Start your own brokerage: The foreign exchange market – Forex – is the biggest market in the world with over $4 trillion in daily trading; this means that there is opportunity for traders to make money.
The Forex market offers different options to make money besides trading.
You can join into brokerage firms as an Introducing broker, white label partnership, among others. That way you can start your own brokerage firm and they will provide all that you need, which will contribute to the success of your new business.
Becoming an Introducing broker is very simple. Usually what you have to do is introduce clients to the brokerage firm which will provide you with all the necessary tools you need, such as trading platform and software. The best part is that as an introducing broker you have benefits like the possibility of having a 24/7 customer service and support, but without paying more. An IB gets a fee for the clients he refers to the brokerage firm.
Another way to start your own brokerage is thru a white label partnership. This is very similar to an Introducing Broker partnership but you will be able to set up your own logo on all the products that the brokerage firm provides you like the software and platforms. In that way you don’t refer your clients to the brokerage. But instead, you will have total control of your clients data base and you’ll pay a small fee to the brokerage.
There are many advantages if you start your own brokerage firm with a partnership:
– You won’t have to pay more to receive on-the-edge platforms and software.
– You will have the expertise of experienced brokers to help you being successful
– You will have total control of your business
– Won’t have to worry about technical issues or support.
Before starting your own brokerage firm it is necessary to think on how much you can spend and how much time you will have in order to decide if you want start it by yourself or be in a partnership with a brokerage. Choosing to be a white label or an introducing broker may allow you to have more time to focus on your clients and make more money.
Setting up a business plan is also important when you decide to start your own brokerage, set your strategies, and make sure you work to achieve your goals.