The forex market has a huge potential, and when stepping into the market, you should consider some things. Forex back-office programs should make it easy for you to manage your brokerage. That is, it should boost productivity and simplify complicated operations. All forex software companies will claim to have everything you require.
Before you sign up for their services, double-check that they have extensive back-office capability.
Here are some of the features you should look for in forex back-office software:
Management of client profiles:
Using back-office forex software, customer information and private details should be easy to keep and preserve. You should be able to rapidly build a new customer profile and make changes to it without too much difficulty. The user interface should make it simple for you to see statistics about your clients’ skill levels, nationality, and other data that will assist you in offering the best goods for them while staying compliant with policies and rules.
Management of partners and IBS:
If your forex company works with initiating brokers (IBS), your back-office software must be capable of calculating and paying commissions and refunds to your associates. Partner tools should also be included so that IBS may assist its clients. Allowing partners immediate access to your software will make their duties easier and using the program to guarantee they’re paid the right amount will help you keep good IBS.
Management of user access:
The ability to govern which actions various users can execute in back-office forex software is essential. Although you should transfer payments on behalf of the customer, not all managers and partners require this capability for every client. Managing user permissions is critical to reducing the danger of accidental behaviour and protecting your clients’ data. Inquire about rights and settings related to user roles before acquiring any back-office tool.
Integrations with trading platforms:
The back-office software for a forex brokerage might work in isolation from the trading platform that your company utilizes. However, if your back-office software connects with MT4, MT5, or the system of your selection, your brokerage’s activities will run much more smoothly.
It would help if you built brokerage account groups in your back-office software that link to the trading platform.
Trade management and open positions:
You’ll be capable of opening deals for clients after your forex back-office software links to your trading system with real-time surveillance. Your program will make it simple to specify stop-out levels and have them implemented automatically to lower a client’s risk.
New Forex back-office software necessitates two types of investments: cash for the program and time for its implementation.
Make sure the program you’re buying is worth the money before spending. Determine where you want your company to be in a few years to do so. Even if you don’t have any partners yet, the back-office software you purchase should contain functionality for managing IBS or money managers if you want your business to flourish. Visit https://tradefx.co.za/review/trade-nation/ for more information on trading platforms and which option is best for you.