The client is a large retail forex brokerage focused on the Chinese market. It serves Chinese-speaking and wider Asian retail traders through a trader-facing portal available in seven languages, including Simplified and Traditional Chinese. Its clients trade on MetaTrader 4 across more than 200 instruments. Over the relationship the mix moved clearly towards precious metals: gold went from a single-digit share of traded volume in the early years to more than three-quarters by the tenth year.
Two things set the business apart. It grows through its introducing brokers, and it runs at scale. The client’s trader base is among the largest on the Kenmore platform. In most years, between two-thirds and four-fifths of new registrations came in through an IB referral link.
The client approached us needing a complete online front and back office for a new MT4 brokerage: a trader portal, a CRM for its operations team, and the IB tooling to recruit and pay a partner network. The proposal was signed in Month 0. Live registrations were flowing through the Trader’s Room by Month 1, about two months later.
The first delivery covered:
For its first nine years the client ran on the original Trader’s Room. In Month 101 it signed on to upgrade to the New Edition Trader’s Room, which included a full redesign and a complete migration of data and payment routing.
The migration ran as a staged program rather than a single switch:
Task handling moved from the old CRM to the new one within a single month. Deposit volume did not dip at cutover: deposits in the cutover month were roughly double the month before. Every payment route carried over through Ninjacharge, and all clients, client data and documents moved with them.
The client needed an operations team that could keep pace with a trader base growing faster than headcount. The CRM turns every trader action into a routed task, so staff work from a queue rather than an inbox. Between the second and ninth years, annual CRM task volume grew about 10×. That covers registrations, deposits, withdrawals, transfers and KYC updates. Support tickets stayed at about one for every fourteen traders over the life of the original platform.
The IB network is the client’s main acquisition channel, so this was the most important module we delivered. Multi-tier support lets referral links sign up sub-IBs as well as traders, and gives every partner a “My IBs” view of their downline. Over time we added Advanced IB Reports and payment-method rules restricted to selected IB tiers. In the new edition, ML Rebates and IB Referral Logic took over the client’s full partner rulebook. Across the four months after the China region opened, 84% of new registrations carried an IB attribution.
The client wanted to offer managed accounts to traders who prefer to allocate rather than trade themselves. The MAM/PAMM module handles manager and investor applications, allocation, and profit/loss sharing. It has processed well over a million balance events, and the client kept it running through the migration.
Ninjacharge is Kenmore’s payment aggregator and routing layer. It sits above the individual PSPs and sends each transaction to whichever processor the client chooses for that currency and region. For this client it became the backbone of the cashier. In the first full year it replaced the separate gateway connections, and from then on it carried 99% of completed portal payment transactions. Behind it, we delivered more than 20 PSP integrations over the relationship, covering local bank transfer, e-wallets, card, China-focused channels and crypto. Each new rail was added without re-engineering the cashier. Today’s configuration runs 102 deposit and withdrawal routes across more than a dozen fiat and crypto currencies, including stablecoins, BTC and ETH.
Traders submit and update KYC documents from the portal, and the CRM tracks approval and expiry. The new edition’s Group Logic engine holds more than 2,700 rules that place each new account in the correct MT4 group automatically. The client offers 110 trading account types and 18 IB account types.
The standard product covered the core. This client operated across several fast-moving Asian payment markets, though, and needed a steady stream of additions around it. Across Asana and Jira we closed more than 1,100 development tickets over the relationship. On the original platform, the median ticket closed in two days. Highlights:
All figures are indexed or relative. Month 1 is the first month of live operation. Deposit series count external client deposits only and exclude internal transfers, MAM allocations and adjustments.
| Period | Avg. monthly deposits (Year 2 = 1.0×) |
|---|---|
| Year 2 (first full year) | 1.0× |
| Year 3 | 1.5× |
| Year 6 | 2.1× |
| Year 7 | 2.6× |
| Year 9 (pre-upgrade) | 1.9× |
| After upgrade and China rollout (Months 110–112) | 9.6× |
For eight years, deposits compounded steadily and reached about 2.5× the first full year. After the upgrade and the China region launch, the curve changed shape. Average monthly deposits in Months 110–112 were 5× the average of the eleven months before cutover. A second, system-level deposit measure, which uses a broader definition, puts the multiple at 6×. Month 112 was the strongest deposit month in the client’s history up to that point.
| Month | Completed deposit transactions (cutover month = 1.0×) | CNY share of completed deposits |
|---|---|---|
| Month 107 (cutover) | 1.0× | 3% |
| Month 108 (in-region infrastructure) | 1.1× | 1% |
| Month 109 (China region live) | 1.5× | 24% |
| Month 110 (CNY rails live) | 2.5× | 42% |
| Month 111 | 3.1× | 47% |
Once the in-region infrastructure, the China region and CNY payment rails went live (Months 108–110), the brokerage’s China focus showed up in its payment mix almost immediately. Completed deposit transactions tripled within four months of cutover. CNY-denominated deposits went from a rounding error to nearly half of all completed deposits.
| Metric | Value |
|---|---|
| Registrations referred by IBs (original platform, lifetime) | 61–85% by year |
| Registrations referred by IBs (Months 109–112, new edition) | 84% |
| Annual registrations, Year 9 vs. Year 2 | 10.8× |
| Annual first-time depositors, Year 9 vs. Year 2 | 9.4× |
| Registration → first deposit (lifetime) | ~38% |
| Email confirmation rate (new edition, all traders) | 99% |
| Metric (vs. cutover months) | Months 110–112 |
|---|---|
| Active trading accounts per month | ~2× |
| Lots traded per month | ~2.8× |
| CRM tasks processed per month | 2.4–3.0× |
| System emails sent per month | 2.6–3.2× |
The operations team absorbed roughly three times the task volume within five months of cutover, on the same CRM and the same routing rules.
A platform that lasts. The client launched on Kenmore within about two months and ran on it for more than nine years. Over that time its registrations grew more than tenfold and its payment stack went through more than 20 PSP integrations. It never needed to re-platform onto another vendor. When it was time to modernize, the upgrade came from us too.
A migration that didn’t cost a month. We moved clients, documents, payment routes, live chat history and a multi-level IB hierarchy into the new edition in stages. The cutover month showed no dip, and within five months monthly deposits were running at 5× the prior-year average.
Expansion as configuration. Opening a dedicated China region meant configuring the platform rather than building a new one. It needed an in-region instance, localized verbiage, CNY rails behind Ninjacharge, and infrastructure tuned for mainland connectivity. Within 60 days of the region going live, CNY accounted for nearly half of deposits. In the quarter that followed, the brokerage recorded the strongest deposits in its history.
Built for IB-led growth. When four in five new clients arrive through partners, the IB stack is the business. Multi-tier referral logic, rebate rules, advanced IB reporting and IB-scoped payment methods came through every version of the platform intact.
| Metric | Value |
|---|---|
| Time from signed proposal to live registrations | ~2 months |
| Length of relationship | 9+ years |
| Monthly deposits, Months 110–112 vs. prior-year average | 5× |
| Monthly deposits, peak quarter vs. first full year | 9.6× |
| Completed deposit transactions, Month 111 vs. cutover month | 3.1× |
| CNY share of deposits, before → during China rollout | 1% → 47% |
| Net deposit ratio, post-upgrade peak quarter | 39–40% |
| Withdrawal-to-deposit ratio | ~0.6:1 |
| IB-attributed registrations | 84% |
| Depositors who go on to trade | 91% (two-thirds within 24 hours) |
| Annual registrations, Year 9 vs. Year 2 | 10.8× |
| CRM task volume, Year 9 vs. Year 2 | ~10× |
| Support tickets per trader (original platform) | ~1 in 14 |
| PSP integrations delivered (routed via Ninjacharge) | 20+ |
| Payment routes live | 102 |
| Trading account types | 110 |
| Supported languages | 7 |
| Development tickets closed | 1,100+ |
| Median ticket resolution (original platform) | 2 days |
Kenmore Design's Forex CRM gives you the Trader's Room, multi-tier IB, rebates, payments via Ninjacharge, and regional instances in one continuously-developed platform. Expand into a new market by configuration, not a rebuild.
Launch fast. Open new regions without re-platforming.
