, select a system that can be connected with a wide range of platforms to exclude possible troubles and headaches in the future.
2. Compliant with legal norms. According to the Forex regulation, brokers need to follow KYC and AML policies. High-quality CRM software includes a trader’s room where new entrants are able to verify their accounts. Furthermore, CRMs may enable brokers to integrate third parties.
3. Easy-to-report. Successful brokerage companies are mainly based on appropriate control and constant improvement. This is why your CRM system needs to provide informative reports and statistics related to profits, trading activity, etc. Those reports lead business owners to understand which improvements are required to jump a company to the new level, adjusting all the services to traders’ needs.
4. Helpful in sales management. Transformation of leads into active traders is considered among the key features of every CRM software. Sales managers get all the information about leads in one click (location, trading habits, strategies, profits, and so on). This information lets managers work out an individual approach to every customer, exceeding all their expectations.
5. Time-saving. CRMs systems offer the possibility to automate the vast majority of your processes provided manually. As a result,a business owner will need fewer employees having a Customer Relationship Management system implemented.

Regarding the other features, these are a double-edged sword. On one hand, the more features, the better. On the other hand, it is best to avoid options that do not correspond with your goals (current and future). Compare the functionality of products to understand which software matches your business the most.

B2Core – a sure step towards success

The B2Core solution is among the most eye-catching technologies on the market. Three packages are offered to help business owners select the one that offers the right features to suit them. Furthermore, the solution offers brokers a CRM, trader’s room, and client’s portal.

With many years of experience, B2Broker understands the needs of both traders and business owners. B2Core is a product that sits on the borderline between constant needs of traders and innovations – brokerage businesses receive an even more convenient interface, an even more secure solution, and even more functional software.

Such a product ensures your business excels over its competitors!