5 Ways to select a Forex CRM

Oct 24, 2019 | General

Given the extraordinary level of competitiveness in the forex industry, differentiating your brokerage from others is critical to your success. Selecting forex CRM software that can help you gain competitive advantage is key.

Your choice of CRM is however dependent on several factors. Here are some of the ways that can help you decide which CRM will meet the requirements of your forex firm.

1. Identifying what your forex business needs

You want a solution that is built to handle the complexities of the forex industry. Make a list of the challenges that need to be addressed, be this simplifying the on-boarding process, standardising the flow of incoming client queries, optimising sales and marketing functionalities, integration with other systems, etc. Once you’ve established your needs, then choose the CRM solution that is best able to meet them. QoreFX has extensive experience in the forex industry, understands exactly how important the CRM is to your business, and will work with you to identify the pain-points you would like to eliminate with the implementation of the CRM system.


2. Automation of the on-boarding process

Automation plays a significant role in the optimization of the acquisition and conversion process during on-boarding, especially if done well. It reduces the need for human interaction thereby minimizing staffing costs and it improves rates of conversion considerably. By leveraging the advanced technology and automated simplicity of QoreFX client on-boarding, converting leads into active traders will become quicker and easier, impacting your bottom line significantly.


3. Comfortable trading environment

You want a Member’s Area that makes for an easy to use trading environment. The QoreFX Member’s Area is a fully automated, fully responsive web solution that integrates with the QoreFX CRM, your Trading Platform and Payment Systems and provides all the tools traders need. This includes the ability to open and manage multiple trading accounts and make instant deposits, withdrawal requests and account administration including editing of their personal details or request changes to their trading accounts such as: Leverage, Password, Currency and more.

4. KYC and AML compliance

As a forex company, it is obligatory to follow proper KYC procedures and carry out due diligence and AML checks on all customers during on-boarding. This must be done in accordance with the regulatory requirements by which all financial services entities are governed. You therefore need a software solution that provides this facility in a way that is easy to implement and simple to use so as not to act as a deterrence to potential clients. The QoreFX CRM offers flexible client on-boarding with advanced KYC functionality. New registrations can be fully automated or include multiple steps to validate contact information and verify documents. Questionnaires can be customised and built into your registration process. Clients can then be categorised appropriately according to their scores.


5. Integration of systems

You want a CRM solution that can be integrated with multiple systems, be this trading platforms, payment gateways, Member’s Area, website, telephony system, live chat, and your back office/ERP. You also need a platform that can seamlessly integrate 3rd party verification providers to be able to carry out appropriate KYC and AML checks in real-time, quickly and comprehensively. See a sample of integrations offered by QoreFX CRM that will help you meet these objectives.


Contact us for a free DEMO of the QoreFX CRM and find out how we can help you enhance your operations and drive business growth.