Becoming a Forex IB (Forex Introducing broker) can be a successful career choice for those whom enjoy building contact networks and understand the Forex market – FX issues.
The FX market is the most liquid market in the world, with a daily trading rate of over 4.5 trillion-dollar and growing. With more and more people getting involved in Forex, opportunities are available for new investors and for new IBs.
IBs will earn rebates in any trade their clients make which allows them to focus mainly on attracting more clients and giving good customer service. Usually they do not perform trades and they function as a link in-between the brokerage and the trader.
What a Forex IB does is to explain and talk about FX to potential investors or traders; this includes the main concepts of the market, how it works, and the possible opportunities for traders. Also how to start, how to open a demo or live account, even how to use the trading software and even help newbie’s with making their first trade. Good IBs can provide advice on market conditions, executions and link traders with valuable contacts.
For new traders, a good Forex IB can provide the necessary tools for a good start. Also, IBs provide an excellent client service which can be hard to find in big brokerages; they will take care of each client and their requirements, making sure that all their questions are answered on time. IBs are essentially the sales & customer care department of the company.
A trustful Forex IB is always a good addition to the personnel. And brokerages like to enroll introducing brokers since they represent the sales team of the company; they bring lots of clients and spread the good name of the company.
When choosing an introducing broker, it is a good idea to check their record and also make sure that you feel comfortable around them since you will need to work hand by hand with your IB.