Why You Shouldn’t Use an Open Source Forex CRM

Common open source forex CRM pitfalls

Open source software is software that you can change and share because the source code is available to you. By definition, open source software is free. However, a lot of CRM products claim to be open source even though their products don’t have true open source licenses. Remember, if you need to pay for the software, it’s not open source.

Some open source software is excellent. It can help provide technology to non-profit organizations, schools, individuals, and even businesses. However, when it comes to enterprise-level software, there are a few problems with the open source model.

For Forex CRMs, these problems may create serious business problems that prevent you from offering the best service to your clients.

Development work

Most open source software requires you to know at least a little bit about software development. The more applications you want to interface with, the more true that becomes. If you’re completely unfamiliar with GitHub, plugins, or APIs, managing your own source code for a CRM might be more complicated than you want to deal with. The work needed to implement the system may prevent you from getting up and running as quickly as you’d like.

A good CRM from a SaaS (software as a service) company should be ready with your own branding in no more than a few days.

Generic solution

Because they rely on donations for development and updates, open source CRMs tend to offer tools that appeal to a large user base. The forex industry is rather niche, so there aren’t a lot of CRM options, even in the paid space.

Multilingual Traders Toom

If you choose an open source forex tool, you won’t have any features specifically designed for the forex industry. You won’t necessarily have automatic revenue calculation tools, and you’ll need a different tool to offer a trader’s room.

A CRM designed specifically for forex will let you automatically calculate dividends from CFDs, target emails to clients based on the securities they trade, set lead statuses based on the compliance process, and much more.

Technical support and continued development

Different open source projects offer differing levels of technical support. The developers on these projects often want to help the people using their software, but they might not have time to do so. Similarly, you may be able to request new features, but the developers may not have the time or ability to add it to their software.

A dedicated CRM provider should offer you 24/7 technical support. They should have a system that makes it easy to report problems and help documents that enable you to solve problems quickly on your own.

Providers who you pay will likely want to hear your suggestions for new features and work to provide you with those if possible. Since you’re a paying customer, they want to keep you happy.

Trading platforms and PSPs

Platform Independent Platform Because open source CRMs are not specialized solutions, they won’t automatically be integrated with trading platforms like MetaTrader 4, MetaTrader 5, or ZuluTrade. You’ll need to use a plugin or API to connect your CRM to these trading platforms. You’ll also have to use an API to connect to payment service providers (PSPs) so that clients can fund their accounts and withdraw their money.

Forex CRMs should be pre-integrated with multiple trading platforms and PSPs. Choosing a tool that is already set up with those services means you can get clients trading faster.

An open source forex CRM may sound like an excellent option when you’re starting a brokerage, especially if you’ve used other open source software. However, even the best open source tools won’t come ready to use, properly integrated, and designed for forex.

Research forex CRM providers, and then choose one that meets your needs.