FX Back Office Software Providers

8 things to look for in your provider

There are a few companies out there making forex CRMs and back office tools. Of course, we think CurrentBusiness is the best forex CRM available, but we know different firms have different needs.

With that in mind, here’s a list of the things you should look for in a CRM provider.

They offer the tools you need

Obviously, one of the most important things to consider is whether the provider offers the tools you need.

If you already have a forex software tool, make a list of everything it does and decide which of those features you actually need. Then, make a list of other tools you use – the right piece of software could allow you to eliminate other tools or services that you pay for. Finally, make a list of other features or capabilities you’d like to have.

Use this list to assess brokerage software to determine which ones offer everything you need.

If a company’s website doesn’t make it clear what features their tool will provide, request a demo of the product and be prepared to ask about features they don’t show you. Any reputable provider will freely discuss what they can and can’t offer.

They are primarily a software provider

There are two kinds of forex software providers, ones that simply make software for brokerages and ones that are brokerages that also sell their software to other firms.

For the most secure data management, choose a company that just makes software. Software companies are only interested in selling their product. They achieve this by offering good tools and treating customers right, which includes protecting their data.

A software company has nothing to gain, and a lot to lose, by leaving your data vulnerable or sharing your client list with other firms.

Brokers that make and share software, on the other hand, have very few reasons to provide you with the tools you need to be a strong competitor. This means they may not be giving you the best features or tools available. Additionally, they could potentially use data about your clients to recruit those clients to their own firm.

They are active within the forex community

Retail forex brokers serve a somewhat niche industry and have many specific needs. Look for a software provider that recognizes that niche and thoroughly understands the forex industry.

Look at the company’s social media or website to see if they attend forex conferences like iFX and whether they set up booths at those conferences. If they have a blog or regularly post on social media, look to see if it indicates a solid understanding of forex brokers’ needs.

If a software provider actively engages with the forex industry, they’re much more likely to be aware of important changes to regulations. They’re also more likely to fully understand the specific pain points you face in your business. This means they’ll develop features to help you remain compliant and grow your business more quickly than a provider who doesn’t understand OTC forex trading.

They can scale with you

If your firm is small, some enterprise software available for brokers will offer more tools than you currently need. It will also likely cost more than you want to spend. If the provider has a flat pricing scale, you may end up paying more than you need.

Look for a provider that has a price structure associated with either the tools you will use or the number of active traders you serve.

This will enable you to save some money by not paying for features you don’t use. As your firm grows and you need more complex tools, you can add those other features on to your plan.

Pricing based on the number of active traders you have is ideal for small brokerages that will likely expand in the future. Your costs will only increase as your firm and your profits grow.

They can connect you with other services

Your brokerage needs a website and IT services, marketing, and liquidity provider. You may be prepared to handle these needs on your own or through your existing industry contacts.

However, if you’re unsure about setting up different parts of your business or just want more options, your software provider can be a good resource.

If you choose a provider involved with the forex (as discussed above), then they’ll have many business connections to other companies that specialize in meeting the needs of forex brokers.

When you set up a demo, ask some questions about whether the software provider can refer you to a company that can help with your web design or a liquidity provider. Their answers will tell you how familiar they really are with forex, and you can use any referrals they give you to make sure you have the best providers for other services.

They offer extra perks

Ask if the software provider offers any free tools or extra perks. They may have other products that integrate well with their software or tools that aren’t widely publicized and are only available to select companies.

For example, CurrentDesk also offers DisputeWatch, a tool that helps business manage the risk of client fraud. The tool is free, but only available by invitation. All of our clients receive an invitation to use it.

Extra tools may not be available, but it won’t hurt to ask. You may discover the company offers something unique that will significantly impact your business.

They're in a reputable country

Some countries have stricter laws about privacy and proprietary information (like client lists). The existence of these laws often means that companies based in those countries take the protection of your data and your clients’ information more seriously than software providers in countries where those laws don’t exist.

Even if the laws don’t specifically apply to forex software providers, the providers in countries where the laws exist are more likely to view sharing your data as inappropriate.

They provide good customer service

Use a company that will offer help if you have a problem with the software. They can offer help in two ways.

They should provide good documentation so that you can troubleshoot a problem yourself. Their help center or online knowledge base should include articles that explain how to complete common tasks as well as articles that provide an overview of the tools and features. These articles allow you to get answers whenever you have a question, regardless of whether someone on their support staff is available.

The company should also have a customer support department that can address larger problems and bugs in the software. Ask about the hours when support is available and the amount of time it usually takes for a support agent to respond to a request.

The software provider for you forex CRM or back office tool is almost as important as the tool itself. Even if the tool is excellent, if the provider doesn’t treat your data securely or isn’t available to help when you have problems, then the tool won’t help you grow your business.

We know every firm has different needs. If you’d like to know whether our tools can meet your needs, contact us. Or, check out our post on features to look for in an FX CRM.