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Why Do You Need A Forex Specific CRM?

Forex Specific CRM

Forex, CFD, and cryptocurrency brokers must address a broad range of issues that require capital today in the highly competitive and global business climate. At the same time, companies are constantly being called on to increase or even sustain established profit margins. Unfortunately, the avalanche of new regulatory legislation has been added to the pressure for consumer enforcement, acquisition and retention, and the efficient management of sales and marketing teams to rethink their basic approaches.

Forex Customer Acquisition & Retention

Customer relation management systems or "CRMs" can be the only mechanism that puts together all, helps you organize, and maximizes every connection with current customers as well as potential new customers. The days are gone when simple tablets will do the trick. Today, the world deals with data and makes useful knowledge accessible instantly when an eventual lead is approached. Consumer support workers will need to know what a consumer has done, how long they exchanged, and how pleased they are with their dealers.


This powerful software tool is available in general, all-in-one, and industry-specific versions. For a CRM forex brokerage, the best operate as a full broker management system with back-office software, partner portals, and a trader's space. It should make KYC a structured job, integrate it with the company, and handle all contacts with current customers, prospective customers, and introduction brokers or "IBs." It will also enable you to recognize "run-up or cross-sell opportunities, increase current customers' lifecycle and lifetime value, target new marketing, or even track invoices."

Market Research Future predicted "the CRM market to rise to 35 billion by 2023" in September 2018. These sophisticated software systems were developed primarily to allow large organizations and the internal personnel to handle maintenance, training, and development upgrades. However, developments in software as a service (SaaS) have changed the dynamics of the industry. Greater businesses can now develop their proprietary systems. Small to medium-sized organizations can now use "Internet" to introduce CRMs at lower cost rates by reducing the need for large IT support employees and hardware.

Forex Technological Advancement

With these advancements in technology, CRMs are now a real chance for any large company on the market, but choosing which one to fit your business's needs remains a daunting job. Like any program implementation, the more effort early expended decreases the cost burden until problems occur. From day one, the IT and sales team would help design options, test demo systems, ask current brokers who use the options about their activities and costs, and all are developed before a choice and an implementation plan.

It is important that the marketing team initially build their CRM strategy on how the customer is served and what is necessary for this mission. Such discussions will lead to whether you want to develop your own CRM, purchase a kit, adapt it to your needs, or pick a service on other company servers to 'rent in the cloud.' Some brokers are selling their systems. Will you want a rival broker to exchange your client lists? Some systems are augmented by selected liquidity providers that suit the seller during the transaction. The job can be difficult, as you can see.

How do you pick the best CRM program for you?

Like any other software purchase, you can search the Internet. Read review related software periodicals, attend industry conferences where vendors will market their products, check with other firms for likely candidates, or buy research from a firm like Market Research Future for specific forex related CRMs.

One of the leading candidates mentioned in most of our research has been the "Popcorn Forex Customizable CRM" from Popcorn Technology. It is one of a handful of CRMs that have been developed specifically for the online trading industry.

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