Common open source foreign exchange CRM traps

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, many CRM products claim to be open source, even if their products do not have a real open source license. Remember, if you need to pay for software, it is not open source.

Some open source software is very good. It can help provide technology to non-profit organizations, schools, individuals and even enterprises. However, when it comes to enterprise software, there are some problems with the open source model.

For the foreign exchange CRM system, these problems may cause serious business problems and make you unable to provide the best service to customers.

Development work

Most open source software requires you to at least understand software development. The more applications you want to interact with, the more real it is. If you are completely unfamiliar with GitHub, plug-ins, or APIs, managing your own CRM source code may be more complex than you want to deal with. The work required to implement the system may prevent you from starting and running as soon as you want.

High quality CRM from SaaS (software as a service) company should prepare your own brand in no more than a few days.

Common solutions

Because they rely on donations for development and updating, open source CRM tends to provide tools that attract a large user base. The foreign exchange industry is quite niche, so even in the payment field, there are not many CRM options.

If you choose open source foreign exchange tools, you will not have any functions specially designed for the foreign exchange industry. You don't necessarily have an automatic revenue calculation tool, and you need a different tool to provide traders' rooms.

CRM specially designed for foreign exchange will allow you to automatically calculate the dividends of CFD, send emails to customers according to the securities traded, set the status of potential customers according to the compliance process, and so on.

Technical support and sustainable development

Different open source projects provide different levels of technical support. Developers of these projects usually want to help people use their software, but they may not have time to do so. Similarly, you can apply for new features, but developers may not have the time or ability to add them to their software.

A dedicated CRM provider should provide you with round the clock technical support. They should have a system that can easily report problems and help you quickly solve problems by yourself.

The provider you pay for may want to hear your suggestions for new features and provide them to you as much as possible. As you are a paying customer, they want to satisfy you.

Trading platform and PSP

Platform independent platform because open source CRM is not a professional solution, they will not automatically integrate with trading platforms such as MetaTrader 4 and MetaTrader 5. You need to use plug-ins or APIs to connect CRM to these trading platforms. You must also use the API to connect to a payment service provider (PSP) so that customers can fund their accounts and withdraw funds.

The foreign exchange CRM system should be integrated with multiple trading platforms and PSPS in advance. Selecting tools that have used these service settings means that you can conduct customer transactions faster.

When you start brokerage, open source foreign exchange CRM system may sound like a good choice, especially if you have used other open source software. However, even the best open source tools cannot be used, properly integrated and designed for foreign exchange. So study the foreign exchange CRM system provider, and then choose the provider that meets your needs.