Top 5 Myths About Forex CRMs

The Forex market is among one of the most promising industries for experienced and newer brokers. With a daily turnover of over $6 trillion, it is the largest, most liquid and most accessible financial market in the world. These factors also make it one of the most competitive and dynamic markets with an opportunity to make major profits. 

With new competitors emerging every day, brokerages need to implement high-end tech solutions such as Forex CRM in order to break away from the crowd and make a name for themselves by providing top-tier service to their clients. But there are a lot of myths surrounding the implementation of Forex CRMs. 

Today we are going to break down the top 5 myths about Forex CRM systems and how to choose the right Forex brokerage CRM provider in order to meet your goals. 

What Is CRM in Forex?

CRM is widely known as a tool that sales and marketing teams across several industries use to keep track of the customer journey and create curated advertising experiences. 

Similarly, Forex CRM systems are responsible for the interaction between brokers and their clients. There are approximately 10 million Forex traders in the world today and successful brokerages understand that utilizing CRM helps them stay ahead of their competitors. 

Forex CRM can highlight your brokerage’s skills and attract more clients without losing touch with your existing client base. 

Top 5 Myths About Forex CRM Systems

1 – Data Stored in the Cloud Is Accessible to Anyone

It is a common misconception about storing Forex CRM data in the cloud that anyone will be able to have access to company data. However, this is not the case. In fact, data might even be safer when stored in a secure cloud environment. Data safety is very important to the brand image of cloud providers and Forex CRM providers, so it wouldn’t make sense for them to create an insecure product.

Also, using a CRM that operates in the cloud allows for increased agility and connectivity. For example, 87% of organizations that access their CRM system through cloud-based solutions use multiple devices including laptops, desktops, smartphones and tablets. While your CRM data is easily accessible to authorized users, you can be sure that it is safe in the cloud. 

2 – Forex CRM Providers Steal and Sell Data to Competitors

With a spotlight on third-party cookies and data privacy, it has become a concern to some Forex brokers that their CRM providers will have access to and sell their proprietary data. This is simply not true. Data misuse by cloud-based CRMs is an extremely rare occurrence that typically affects free and open-source CRM software. No reputable Forex CRM provider would dare sell their client’s data, because, like we mentioned before, it doesn’t create customer loyalty nor a good brand image. 

Read the privacy policy, do your research and make sure that the Forex CRM system that you want to use doesn’t have any data security complaints. 

3 – Small Forex Brokerages Can’t Benefit From a Forex CRM System

While a Forex CRM system may not be an attractive expense, smaller brokerages can most definitely benefit from implementing a Forex CRM system. Cutting costs at the beginning of any business startup is crucial to efficiency, however CRM is not a solution that you should cut costs on. 

A high quality Forex CRM actually minimizes costs in other areas of operation by automating key processes. Without a Forex brokerage CRM, it will be tough to compete with other brokerages who do utilize this efficient tool. 

4 – Forex CRM Systems Are Too Expensive for New Brokerages

This myth follows a similar vein as the previous myth we just busted. Many new brokers overestimate the costs of an effective Forex CRM system, and in most cases, the benefits of having one far outweigh the costs. 

One of the perks of getting into Forex trading is that it does not require large amounts of capital to get started, so newer brokers are likely to have enough cash to invest in a high quality Forex CRM system. 

Also, the CRM marketplace is highly competitive. There are many options out there for beginners and experienced Forex traders that come at an array of price points. There’s also several attractive and potentially lucrative investment alternatives to Forex as well, including trading in or storing Bitcoin, blue chip stocks, bonds, or futures. 

5 – Forex CRM Systems Are Not Compatible With Onboarding Systems

Many organizations require several integrations in order to run more efficiently. CRM providers are aware of this and do their best to meet the needs of their clients by creating systems that are compatible with many types of onboarding systems. 

There are two categories of Forex CRM systems: ready-made and customized products. While most CRMs are created with integrations in mind, you’re unlikely to have any issues with a customized product. If your brokerage is looking at a ready-made system, be sure to check the specs to see if your integrations are supported. 

How to Choose the Right Forex CRM Provider

Before investing in a Forex CRM system it’s important to establish the goals of your brokerage. How much growth do you want to see? What’s your budget look like? This will help you narrow the field of vendors to only Forex CRM providers that can help you achieve your goals.

Next, evaluate the size and scope of your brokerage. What systems are you currently using? Where are the gaps in your workflows? How many brokers need to have access to CRM? There are many trader-friendly solutions available that are suitable for smaller and larger enterprises. 

Finally, find a Forex CRM system that comes with crucial features such as a streamlined user interface, multiple external integrations, as well as anti-fraud and other security features. 

Conclusion

Innovative and cutting edge solutions make the difference between surviving and thriving in Forex trading. Forex brokers use several different types of software to make technology and big data work to their advantage. Implementation of a high quality Forex brokerage CRM platform not only meets brokers’ need for transparency and efficiency, but it also meets clients’ expectations of timely communication, thorough understanding of their investments and of course, quality customer service.