If you are interested in forex broking or any other type of
broking, you must have understood by now that it is not a simple linear
process. A successful broker needs to create a huge and intricate network which
includes so many other Introducing Brokers and forex traders. So, for a forex
broker, the biggest task on hand is not executing individual trading requests,
the biggest task is to expand the network of IBs and traders.
In this article we are going to address some of the basic
questions related to forex broking…
Q: What is IB in forex trading?
IB means Independent Broker. Introducing Brokers are the
brokers who act as a connecting link between the forex traders and forex
brokers. IBs use the technical and financial infrastructure for facilitating the
trades for traders and they help brokers to get more trade volume.
Basically, if you don’t have a huge capital and
infrastructure to execute forex trades but you can create a huge network of
traders, you can become an IB and work along with forex broking companies.
Q: What is a Forex CRM?
CRM means Customer Relationship Management. It is a field of
management but in recent years, it refers more to a software that is designed
to create and maintain fruitful relationships with the customers. The CRM
includes features such as RoleManagement, DynamicReports, Ticketing, Support
System, MT4/MT5, IntegrationReal-Time, Notification, E-Wallet, PaymentGateway,
A CRM system makes it easier for the sales teams to approach
potential forex traders, strike a conversation with them and ultimately expand
Q: What is Multilevel IB Module?
Here it becomes interesting!! IBs not only create their own
network of traders, they can also create their own network of other IBs. So,
there may be IBs at multiple levels in the network of a forex broker. But as
you can imagine, this network can get really complex and difficult to
comprehend. This difficulty is addressed by the Multilevel IB Module of a Forex
It allows a broker to understand the real network and the
amount of brokerage/ commission that is distributed at each stage.
Q: Why Multilevel IB is important in CRM?
There are so many reasons why one should opt for a forex CRM
which offers Multilevel IB Module. The most important of all – it allows a
forex broker to expand the network to the fullest…
1. For easier & faster network management
If you are just starting up with a forex broking business,
then the network will slowly grow around you. But once, you have been there for
a long time and people like your services, there can be unpredictable expansion
in your network. It becomes difficult to accommodate so many people in the
network and at times it may collapse. Multilevel IB module can help you here.
2. For transparency in commissions & incentives
Obviously, when there are IB at multiple levels, their
commissions and incentive rates would change accordingly. But if there is not
enough transparency, it might lead to misunderstandings and unwanted issues. If
there is a multilevel IB module, the IBs and the forex broking company both can
manage the money with total transparency.
3. For faster resolution of issues & service requests
Customer care is a most important factor in retaining
traders on a trading platform. The traders (and in this case IBs) are valuable
customers. Whenever they face an issue or they seek additional service from a
broker, leaving them unattended may result in losing a customer. A CRM helps
your team to address such tasks spontaneously and improve the retention.
4. For defining a promotional & rewards strategy
Multilevel IB module helps you understand which chain in the
networking is growing at the optimum pace and which areas needs more attention.
This way, a broker can incentivise and reward strong IBs in the network and
define a strategy to support weak ones. With the help of multilevel IB module,
a broker can promote the business well.
5. For insights and analytical report of every level
Ultimately, any forex broker needs to have a thorough
understanding of the operations and transactions that are happening through his
trading platform. Practically it is impossible to scrutinize each and every
transaction but there are ways to monitor them. With a CRM, you can get all in-depth
analytical reports and insights to keep everything under control.
The two main reasons why you need a Multilevel IB Module in
CRM – SCALABILITY and EFFICIENCY. A broker can manage the operations really
effectively and at the same time he can expand its network and still maintain
the efficiency. Both of these are possible only with Multilevel IB Module.
Leading CRM systems such as Cloud Forex CRM, offers you amazing features along
with UNLIMITED IB LEVELS. Your ticket to be a successful Forex Broker. You can
request for a FREE DEMO or get in touch with us on WhatsApp for more information.
From Demo to Live: The Trader's Journey in Your Trader's Room
Entering the world of Forex trading is an exciting journey that ...