Forex brokerages have a specific set of requirements that can only be addressed by a CRM designed from the bottom up to service their needs. At FX Back Office, we develop fully-customizable CRMs for the forex trading industry. Brokerage firms, and their clients, have a clear set of industry-specific needs that many CRMs fail to address. With decades of experience of working in the trading industry, specifically in software development, our teams have created what we believe to be one of the industry’s best tech tools. So, what exactly do forex firms need in order to make the most of their business? Compliance tools Every forex brokerage has to report...

CRMs. They’re an integral part of many businesses. But, they can also be a major pain point for your staff. All too often, we see CRMs as unchangeable, rigid systems that you have to learn to live with. But, at the end of the day, they’re just a tool provided by a supplier. Sure, they’re vital to your business. But that doesn’t mean you can’t look around for something better, something more effective, or cheaper. Here are just some of the reasons why you might be in the market in for a new CRM, even if you don’t realize it:   Pricing A CRM is an essential part of many businesses. That’s a given. But, what that also means is that it’s easy to think...

There are many things in business that we can try to control, there are others that we simply can’t. Inflation is one of the latter. It’s entirely out of our hands, but it can have an incredible impact on your business.There’s only one thing to do when facing rising costs, and that’s to take a look at what those costs are and how you might reduce them. So, here are our top tips for reducing costs without impacting on your services or products.Go paperless and reduce office expensesOK, you should have been doing this a long time ago, but perhaps now’s the time to get serious. With so many great programs designed to declutter your work life, sync documents...

August is the time where the stock market slows to a crawl. Institutional investors often take the month a little slow, many of us are on holiday. Businesses and business in general slows down. It’s generally a time in which to explore potential investments and, perhaps, benefit from the slow market. But, there just might be another reason why things go a little dead in August. Ghost Month  is a traditional period observed by Chinese Filipinos (Chinoys). From late-July to the end of August, Ghost Month is when the spirits of our ancestors run wild, roaming the earth. It’s a little like Halloween, and the Chinoys believe in making offerings to their...

Finding customers is hard. But keeping them? Turning them into loyal followers of your brand? That’s even harder and it requires a lot of work. Cutting through the noise of a crowded market is becoming increasingly difficult. We’re constantly distracted and our attention spans are becoming shorter and shorter, much like that of a fly. You’ve got a limited window in which to attract a potential client, or customer and you’re facing stiff competition. Studies have shown that you have approximately 8 seconds to grab someone’s attention online. We’d like to confirm that, but we had something else to do. On top of that, a recent report highlighted that...

CRMs or in this case, forex CRMs, are often seen as necessary evils. A great place to store data and client records, sure, but they’re also often archaic and complex to navigate and use. However, contemporary CRMs can often offer much, much more than a frustrating user experience and an enormous database, they’re incredibly useful tools. Our fully customizable forex CRM and back office system offers a wide range of tools and services, all designed to make your life easier. Our modern UI and intuitive software opens up countless possibilities that’ll smooth out your workflows and let you focus on making money. Here are just a few of the benefits our...

In business and life, there’s the idea that if something has, or is, a ‘legacy’, then it has to be good. That’s not always true. Legacies can be both positive and negative and a long history is no indication that an institution, piece of software, or brand is delivering the goods today. Speaking of “today”, and tomorrow, the global CRM market is expected to grow from USD 63.91 billion in 2022 to USD 145.79 billion by 2029, at a CAGR of 12.5%. The market is evolving through the use of AI integrations, and the pandemic has meant that companies are often in desperate need of common data, communication and customer-centric services. In short,...

  Industry-leading Forex CRM software provider, FX Back Office, has partnered with KYC/AML solution provider Shufti Pro in order to offer Shufti Pro’s innovative identity verification and fraud prevention systems to users of FX Back Office’s CRM. Established in 2016, FX Back Office is a world-class Forex CRM developer. Based in Limassol, Cyprus, their team of developers leverages years of industry experience to create bespoke, entirely customizable CRMs that can integrate with the world’s most popular trading solutions, payment service providers (PSPs) and third-party software. Shufti Pro, a globally acclaimed identity verification service provider,...

The blockchain, most famous for the role it plays in crypto currencies, is an ever-expanding collection of records, or blocks, that interlink with one another. Each block is cryptographically secure and cannot be tampered with. Alongside this, and ensuring transparency, is blockchain’s decentralized public ledger that tracks every transaction between parties, the ledger and its records are permanent and can be verified. But, how will all this affect the future of CRMs? Here, we’re going to dive into how blockchain technology can benefit CRMs, starting with the obvious: security. Security Each block in the chain contains transaction records and each...

An efficient back office can drive productivity and increase efficiency across your business. No company can thrive without a manageable, comprehensive back office support structure and an experienced, capable team. Across a wide range of businesses, CRMs are invaluable tools when it comes to managing everything from logistics to human resources, accounting and much more. Our forex CRM generates immense amounts of tailored data, allowing your company to drill down into the fine details and understand exactly what’s happening in your business. Streamlining and improving back office tasks through a CRM will drive success, identify issues early on...

Business needs are evolving at an incredible rate and software solution providers are moving with the times to create new systems. The evolution of technology and the opportunities this presents lead to the emergence of new products and platforms that are changing the way we all do business. Whether within our own forex industry, the development of business software, CRMs included, is forever in a state of flux. The software industry continues to evolve in 2022 and here we take a look at the latest emerging trends. 1.     Low-code and no-code developmentDrag-and-drop editing programs are changing the game. These intuitive...

Businesses live and breathe thanks to their customers, including those in the forex industry. It seems simple, but it bears restating. Customers are the lifeblood of any business and understanding them, their needs and how they interact with your business is vital if you’re going to thrive.  Even if a business has a good understanding of their customers, and interacts with them through efficient, well-established channels, it also needs to use what it has understood through these interactions to better its own business or services. A report by McKinsey and Company found that companies that leverage customer insights outperformed their peers by a...

We’re happy to announce that our team will be present at IFX Expo 2022, one of Cyprus’ leading FX industry events. We’ll be showcasing our forex CRM, our Client Cabinet, its IB tools and PAMM system to industry professionals and stakeholders. We strongly believe that our CRM and its surrounding tools are the best in the business and we’re eager to show it all off to attendees at the IFX Expo. Our CRM and back office systems offer a wide range of capabilities, including: An entirely customizable CRM area – it can do what you want, how you want it to Customizable reports – drill down into the data to generate the reports you want to see...

We’re all working in challenging economic times, no matter our industry. Market growth is often unpredictable, the battle for new business is fiercer than ever, and consumers are being careful with their spending. All-in-all, it’s a tough time to be in business. It’s times like this where we should all be looking inward and seeking to cut operating costs wherever we can, without sacrificing our quality and ability to do business. There are savings to be made all around us if we begin to think out of the box. Here are a few ways that you can drive down your costs without impacting your performance or offerings. Automate time-consuming...

Understanding how your customers interact with your company, and the steps they go through during those interactions, is vital if your company is going to create a great customer experience and convert prospects into clients. However, according to the data, many marketing managers aren’t confident that they fully understand their customer’s journeys. As a result, their understanding of how their customers are interacting with their company is sadly lacking. Decisions are being made without data, and in the dark. The answer is to use an innovative CRM that’s connected to a host of outward-facing functions, such as sales, marketing and customer...

Finding new customers is incredibly challenging. Many businesses operate in saturated markets, or in growing markets that are rapidly being flooded with new service providers. The costs and time involved in finding potential clients, learning their needs, in marketing your company to new areas, discovering new markets to enter and in the constant drive to grow your client base, can be considerable. It comes as no surprise that customer retention is key to maintaining the growth of your business and ensuring its long term success. The benefits of customer retentionThe benefits of customer retention are clear at the end of the day, but they bear...

To say they’re a necessary evil might be taking it a step to far, but there’s no doubt that badly optimized, or overly complicated CRMs are a hindrance to businesses. Having your staff wrestle with a system that doesn’t do what they need it to, or that’s so complicated that they need a ‘cheat sheet’ to do their job, is a major issue across a wide range of businesses. We’ve designed our CRM in a way that avoids the most common complaints levied against CRMs. With our systems, you’ll be able to save time and avoid headaches. Below are a few of the most common issues with CRMs, none of which you’ll experience with FX Back Office. 1. ...

Preparing to adopt a new CRM can be daunting. It’s a vital part of your business and it’s important that everyone gets up to speed quickly and efficiently, while ensuring that everyone is trained and ready to get to work when the ‘switch gets flicked’.   Our staff are here to help you when it comes to preparation and training, and we can provide everything you might need to get ready for this big change. However, there are some simple steps that you can take in advance of adopting FX Back Office’s CRM.   Here, we lay out a series of actions you can take to make what’s going to be a simple process even easier.   Headcounts and tasks Tally up your...

Preparing to adopt a new CRM can be daunting. It’s a vital part of your business and it’s important that everyone gets up to speed quickly and efficiently, while ensuring that everyone is trained and ready to get to work when the ‘switch gets flicked’. Our staff are here to help you when it comes to preparation and training, and we can provide everything you might need to get ready for this big change. However, there are some simple steps that you can take in advance of adopting FX Back Office’s CRM. Here, we lay out a series of actions you can take to make what’s going to be a simple process even easier. Headcounts and tasksTally up your...

Limassol, April, 04, 2022 – CRM software provider, FX Back Office, is partnering with Sumsub, an AI-based solution for identity verification and anti-fraud automation, to integrate Sumsub’s KYC/AML solution into its custom forex CRM platform.Established in 2016, FX Back Office is a world class Forex CRM developer. Based in Cyprus, their team of developers leverage years of industry experience to create bespoke, entirely customizable CRMs that can integrate with the world’s most popular solutions.Founded in 2015, Sumsub is a tech company that helps businesses stay compliant with different regulations worldwide, steer clear of fraud, and verify clients easily...

Work Smart Time is precious. So, why waste it on mundane tasks, or wrestling with a system that doesn’t do what you need it to? Our unique Forex CRM system is designed to help you work smart, to do exactly what you need to, with the minimum fuss and wasted time. The system is entirely customizable; it was built using interlocking modules that can be added to, removed, or customized entirely to meet your business’ demands. Why fight with a system that doesn’t do what you want? The smarter approach is to find a system that’s designed with your needs in mind.  We can tailor-make a CRM that allows for easy access to floating PnL’s,...

CRM’s are a vital part of doing business across almost every sector. However, despite the importance of these systems, they’re also prone to high failure rates, as high as 90% according to an article by Harvard Business Review. The question is “Why?”  The easiest way to begin understanding why CRM systems fail is to study some of the most prominent examples and take lessons from them. Dow Chemicals: A lack of clarityDow Chemicals, one of the three largest chemical companies in the world, released a CRM in 1996. A seemingly smart business move, the project soon collapsed. The autopsy revealed that the company’s internal procedures were ill-defined...

With more than 10 million forex traders across the globe, online brokerage firms need an efficient way to track customer data, create transparency within their teams, enhance performance, and boost collaboration. The best solution is to leverage a CRM (customer relationship management) program to capture and utilize this data. A good quality CRM can also help to automate manual processes making your company more agile. Whether you are opening a new firm or looking to update your existing program, brokerage businesses need to understand how to properly evaluate and select the best CRM system for brokers. In this article, we’re going to cover the key...

FX BACK OFFICE has established itself worldwide as one of the top Forex CRM providers in the industry. It goes without saying that we couldn’t have built the product and the reputation we have without the hard work and dedication of our incredible team. Our team has doubled in the past year - a clear indication of a stable, growing and successful company which continues to thrive even in the face of challenging times globally. Aside from our company’s stability, established success and continual growth, we have tried to create an environment that will encourage potential employees to take that leap from where they are now, to where they’re meant to be. Here...

There’s no IB System like FX BACK OFFICE’s. A bold statement - but we’ve got the goods to back it up. First you need to know a bit of history to understand why we are so confident about our IB System. 90% of our team members previously worked for years in successful Forex companies. During that period, they developed certain systems which are still in place today - systems that would go on to make those companies millions. In order to develop something out of the norm and better than anything on the market, you first need to have the adequate experience, trials and errors under your belt. Then and ONLY then, can you develop an IB system like no other - like...

When you own a Forex company it’s crucial to know where your client data is, how it’s being stored, and who has access to it at all times. That being said - when you’re setting up a brokerage or migrating data from one provider to another, you’d be surprised how often the importance of data ownership and control gets overlooked. Having performed numerous migrations, we’ve experienced times when our clients didn’t know how their data was being stored, didn’t know if they had access to it, or had to specifically ask for access to their own database! On one occasion in particular, we came across a company who had lost their data completely. Try...

Being in the business of building customized CRM Systems for Forex Companies worldwide, it’s our job to create tech that can be used on a wide scale which saves companies time, money, and effort, and undoubtedly makes the lives of management and employees easier. That being said - although there are CRM providers like us out there, a small number of companies choose to stay with their current provider. These companies find themselves performing a lot of operations manually, lagging behind their competition, and experiencing growth at a much slower rate. Employees at these companies are overworked, often performing duties for different departments,...

Almost daily, we are contacted by IBs and investors asking how they should go about opening their own brokerage. While there are multiple ways to open a brokerage (white label, grey label etc) in this article we will be focusing more on the option of having a complete solution. Let’s look at the 5 main things you should concentrate and do your research on before opening your brokerage.  1. Trading Platform Your choice of Platform is one of the most important decisions you’ll make when deciding to open a brokerage. There are many trading platforms on the market to choose from, however, the most popular are the MetaTrader 4 and...

Wherever you work, chances are you passed the first lockdown with flying colors. You managed to organize your work from home, connect with your colleagues, hold or be party to video conferences, and keep the kids busy without losing your sanity! However, with local lockdowns occurring throughout a number of countries and COVID-19 numbers going up again, it seems like a second lockdown is imminent - but surviving a second lockdown will be very different from surviving the first one. There will be no room for error or complacency- companies will tighten their purse strings, and what each and every employee brings to the table will be evaluated carefully....

In last months blog post, we discussed the finer details of how to move from one Forex CRM to another seamlessly. Now that you know how to identify a Forex CRM provider that knows what they’re doing when it comes to migration (as opposed to one that doesn’t), the next step is learning the ins and outs of what exactly happens during the migration process. This article is intended to give you a solid overview of a standard migration and prepare you for the move when you make your final decision to migrate to us. Here are the 5 key things we do before the switch; 1. We look for the skeletons in your closet. Every broker has skeletons in their closet -...

One of the hardest things about changing from one forex CRM to another is not knowing how the migration process goes. Your new Forex CRM provider might look good on the outside, but as we all know – it’s the inside that matters! Will the tech you’ve seen in the presentations you’ve had actually work in reality? Will your data appear in the way you need it to? Will you lose track of your IB structures? Will crucial information be lost along the way? It’s a really trying time for brokers when deciding to take the plunge with a new Forex CRM software provider – wrought with stress and anxiety due to the unknown – and understandably so. The pressure to not...

While many forex crm providers choose to sit on the side lines collecting their monthly license fee - never having developed anything other than their core software - we at FX BACK OFFICE operate differently. We constantly develop and add value to our CRM - what you may have saw 6 months or a year ago is completely different to what you see now, and 6 months from now - will be a completely different ball game. We don’t develop what we believe is good for you. We develop what we know works, what clients ask for, what we see working from the inside. We research and think outside the box . There’s no room for complacency at FX BACK OFFICEWe understand how...

Choosing a forex crm is tough. Not only are there so many on the market right now, but they all seem to offer very similar things. Going from presentation to presentation, all forex back office’s and trader’s rooms seem to blend together - we know that more than anyone, having worked many, many years in forex ourselves.Throughout your search for the perfect crm provider, you’ve probably identified the key players and chosen your top three or four, us being one of them. Because you probably don’t want to ask for a 3rd or 4th presentation and you’ve already seen enough forex crm software for one lifetime(!), we’ve created this article to remind you of the...

Most of us used to dream about how nice it would be not to have to go into the office every day - being able to sit in the comfort of our own home, on the couch, with our laptop at hand and the TV in the background - whilst replying to e mails and chats. We dreamt about having no concerns about what to wear, being able to go makeup free, and having no eyes on us when it came to being a few minutes late.Then reality hit. Suddenly - we’re working from home, its actually happened, and what we used to dream about has become something we’re now forced to do for the next god knows how long. The first week went by quickly, and as everyone else was also adjusting,...

A brief look at PAMM and its benefits: To PAMM or not to PAMM – that is the question.A PAMM solution is not something revolutionary or new on the market, we all know that. But why is it that some brokers still don’t offer it? Have they tried it before and it failed? Did they have a bad experience in the past where the tech wasn’t up to scratch? Is it the cost? Whatever the reasons, we’re here to take a look at the benefits of offering your traders a PAMM solution, and we’ll let you decide if it’s something you can do without when moving into the next decade. Why does your brokerage need a PAMM?Funnily enough, this was one of the most frequently asked...