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.
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, etc.
A CRM system makes it easier for the sales teams to approach potential forex traders, strike a conversation with them and ultimately expand the network.
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 CRM.
It allows a broker to understand the real network and the amount of brokerage/ commission that is distributed at each stage.
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…
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.
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.
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.
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.
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 Skype for more information.
Cloud Forex CRM is a cloud based back office that nurtures your Forex Brokerage Business and give your clients a cutting edge solution to manage their trading activities.