The forex market is inherently international as it involves the exchange of global currencies.
While the forex market has no central location, most traders are in major financial centers and emerging markets. As a result, most brokers have a global headquarters and regional offices catering to clients in their respective regions.
But with prospects and leads spread across different countries, how can companies communicate with customers and leads while simultaneously building trust?
Enter Virtual Phone Numbers With Local 2-Way Voice
Virtual phone numbers are telephone numbers that are not tied to physical locations. A key advantage of virtual numbers is that companies can use them to establish a local presence in another country without having a physical presence there.
For example, a forex broker headquartered in Cyprus can have local, city-specific telephone numbers or toll-free numbers in Mexico, Brazil, South Africa, the UAE, etc. The broker can cater to callers in those countries through a local phone number while answering calls in Cyprus or other regional offices.
When combined with virtual numbers, Local 2-Way Voice is a solution that enables international outbound calls with a local in-country caller ID. For example, sales reps in Cyprus could call South Africa while showing a local Johannesburg phone number as the caller ID.
This solution enables:
- Local telephone presence in 160+ countries.
- High-quality inbound & outbound calls with a local in-country caller ID.
- Functionality across multiple platforms (computer, mobile phone, CRM, or integration with an existing phone system).
- Statistics and reporting to evaluate agent productivity.
Learn more about specific use cases below.
1. Warm Calling
Typical marketing strategies for forex companies include industry events, affiliate marketing, customer education, digital marketing, and brand partnerships. As with most industries, customer acquisition usually involves multiple touchpoints.
Leads don’t convert into paying customers immediately, meaning brokers must nurture leads and follow up on warm opportunities.
Forex companies can use virtual numbers and Local 2-Way Voice to make warm calls to interested prospects. To increase the effectiveness of warm calling efforts, sales reps can show a local in-country caller ID corresponding to the country they’re calling.
Leads are more receptive to calls from in-country numbers versus international numbers, and there will be an increased sense of trust that they will transact with a local entity.
2. Client Retention and Customer Experience
Client retention and customer experience are the name of the game in forex. Oftentimes, the majority of profits don’t come from the first sale. This means that brokers must take steps to ensure an outstanding client experience and encourage repeat business.
As a forex broker, clients are often distributed across multiple countries.
But suppose your support team operates at a global headquarters or regional office. How are clients going to reach out?
Virtual numbers enable brokers to have country-specific contact phone numbers for various countries. Companies can publish and display these phone numbers in their portal, support documentation, and email signatures to allow an easy point of contact.
Additionally, support teams can use these numbers to make outbound support calls to clients in other countries. Live chat, email, and other messaging channels are popular these days, but nothing beats a phone conversation when it comes to financial transactions.
3. Cold Calling
The forex industry is saturated and crowded – more white-label solutions have led to more forex brokers and competition. As a sales leader, you must find ways to stand out from the noise.
While the effectiveness of cold calling has diminished in the digital age, it remains a straightforward way of attracting new clients.
You might have an extensive database of prospects interested in the past. Combined with email marketing and other digital strategies, cold calls effectively get prospects’ attention.
But those prospects will be less likely to answer calls from unknown or international numbers.
Is Cold Calling Still a Viable Sales Strategy for FX Companies?
Each brokerage and sales team has unique strategies for growing its business.
Due to the rising costs of leads and customers, cold calling remains a high-margin customer acquisition channel, provided it’s done correctly. FX brokerages should ensure they are maintaining compliance with laws and regulations.
Additionally, companies should use the right tools and software to improve their return on these efforts.
If you want prospects to answer your cold calls, use a local in-country phone number.
4. Marketing
Marketers often leverage localized marketing materials and websites to cater to global audiences.
Localized marketing is especially effective in the forex industry because target customers span diverse geographical regions with different languages and cultures. Frequently, marketers offer market-specific promotions to traders. And almost always, the trading platforms are localized in several different languages.
To maximize the effectiveness of localized marketing, forex companies usually provide local contact information, including phone numbers and email addresses, to reassure users and leads that help is readily available in their language and country.
5. Compliance & In-Country Registration
Compliance in the forex industry is a tricky subject. To offer services in specific countries, you must ensure that you operate per an established set of guidelines.
A critical aspect of compliance is in-country registration. In most cases, countries will require a local point of contact in that country. Our virtual number services have been used as phone numbers for various country registration documents.
Learn More
We’re regulars at industry events, including iFX Expo and Money Expo. These events allow us to connect with existing customers and meet potential clients.
Whether you’re attending these shows and want to talk to us in person or prefer to reach out online, we’re here to help provide innovative virtual numbers and telecom solutions to your forex company.
Fill out a contact form on our website or give us a call. We’ll help you get set up with a personalized demo or free trial account to see how our local calling solutions can benefit your brokerage.
