The client is a high-volume Arabic-speaking forex brokerage serving traders across the Middle East and North Africa, with a long tail across South-East Asia, Sub-Saharan Africa, and South Asia. The trader base is concentrated in Iraq, Syria, Algeria, Yemen, Egypt, and Morocco; together those six countries account for roughly seven in every eight registered clients. Trading happens primarily on MT5, with cTrader added later in the relationship for clients who preferred it. The brand operates under a single-region default with a second jurisdiction added as the regulatory footprint expanded, runs Arabic and English in parallel from launch, and supports a multi-tier Introducing Broker network as the primary acquisition engine.
When the client approached Kenmore, the brief was modest by today’s standard — a non-custom Trader’s Room edition with multi-tier IB and a few day-one customisations, plus a one-shot data migration from a previous environment. What it became, year after year, is one of the most continuously-developed brokerages on the Kenmore platform.
The signed proposal scoped a four-stage delivery — Discovery, Development, Testing, Deployment — at a total of two to two weeks. The Trader’s Room New Non-Custom Edition for MT5 went live on that timeline and, in the very first month of operation, ingested the migrated trader records as a single batch — the data-migration spike dwarfed organic sign-ups in that window by roughly a thousand to one. Day-one customisations included:
By the first full month of organic operation, the registration funnel was already running in the low thousands of new live sign-ups per month. By the end of Year 1, the service level had transitioned — and the volume of feature requests was already running ahead of what the non-custom edition could absorb.
Across more than four years on the platform, the client has filed over 460 development tickets — feature requests, integrations, mini sub-projects — averaging roughly two new tickets per week, every week, for the lifetime of the engagement. The cadence is the story:
This is not a brokerage that signed up for a CRM service and walked away. It is a brokerage that uses Kenmore as a continuously-deployed platform — and the platform has flexed to meet it.
The Trader’s Room is the single signed-in surface for every client — onboarding, KYC upload, deposits, withdrawals, account opening, IB tracking, internal transfers, and live chat. The Back Office is where the operations team runs the brokerage: lead routing, KYC review, deposit approvals, withdrawal release, IB rebate audits, and bonus configuration. The operations team itself has grown to over a hundred client-side admins working in fifteen-plus role types — Sales, Team Lead, Supervisor, IB Team, IB Manager, Live Chat, Live Chat 2, Documentation, Financial, Financial Manager, Wallet Tasks, Risk Management, P2P, Seychelles, Super Admin — all coordinated from the same Kenmore back office.
Both the trader-side and admin-side surfaces have evolved heavily in response to the client’s day-to-day operational pressure. The back office now exposes advanced filtering, region-aware admin permissions, multiple sales / team-leader / supervisor assignment layers, and a regulator-access view added when the second jurisdiction came online — all running on the same Kenmore back office that the operations manager logged into on day one.
The client launched on MT5 with multi-tier IB and Money Management account support enabled. cTrader was added in Q1 of Year 2 as a second platform, with its own product line of account types — Standard, Zero, Stocks, Copy Trade — and its own customer portal flow. Both platforms run side-by-side; multi-tier IB and MAM remain MT5 features today.
Over a hundred distinct account-type configurations are live across the two platforms. The client base concentrates in the standard MT5 trading group (which holds the great majority of all live trading accounts), with meaningful tails in the Zero spread group, the bonus and hedge variants, the Mini account, and the cTrader Copy Trade pool. Accounts are predominantly USD-denominated and predominantly run at 1:100 leverage, with 1:500 a strong second tier. Around three quarters of all open accounts are live trading accounts; the remainder split between demo, wallet, and IB accounts.
The IB framework is the client’s growth engine. Sub-IBs sign up sub-IBs; commissions flow up the chain on profit-sharing as well as classic pip/percent/cash structures; promo materials, banners, and referral URLs are issued automatically. The client’s specific requirement — that a trade must remain open for a minimum duration before generating commission — was added as custom logic on top of the standard rebate engine, eliminating a class of wash-trade-style abuse that flat-rate brokers regularly pay out on. The IB hierarchy now spans six tiers (Client IB → Emerald → Platinum → Legend → VIP IB → Elite Level), each with its own commission profile and group restrictions.
Across the lifetime of the engagement, roughly three in every ten registered traders have arrived through an IB referral. In the most recent twelve-month window the share has climbed back above two in five. A small number of top-performing IBs carry an outsized share — the single biggest IB on the platform has personally referred a cohort the size of a respectable mid-sized brokerage, and the top five IBs together account for nearly 30% of all IB-attributed traders.
Ninjacharge, Kenmore’s payment-aggregation layer, sits between the Trader’s Room and a roster of integrated PSPs. The client has accumulated eight integrated payment services across the relationship: B2BinPay (Year 2), Praxis and Gate To Pay (Year 3, deposit and withdrawal flows separately), NassWallet (Year 3), the bespoke branded-card flow with its own card-signup task type and KYC handling (Year 3), PayMaxis with its Voucherry sub-gateway (Year 4), Coinsbuy (Year 5), and Match2Pay/M2P for both deposits and withdrawals (Year 5+), plus an Apple Pay / Google Pay flow shipped on the most recent quarterly invoice. Crypto rails for BTC, ETH, USDT-TRX, and a long tail of other tokens run alongside fiat. Critically, the wallet/local-rails configuration also covers payment options that genuinely matter in MENA — ZainCash, Fastpay, Asia Hawala, Western Union, Perfect Money, Payeer, WebMoney, plus locally-branded Visa & Mastercard rails — eighteen distinct local-rail configurations live in the system today, sitting alongside the eight integrated PSPs that handle global card and crypto flow.
The “allow to enable and sort the PSP from the back office” feature, built early on, lets the operations team rebalance routing in real time as PSP terms shift. The total deposit-side merchant routing configuration now stands at dozens of distinct entries.
The default on-deposit credit bonus from launch evolved into a layered incentive system: welcome bonuses tunable per group and per IB referral, promo-code campaigns, the competition framework with leaderboards and frozen end-of-competition profit/equity capture, the loyalty module activated in Year 2, and an inactivity-driven re-engagement bonus pattern. Bonuses are credit-only by default, with rules that strip the bonus on withdrawal — a custom requirement built specifically to prevent bonus arbitrage. Hundreds of clients have been routed through the dedicated competition account flow across the lifetime of the engagement.
What started as a document-upload checklist has become a full-stack identity workflow. The KYC module was extended over the years with: country-specific document requirements, expiration tracking with renewal-task auto-creation, live-photo capture with camera-flip support, end-of-flow video-recording for high-risk applications, OTP layered onto sensitive actions (withdrawal, group changes), AML score capture, SumSub linkage, a license flag for regulated clients, and the regulator-access read-only view. KYC requirements differ per region, per account type, per transaction type — all driven by table-level configuration rather than hard-coded gates.
Tido Live Chat shipped at launch. A second live-chat team was added in Year 4 to handle volume — both queues route to the right department by language and topic, with the conversation linked back to the trader profile so the operator opens with full context. The Trader’s Room and back office both run Arabic and English (right-to-left rendering, Arabic verbiage tables, Arabic email templates). The website redesigns and the dark-mode-first portal refresh were delivered as part of the Year 4 staging environment formalisation.
A registration API was extended in Year 2 with a custom flag controlling menu access for partner integrations, and the broader API documentation set was generated in Year 5. Twilio handles SMS; FCM handles trader push notifications.
A non-exhaustive list of features that exist for this client because the operations team asked for them:
Standard service infrastructure runs on shared Kenmore hosting. This client outgrew that. By Q2 of Year 2, a Lvl 1 dedicated infrastructure tier had been added. By Q4 of Year 3, a Lvl 2 dedicated tier joined it. By Q4 of Year 5, a separate dedicated database server was added on top of both. Three infrastructure escalations across the relationship — each one prompted by a specific traffic or query-volume threshold the shared environment couldn’t comfortably absorb. The Trader’s Room and the CRM run on isolated Trader’s Room API hosting with the queuing layer that the standard service includes, but every layer above that is now on its own metal.
Every figure below is relative — multipliers, ratios, percentages, indexed values. No absolute revenue, deposit, withdrawal, or trader counts are disclosed.
Indexing to the first full month of organic operation (Month 1):
| Window | New trader sign-ups (indexed) |
|---|---|
| Month 1 (first full month, Year 1 → Year 2) | 1× (baseline) |
| Year 2 monthly average | ~3.9× |
| Year 3 monthly average | ~10.1× |
| Year 4 peak month | ~28× |
| Year 5 peak month | ~33× |
The peak single month landed in late Year 5 at roughly 33× the Month 1 baseline. The trader population sits firmly in the “exceptionally high client count” band — by registered-trader count, one of the largest single brokerages on the Kenmore platform.
The brokerage launched almost entirely Arabic-speaking. Across the lifetime of the engagement, ~78% of registered traders use the Arabic UI and ~21% the English UI, with French, Turkish, Polish, and Korean making up the long tail. The English share climbed sharply in Year 5 as the brand pushed into new markets — and the strategy is paying back in active-rate terms: the small Italian cohort registers at over 90% active and the Indonesian cohort at over 70%, against the 30–44% active range typical of the MENA core.
The top six countries (Iraq, Syria, Algeria, Yemen, Egypt, Morocco) account for ~88% of all registered traders across the lifetime of the engagement, with Iraq alone responsible for ~38% — a single market that, on its own, would qualify as a large brokerage. The long tail spreads across Jordan, Lebanon, Saudi Arabia, Palestine, Indonesia, Italy, Turkey, Sudan, Libya, Tunisia, the UAE, Nigeria, Afghanistan, Pakistan, and another twenty-plus markets.
Across the full operational window, just under one in three registered traders arrived through an IB referral. The yearly share moved with paid-acquisition spend — close to 40% in Year 2, then 35% in Year 3, dipping to 19% in Year 4 as paid acquisition scaled, and climbing back above 40% in the most recent quarters as the multi-tier IB tier-account programme matured.
The IB pool itself sits at over a thousand active IB partners. Concentration is striking: the single largest IB has personally referred ~8% of the entire IB pool — a cohort the size of a respectable mid-sized brokerage on its own. The top five IBs together account for ~28% of all IB-attributed traders, the top ten for ~41%, and the top fifty for ~76%. Most IBs are small. A few are enormous. The custom hold-time commission rule was built precisely to keep that concentration honest.
Across the full lifetime of the engagement, the conversion funnel from registration to engagement runs at:
| Funnel stage | Lifetime conversion |
|---|---|
| Email confirmed | ~73% |
| Active trader (active flag) | ~37% |
The email-confirmation rate is exceptionally healthy for a high-volume MENA broker (the industry sees 50–65% as typical).
Confirmation rates by year reveal the marketing-mix shift: ~80% in Years 2–4 (heavy IB traffic, naturally pre-warmed), down to ~75% in Year 5+ as paid social acquisition (Meta, Instagram, TikTok-adjacent campaigns) added a higher-volume, lower-pre-warmed top of funnel.
| Bucket | Share of all open accounts |
|---|---|
| Live trading (MT5 + cTrader) | ~75% |
| Demo | ~15% |
| Wallet (introduced Year 4) | ~10% |
| IB | <0.2% |
Among live trading accounts, roughly seven in ten sit in the standard MT5 group, around 4–5% in the P2P group, and the remainder spread across Zero/B2, Mini, Bonus and Hedge variants, VIP, Crypto, and the cTrader account family.
The first PSP-routed deposit month landed in Q1 of Year 3 (the first PSP integration came online late in Year 2 and started carrying real volume the following quarter). Indexing to that first month:
| Window | Successful PSP-routed deposit count | Indexed deposit volume (USD-cleaned) |
|---|---|---|
| Month 1 (first PSP month) | 1× | 1× |
| End of Year 3 | ~10× | ~8× |
| Year 4 average | ~13× | ~17× |
| Year 5 peak month | ~25× | ~49× |
Average successful deposit size has roughly doubled over the same window, from about three hundred and fifty dollars per deposit in early Year 3 to a peak above seven hundred dollars per deposit in mid-Year 5 — consistent with an audience that started small, came back, and increased ticket size.
The Trader’s Room and back office together carry an exceptionally high volume of PSP-routed payment records and registered traders — the trader base sits well above the threshold the CRM industry uses for “tier-one” brokerage scale. The deposit-request task queue (the manual-review flow that runs alongside the automated PSP rails) sits in the same scale band, reflecting a partly-manual reconciliation discipline that this client has chosen to preserve. Over a hundred client-side admin operators log in across the operational team; a sales-and-back-office floor that has grown roughly in step with trader volume.
The active modules in the Kenmore room registry — Loyalty, Group Logic, ML Rebates, Admin Manager, Roles, Translation, Languages, Push Notifications, Email, Files, Competitions, Reports, the Branded-Card flow, P2P, Risk Management — number in the dozens, all activated and tuned over the relationship.
A 4.5-year continuously-developed brokerage running on the Kenmore platform validates three things:
The non-custom Trader’s Room is a launch point, not a ceiling. The same codebase that took two-to-four weeks to deploy now runs a multi-platform, multi-jurisdiction, multi-language operation with eight integrated PSPs, a hold-time multi-tier IB engine, custom KYC video capture, a separate dedicated database server, and a regulator-access view — with no platform migration, no rip-and-replace, no second vendor.
Operational velocity scales with the client. When the client needed 26 tickets shipped in a single month, they shipped. When the client needed a third infrastructure tier, it was added. When the client needed a fifth integrated PSP, the integration cycle ran on the same Ninjacharge aggregation layer built for the first.
Long-running clients compound their own platform. Every custom feature shipped for this client — hold-time IB commission logic, the branded-card flow, risk-on-registration, regulator-access, OTP-by-group — became part of the wider Kenmore product surface available to the next brokerage that needs it. The relationship is bidirectional.
| Metric | Value |
|---|---|
| Years on the Kenmore platform | 4.5+ (and ongoing) |
| Tickets delivered (custom dev + feature) | 460+ |
| Trading platforms integrated | 2 (MT5 + cTrader) |
| Integrated payment services | 8+ |
| Crypto + local-rail wallet configurations | 18 |
| Languages supported | 2 (Arabic, English) |
| Account-type configurations live | 100+ |
| Active modules in the Kenmore room registry | ~55 |
| Infrastructure tiers escalated | 3 (Lvl 1, Lvl 2, all dedicated and distributed) |
| IB Types | 6 |
| Operational regions | 2 (Default + Seychelles) |
| Operational role types in the back office | 15+ |
| Monthly registration growth, Month 1 → Year 5 peak | ~34× |
| PSP-routed deposit volume growth, Month 1 → Year 5 peak | ~49× |
| Average successful deposit size growth | ~2.2× |
| Email confirmation rate (lifetime) | ~73% |
| Active-trader rate (lifetime) | ~37% |
| IB attribution (lifetime) | ~30% of registered traders |
| IB attribution (Year 5+ recent) | ~40% |
| Active IB partner pool | 1,000+ |
| Top-IB share of IB-attributed pool | ~8% (single IB) |
| Top-5 IB share of IB-attributed pool | ~28% |
| Top-50 IB share of IB-attributed pool | ~76% |
| Trader scale | Exceptionally high — one of the largest single brokerages on the Kenmore platform |
Kenmore's standard Trader's Room is a launch point, not a ceiling. 460+ custom tickets, 8 PSPs, multi-tier IB, dedicated infrastructure — all on one continuously-developed platform. Talk to us about scaling yours.
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