There are millions of forex traders spread across the world right now and also, there are millions more who want to be a forex trader. There is immense curiosity around forex trading today. People know that this is a sort of trading market that can make you a fortune. Of course, word-of-mouth has played a very significant role in the growth of the forex trading market. But somehow, there are so many misconceptions and myths floating around, it creates an environment of confusion in people’s minds, especially about the forex CRM.
Yes, it is about trading in foreign currencies, which are the same for everyone. And it is about the current status of the world economy, which is also the same for everyone. So, what is the difference?
Here are the 10 interesting facts about forex trading and forex CRM…
1. The main difference between trading platforms, is the CRM
Forex traders use online forex trading platforms, which offer almost similar functionalities and services. But the one thing they differ mainly, is the CRM! The CRM defines how the relationship between the trader and the broker will progress. The traders will decide if they want to stay on your forex trading platform, as per their experience with your CRM.
2. CRM is not just about customers, it is also about your team
Yes, the traders’ experience with the CRM is important. But at the same time, it is important if your team is comfortable with the CRM too. You can assign tasks, as per your sales team’s hierarchy and monitor their performance using the CRM. In fact, CRM facilitates your team to manage customer relationships, which is the most crucial task for any forex broking firm.
3. CRM hosts the Introductory Brokers (IBs) - the growth engines
The Introductory Brokers maintain direct relationships with their own set of traders and they contribute to the volume of trading done through your forex trading platform. The CRM allows you to assign specific commission levels and it also helps you automate the rebate generation process at multiple levels simultaneously.
4. CRM is the Blackbox of the activities on your platform
The CRM software can generate periodic reports about the clients’ activities, on demand. These reports can be about the payment history, trading history, and commission history of your clients. Be it daily, weekly, monthly, quarterly, or even annual reports, CRM helps you and your clients to review and revamp the activities on your forex trading platform.
5. CRMs have no limitations of language barriers
All the CRM software can be run using multiple languages. As the forex trading market is a truly global one, there may be traders from across the world using the same forex trading platform. But their language never hinders their forex trading experience, thanks to the CRM. All they need to do is the change the language settings and it is ready to go.
6. CRM can be integrated with both – the MT4 and MT5 platforms
MT4 and MT5 are not just versions of similar platforms. MT4 is a platform specifically designed for forex traders while MT5 is the platform which gives traders access to CFDs, Stocks and Futures at the same time. The same CRM can be easily integrated with them both. A broker can offer the both to a huge range of potential traders.
7. Your team might need a break, the CRM works nonstop
This is the most amazing quality of the technology; it works without stopping. As the forex trading is a global phenomenon, at any given time, somebody is using the trading platform somewhere. The CRM helps your forex trading platform to be truly nonstop. The traders can use the CRM to solve the issues and have a seamless trading experience.
8. It is the CRM that gives the trades real-time updates
CRMs are connected to the main battlefield – the Traders’ Room. This way all the traders on your trading platform can get real-time updates about all the activities such as deposits & withdrawals, and also about important events that can have an influence on forex trading. These notifications help the traders to precisely plan their trading strategy.
9. CRM also connects the traders to the payment gateways
The traders are there to earn something out of the forex trading, that is a fact. Whenever the traders are looking to withdraw their money or deposit their money, they can easily do that using the CRM. The CRM connects them to the payment gateway platforms and the forex merchant accounts of the forex brokers.
10. CRM helps the brokers manage the traders’ profiles
All the traders need to follow the laws and regulations depicted by their respective countries. A CRM hosts the requisite documents and records of the traders such as identity proofs, power of attorney, and signature samples. CRM software creates a distinct profile for every trader who signs up on your platform and helps your team verify and manage them.
CRM is the one centerpiece of any forex trading platform. In fact, it is the most important part of the forex trading markets as it connects the traders to the brokers. Cloud Forex CRM is one of the best offshore forex CRM development partners, that can create a CRM that has all these qualities. Cloud Forex CRM has successfully completed so many forex CRM development projects such as MB ALLIANCE Limited, Fx Nice, Cube Forex, GCC Brokers, Fin Pro Holdings INC, Spartan Fx Pro, Hugo's Way, FxPrimebook, etc. You can also get your own Forex CRM with all these amazing qualities, Just send your queries to [email protected] or click here to request a free demo!
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