CRM for Forex Industry

What type of CRM do Forex companies need?

Increasing competition requires a purpose-built platform like Impact CRM to meet the demands of the Forex industry

Impact CRM is an essential tool for every Forex brokerage given the increasing competition and demands of the industry.

Nowadays, keeping traders happy and loyal to your brand is harder than ever and requires greater sophistication. Long gone are the days when a simple customer relationship management tool and a deposit bonus was enough.

As with every competitive industry the ability of a business to differentiate itself goes a long way to defining success.

Sam Walton, founder of the Walmart supermarket chain, said: “There is only one boss. The customer. And he can fire everybody.” This is the reality of retail Forex with many businesses failing because of their inability to retain traders.

In fact, the quality of the customer experience is going to be the key differentiator for most businesses by 2020. According to a Walker Consulting report customer satisfaction will be more important than the price and the product.

Clearly, having a CRM is better than not having any software to manage customer experience. But given the increasing competition demands in the Forex trading industry, in addition to tighter regulations and the necessity of KYC and AML it is essential for a brokerage to use a purpose-built Forex CRM like Impact CRM.


All companies, not just Forex brokers, face two challenges if they want success. Firstly, how to understand each customer’s individual needs. Secondly, how to communicate effectively during the customer journey.

Failing in either results in missed acquisition opportunities, fewer conversions, poor customer service, failure to upsell and increasing churn.

However, to meet these two challenges requires analysing customer data.

Impact CRM is the logical centre point for your customer data collection. It offers the benefits of Artificial Intelligence (AI) and more specifically Machine Learning (ML) and Deep Learning (DL) is highly effective at processing this data.

Our AI-driven CRM enables a broker to understand the needs of individual traders. It also uses predictive analytics to suggest how to interact with them.

It’s like an artist painting a portrait. The more detail that goes into creating the portrait the more recognisable the subject.

To get the most accurate understanding of each Forex trader requires channelling data from phone calls, live chat, emails, chatbots, PPC and social media campaigns through Impact CRM. Additionally, data regarding deposits and withdrawals as well as payment records in relation to transactions can be crossed, analysed and matched with marketing activities. These insights give predictions on where to spend marketing budget to reach campaign objectives more efficiently.

AI-driven CRM: Understanding customers needs requires analysing data from multiple channels
Data driven: Understanding customers needs requires analysing data from multiple channels

As a result, a brokerage is better able to efficiently acquire new leads. Additionally, these prospects are acquired more cost-effectively which reduces CPL and CPA.

Delivering a more personalised customer experience also increases conversions. And by taking a holistic approach to the customer journey it is easier to identify cross-selling and upselling opportunities.

Understanding customers better increases LTV and helps a brokerage reduce churn by identifying patterns that reflect loss of brand confidence.


MT4 and MT5 are the most popular Forex trading platforms and are available through our white label solution. However, Impact CRM can integrate with other Forex trading platforms.

Having a user-friendly front end makes account opening easy and carrying out fund transfers hassle-free. As Forex traders are usually spread over several countries it is also important to offer payment services that cover the world.

Impact CRM also offers multi-tenancy capability and can service multiple portals.

When targeting a global customer base, it’s also useful to have customisable rule-based client input fields. This creates a frictionless experience for Forex traders while meeting the different regulatory requirements of each territory.

For practicality, it is better to access trading accounts and demo accounts via Impact CRMs ‘front end’ and as part of logging in to the traders room client.

By linking all trading related activity directly to Impact CRM, data collection is more efficient and timelier.

This allows the ‘portrait’ of the trader to take shape immediately. An agent can make a relevant offer while the trader is active on the trading platform.

Introducing Brokers (IBs) play a pivotal role in the expansion plans of many brokerage businesses. Impact CRM offers an IB area which can be added later if IBs are not part of the immediate business model.

Some IBs start off as single person entities but grow into larger multi-location businesses which is why the IB portal accommodates a multi-tier IB network.

Impact CRM also generates IB reports to make commissions tracking easier and enable affiliates to monitor their business.

Real-time reporting: Monitor business performance with custom reports like IB payments
Real-time reporting: Monitor business performance with custom reports like IB payments


There are additional features to consider which can deliver a competitive edge in the Forex industry.

Automated Lead Scoring and Automated Lead Distribution bring greater efficiency to the sales department. It determines which leads are the most qualified and segments leads to the team best suited to convert them.

The Automated Lead Distribution tool will also attribute leads based on the marketing channel it came through, the language used and IB.

Impact Telecom integration brings greater efficiency to operations as well as two cutting-edge features.

Sentiment analysis is a sub-division of AI which can determine the mood of a trader (and agent) during an interaction. These insights help Identify what makes traders happy and improves retention by increasing understanding about what actions lead to sales.

Telecoms integration also enables more efficient calls monitoring. This is another feature to consider for Forex brokerages keen to bring greater efficiency to their compliance management.

In the past, fears about data loss when switching from one CRM to another has held many Forex brokerages back. However, migration is less of a concern when moving to Impact CRM.

However, many Forex brokerages are still reluctant to make the switch because of the organisational hassle of adapting to a new system.

They continue to use legacy platforms when better options exist because of the effort (and expense) that has gone into integrating other business applications.

While those fears are valid for older systems the API architecture on Impact CRM takes the hassle out of integrating any existing applications.


Easy to use: deal with any customer enquiry from a single screen display
Easy to use: deal with any customer enquiry from a single screen display

Switching between platforms in order to deal with a Forex trader’s enquiry handicaps an agent trying to give an efficient response.

Impact CRM empowers every client-facing employee with the information they need to deliver the best customer experience.

The efficiency gains a business makes by switching to Impact CRM increase over time. However, working with a system that uses a modern, intuitive interface and delivers relevant information in a single screen is how to take customer experience to the next level.

By displaying all account activity on the screen along with personal information like their LTV enables an agent to make more informed and efficient decisions.

All documents including verification details, status of KYC/AML, audit logs, calls and emails can also be seen within their timelines to add relevance.

The flexibility to customise a dashboard to meet the information needs of every agent results in huge efficiencies across the entire Forex business.

Our solution also increases operational efficiency through its reporting capabilities.

It is customisable so managers get what they need to analyse their team’s performance. Meanwhile, CEOs see a global picture of the business with profit and loss reports. Naturally, the customisation extends to manage access to sensitive information.

Additionally, our solution offers the promise of zero downtime and ensures your Forex business is always available to customers. Our robust content delivery networks (CDNs) ensure your business is always online regardless of its size, traffic volume or data needs.

Security is always high on our agenda, so you don’t have to worry about it. To ensure your data is always beyond the reach of external threats our platform offers encryption using the latest technology like https and SSL protocols.

Less churn: better customer experience increases brand loyalty and reduces churn
Less churn: better customer experience increases brand loyalty and reduces churn


2020 is just around the corner and customer experience will drive more purchase decisions than any other factor. Couple that with the cost of acquisition in Forex running at five times the cost of retention makes reducing churn essential.

Regulatory changes are also going to have a significant impact which further increases the need to use a purpose-built solution.

Having Impact CRM enables a better understanding of the needs and demands of traders to drive greater brand loyalty. More efficient acquisition through better marketing and accurate identification of the best prospects will also drive greater revenue growth.

Above all, the influence of AI on how brokers do business is set to increase and will eventually reach the point where brokers that don’t will no longer be able to compete with those that use AI.

Seamless migration from other CRMs is now a simple process which removes one more hurdle for switching to Impact CRM. A modern, easy to use interface and greater empowerment facilitates employee acceptance for the change. The transformation from siloed work to interdisciplinary collaboration happens over a longer period and forms part of an ongoing cultural change that gains traction through the overall success it brings to the business.

Try Impact CRM now