Forex back office software should simplify brokerage management. It should boost productivity and simplify processes. Forex software suppliers say they have everything. Make sure they offer complete back-office features before signing up.
Table of Contents
Client Profile Management
Back office forex software should save and preserve customer data easily. It would help if you could build and edit client profiles rapidly. The platform should make it easy to examine clients’ skills and experience, residency, and other characteristics that can help you propose the proper goods while being compliant.
Administration of Client Financial Accounts
You must be able to examine clients’ general information as well as account balances. Your financial organization’s back office software would maintain client account balances. It should let you transfer payments between clients’ non-linear and non-accounts, add credits and rebates, and issue refunds. Monitor and manage account balances to support clients with balance questions.
Partner/IB Management
Different forex CRM systems interact primarily IBs. Your administrative support software must compute and pay commissions as well as rebates. It should incorporate partner tools to support IBs’ clients. Using software to guarantee partners are paid correctly can help you keep good IBs.
User Access Control
Forex CRM software should control user permissions. Not all administrations and partners need to send payments for every client. Managing user authorization minimizes unintentional action and protects client data. Ask concerning permissions as well as user roles before buying a back-office tool.
Reporting Tools
Back office software of forex traders might as well have simple reporting features to access client, partner, and administrator data. The software should create reports on trading activities, profits and losses, deposits, and CDF dividends. These reports let you market to something and re-engage existing customers. The software should track the work of partners and many other administrative users.
Tools for Forex Marketing
Back office FX software would contain marketing tools for you and IBs. Your reports should show which customers are actively trading and which have slowed down. The program should let you establish client groups to email so you can target the proper customers. It should let you establish exclusive marketing links to trace the source of any new leads.
Management of KYC
(KYC) requirements prevent criminal activity and are standard government legislation. On demand forex CRM back office software should contain a KYC function. You can upload and store customer ID papers. Seek for software that allows you to set a document expiration date.
Management of Regulation Compliance
KYC is the most stable regulatory norm, but there are numerous others your firm must meet if licensed by FCA, ESMA, or CySEC. FX back office software solves regulatory difficulties. The software’s reports and records make it easier to show authorities how your organization functions and get license data.
Integration of Trading Platforms
Forex CRM software can function with any trading platform. Back office software that interacts with MT4, MT5, or your preferred platform will make your brokerage’s operations run more smoothly. Back office software would connect trading account groups to the trading platform. This connection lets you set fees, and commissions, including rebates in your software for more accurate reports and payments.
Real-Time Monitoring Of Accounts
Real-time account monitoring is possible if company back office software interfaces with your FX trading platform. Real-time margin, P/L, as well as position dimensions for all client orders. This information will help you issue margin calls and advise clients on risks. It will also let your firm manage its exposure, which is helpful if it has a trading desk.
Conclusion
Updating FX back office software involves money and time expenditures. Before buying software, make sure it’s worth it. To do so, consider your firm’s future. If you wish for your organization to flourish, use back office products with IB or money manager management features. You may not seek regulatory licensure immediately, whereas doing so later could help you expand into new regions. Buying a back office platform future-proofs your brokerage. Current Desk supports numerous Forex brokers. Learn more by contacting us.
