Building Trust & Reliability as a Forex Broker
It’s an unfortunate fact that the forex market – for sheer size, volatility and decentralization – can be very intimidating to would-be traders. As such, it’s important for your brokerage to show its legitimacy up front, and create and maintain a good reputation to keep business strong.
The first and most important step in establishing credibility is to prominently display valid certification, licensing or membership with your country’s regulatory bodies on your website. If you’re targeting a particular international audience, make sure the information makes sense translated in their respective language.
Another quick and effective means of showing prospects you’re a real business is to list your office location and contact information. While it’s highly unlikely that your clients will ever visit your brick-and-mortar location, publicly displaying information that a prospect can immediately verify with an internet search shows you are transparent and accessible.
Transparency and Communication are Key
A happy, loyal clientele is the keystone of your good reputation. If your current clients are pleased with their experience, your brokerage will be the first they recommend to friends or colleagues asking them about trading forex.
The best recipe for a good client experience? Be communicative and transparent, especially regarding actions or activity on client accounts.
This essentially tells your clients you’re placing yourself in their shoes, anticipating their needs or questions, and addressing them preemptively where possible. Consider the following in your client communications:
Email is likely your main point of contact with most of your clients, so well-crafted email campaigns to clients (beyond any system-automated notifications) is a major resource to tap. Ask yourself:
- Do my clients know what to do if they need to perform certain basic actions? – have a “starter kit” series of emails to send to new clients with contact information and newcomer frequently-asked-questions.
- Do my clients feel noticed and supported? – CRM data becomes extra helpful here, as you can use it to segment clients into audiences for different messaging. Think “trader tips” emails for clients who have been in the system less than a year, or “coaching and mentorship” emails for inactive clients.
- Do my clients’ messages get answered promptly? – good customer relations directly affects both first impressions on new clients and retaining loyal customers. Make sure anyone who interacts with your brokerage has access to a real person with minimal wait time.
An operations management software will make these types of correspondences easier to standardize and manage, allowing you to store email templates, track an individual’s correspondence/activity with your brokerage, and even evaluate email success based on client engagement data.
Depending on the international market you’re targeting, some social media platforms may be highly valuable in both establishing your legitimacy to new traders and new clients, and cultivating a strong relationship with your existing clients. Ask yourself:
- Does my target market spend a lot of time on social media? If so, what platforms? – put yourself in the mind of a person researching a business they just heard of. After your website, are there any obvious places this person might look for more information on your brokerage? Businesses in the U.S., for example, may appear less legitimate if they don’t have any presence on Facebook or Linkedin.
- Are my competitors on social media? – If you notice brokerages competing for ad space in a given platform or feed, it’s a good sign you may want to establish a presence in the space, too.
- Can I attribute leads to social media? – modern trading platform integrations with social media sites mean that a managed account may already have a following. Be sure you’re aware of your existing “footprint” online, and treat social media like the networking opportunity it may be for your business.
Bottom line/final thoughts
As the digital world of forex continues to expand, brokers must go beyond posting regulatory information on their website to establish credibility and stay competitive. They must build a client experience around responsiveness and transparency, and help educate clients wherever possible.
A CRM is an indispensable tool in communicating and interacting with clients quickly, effectively and professionally – especially considering this is where most (if not all) your contact with international clients takes place. To learn more about CurrentDesk and how it improves your client experience, request a demo.