Devexperts is a technology vendor that has been providing software solutions to the financial industry since 2002. The company is responsible for some of the most recognized and reliable financial applications worldwide.
One of Devexperts’ flagship solutions is DXtrade CFD, a trading platform for FX, CFD, crypto, and spread-betting brokers. DXtrade CFD is in demand among startup and established brokers. While they have common requirements, such as a CRM system to oversee back-office operations, there are also some differences.
In the case of established brokers, there’s a demand for seamless migration to alternative trading platforms. Also, an increasing number of brokerages are looking into offering cross-platform trading to their clients. What stops them is the need for large technical teams to manage backends and create, migrate, and archive trading accounts. Tailoring payment methods to various clients’ residences is also a task for a whole team of engineering staff. Basically, any diversification requires an increase in the broker’s headcount.
Devexperts needed a reliable partner that had a CRM solution to cover all these needs and tackle the mentioned challenges.
After researching the market, Devexperts found TradeCore which is a leading technology provider for the financial industry—and brokers in particular. TradeCore’s product that matched Devexperts’ expectations was BrokerIQ (BIQ)—a CRM for FX brokers that combines KYC, payment, and trading data, including an entire trading history and all currently open positions.
How BrokerIQ helps brokers?
BrokerIQ is a CRM solution designed to host the entire back office of a forex broker. It’s integrated with
- KYC and AML providers (for identity, document, PEP, and sanctions checks)
- a payment module with over 300 payment options for end clients
- an IB module that automatically calculates IB commission.
BrokerIQ combines back and middle offices in the same product. This way, all brokerage departments work within a single CRM and operate the same data. Thus, brokers have a more efficient solution for their daily operations ranging from client onboarding to customer support and retention.
Example: If a client experiences an issue during onboarding, they’ll turn to customer support for help. But the issue is actually on the compliance side. With BIQ, both the compliance and customer support employees see the same data and results of KYC checks. This way, the client’s issue might be solved way quicker because BIQ eliminates the time required for cross-department communications and possible mistakes that might occur on the way.
BIQ also helps with the introduction and handling of cross-platform trading: it supports running multiple platforms in parallel by importing all trading data from different sources in real time.
The integration with BIQ allows DXtrade brokers to run all backend operations in a single CRM. BIQ combines KYC, payment, and trading data and makes them available to all departments involved in running brokerage operations.
Newly onboarded DXtrade brokers can leverage BIQ to smoothly transition to DXtrade from their previous trading platforms. Depending on the amount of data, migration usually takes from several hours to a couple of days. So, in just two days, brokers are ready to offer their clients DXtrade with all operations backed up.
And the most demanded case—cross-platform trading—has also been handled. Through real-time import of trading data from various sources, concurrent operation of multiple platforms now doesn’t pose any challenges and doesn’t require a headcount increase.