What is a Forex Introducing Broker?
If you want to step into an electrifying field and growing trend of opportunities and alternative ways to make money other than the profits generated from your Forex trading activities you should consider becoming an Introducing Broker. In this article, we will answer all your questions related to what is a Forex Introducing Broker and what is most important; we’re going to highlight the benefits of becoming a Forex Introducing Broker and how you can start business a successful Forex Introducing Broker Business. Not only that…you can grow your business by becoming an introducing broker but you’ll be building a large network of clients while growing your personal income.
What is a Forex Introducing Broker
An Introducing Broker is also known as an IB and is a person that introduces new clients to a Forex brokerage firm. Usually, the introducing broker is compensating with money for the effort made to bring new clients. In short, the compensation is made each time the client makes a trade or sometimes you get a commission each time a client signs up with your preferred Forex broker. In simple words, the Introducing Broker is not benefiting from his own trades but rather you’re earning from the trades of the people that opened an account with your preferred Forex Broker through you. However, depending on the business model and your relationship with your preferred Forex broker, you can get paid by the total volume generated by your clients.
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How Does the Forex IB Business Model Work?
First, you refer people to your preferred Forex broker and once your clients have begun trading you’ll be compensated with a share of the fees that your preferred Forex broker has collected from your clients. The more clients you manage to sign up with your preferred Forex broker and the more these people trade, ultimately the higher your income will be. In essence, this is a volume-based type of earnings.
With this type of business partnership, there are no conflicts of interest because you’ll make money when you preferred broker makes money. Because this is also a relationship of trust the Forex brokers need to be transparent. So, as an IB you’ll receive a mixture of advantages including access to a substantial set of tools that will allow you to monitor your clients and the commissions earned.
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The Benefits of Becoming a Forex Introducing Broker
The main benefit of becoming a Forex Introducing Broker is that you can make money without the need to open any positions and without having any risk in the Forex market. There are many other benefits that should get you interested in becoming an Introducing Broker. These benefits are the main reason why starting a Forex Introducing Broker Business is always attractive proposition.
Low Startup Capital
As a Forex IB, you don’t need to trade to make money. You need to find and expand your client network. Your trading clients’ combined volume is your commission. You just need to open a verified account with the respective Forex Affiliate Program and you are in business. Once you have your IB referral link, you can start figuring out ways to get clients to sign up through your referral link… and get them to start trading.
Low Operating Costs
Normally, you can start making money with an Introducing Broker program from your own referral activities without committing any resources. In other words, the main feature of an IB program is that it has low operating costs.
- Ready Made Online Business
Instead of profiting from your own trading you can start earning on your own network of clients. With an Introducing Broker program you can start monetize your social media accounts (Facebook, Twitter, Google etc.) your email contact list. Even if you don’t have a strong presence on the internet there are always people that can be interested in what you do as a trader. This way you can profit from referring them to your preferred broker.
Alternatively you can promote your IB business through Forex dedicated Forums and online trading rooms which is a great place to acquire new clients.
- Build on a Residual Income
Another advantage of an Introducing program is that it gives you the opportunity to build on a residual income without too much effort. Depending on the type of relationship you have with your preferred broker you can cash out your income either on a weekly basis or monthly basis.
- Fully focused on Marketing
You should promote your preferred Forex broker by letting people know your level of satisfaction with your Forex broker. You can apply the same marketing tools used in other business in order to promote your IB business.
Many successful traders show their trading performance or market forecasts on social media. This is another great way to market your IB referral business by adding your referral link when you post your screenshots.
If nobody knows about your trading you better start spreading the word as more people may get interested and will ask for your tips, which is a great opportunity to promote your preferred Forex broker.
- Backend, Operations, and Support done by Forex Broker
Once the client has signed up with your preferred Forex you don’t have to worry about anything. The backend, operations, and support are done by your preferred Forex broker.
Hard work, persistence and commitment are among the top qualities that a successful Introducing Broker needs to possess. If you find yourself having any of these traits and you’re looking for a great source to generate a new income you can easily become an Introducing Broker. If you’re already a successful trader, you’ve been probably asked many times before, to recommend a Forex broker. If that’s the case, you can easily become a Forex IB which is really money making tool suitable for everyone.