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What is Forex Back-Office Software

Elena Martin
What is Forex Back-Office Software

For the smooth implementation of your brokerage, Forex back office software has been developed. Implementing this software in your Forex company will greatly increase its productivity.  

Basic Features Of Forex Back Office Software

The ideal Forex Back Office software should have the following features.

Client Profile

Maintenance and the storing process of clients’ general information should be easy in the proper back office. The user should be able to quickly update a new client profile without hitting it. The user interface should be simple and clear with a structured view of clients’ trading experience, stats, and other important details.  

Management of Clients’ Finances

The user must see and manage the balances of their accounts. The requested back office should have the balance tracking function for all customer accounts within the financial management of the user. The funds' transfers between several accounts should also be made available in any currency, credits should be attributed and clients' rebates issued. The supervision and management of balance accounts enable you to help customers with balance queries.  

Partner Management

Choose a back-office that is capable of properly calculating and paying partners discounts and charges. The back office should also have trading facilities they can use to provide the best service to their customers. Direct access to your software helps them to carry out their responsibilities and they have the drive to be at the top of their game when they receive the correct remuneration (as calculated through the software).

Categorized User Access

The functional back office is obligatory so that different users can control their activities and access. You can personalize the access of partners to the back office as you like to ensure that you have total control. To reduce risk and data protection of customers, the management of user accesses/pretenses is necessary.

Reporting Tools

Forex Back office software should have simple and straightforward reporting tools to collect data from admins, partners, and clients' activities. The software should be able to produce major reports on trade, income and loss, deposits, and so on. These reports help you to detect the best market and to get existing customers involved. The software should also track partners' and other managers' actions and record them. It helps to monitor your business progress.

Complete KYC

Know Your Client (KYC) is an essential feature to prevent money laundering and to act in accordance with Forex regulations. The back office software of your Forex brokerage requires a KYC function for regulatory requirements. You should be able to upload and store documents to verify the identities of your clients. To know when documents must be updated, select the software to specify an expiry date.

Compatible With MT4/5

The back-office software is ideal for providing full access to trading details, such as client balances, client transactions, open trades, running trades, close trades, etc. The MT4/5 integration guarantees that your company operates smoothly and efficiently. Besides, if your back office is integrated with MT4/5 you can have live monitoring of all accounts. You can monitor all trade orders with live margins, profit loss ratios, and positions. You can determine the time of issuance of margin calls by using this information. Also, on behalf of your customers, you can open and close trades. Your software simplifies the stop-out process and its automatic application to reduce the risk of a client.

Final Thoughts 

New Forex Back office software demands two types of investments: Money to buy the software and Time to implement it. Make sure that the software you are buying is worth it before making those investments. Consider wherein a couple of years you want your company to be. You may not have partners now, but the back-office tools you choose for managing IBs or money managers should include features if you want your company to grow. Similarly, you may not immediately plan to apply for regulatory licenses, but you can expand your business into new regions in the future. 

Elena Martin
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