If you’re a money manager or IB broker, we’re sure this topic won’t take you by surprise. By this point in your career, you’ve probably wondered how to get started in Forex independently, either with your broker from scratch or with a turnkey White Label solution like the one we offer at Smart Broker Solutions.
We know that when you start on your own, there are certain doubts or fears that arise. At Smart Brokers Solutions, we understand how you can take the first step on the right foot from your job as a Money Manager or as an IB since we have been at the same point where you are right now. This article will show you the best options if you have decided to scale your Forex business to another level.
Is Forex a lucrative market? How to get started?
It is the most liquid trading space in the world. It is called by most traders “the market that never sleeps.”
With a transaction volume of around $6 billion per day, it is a space of opportunities you have to know how to work to benefit from it.
The currency pair that moves the most is the USD/EUR, and the US dollar is the currency by excellence. What does all this tell you? It says you have a very profitable business ahead of you, in which people invest a lot of money.
You can find many recommendations and business models that may interest you, but deciding how to get started in Forex can be a complex task. Avoid improvisations and uncertain maneuvers that are costly. Therefore, you should know certain elements to make this path safer and more bearable.
Get started from your FX Broker with real opportunities
The first thing to keep in mind is to work hard. The easy ways are not the common denominator; they are not real.
It is essential to know how to manage Forex operations, have a solid client portfolio, and understand that there is always a risk when investing. Below, we will tell you the main things you need to know to start with Forex.
Select a Business Plan for your FX Broker
Business plans will always be present in investments; it will be a process that is carried out several times throughout the financial career.
As a Forex broker, you will have to analyze, among other elements: operational start-up costs, risk analysis, how you will process the operations, sources of financing, management of the money invested, a study of the competition, and benefits and the term in which you aspire to receive them.
As you move forward in the foreign exchange market and get to know your customers, their needs, and where they are, your plan and subsequent adjustments will hit the mark.
If you are starting, have a specific niche, and do not try to cover several types of clients, focus on a single pattern and strive to know it to dominate it completely.
Establish your brokerage company
The legal framework of your company is one of the most cumbersome but necessary characteristics that you will have to address. Similarly, you will need to establish corporate banking relationships and manage a company workflow and processes.
Initially, you will need to obtain a Forex license and registration. For this, the most appropriate thing is to consider several alternative regulation options that fit the trading conditions that you offer.
While doing paperwork and errands, don’t forget that you’ll most likely need to hire staff, depending on the volume of transactions you have and the client base you handle.
We recommend that while you analyze the contracts, you acquire a CRM platform; in the following section, we will explain why.
Finally, and within the parameters for Forex trading, you will need to open bank accounts for client deposits and company operations. Keep in mind that there may be problems with banks when creating a broker; for this, there are some solutions.
To have a competitive company today, you must have a flexible and powerful technological engine that supports your transactions. The tech solution you choose must adapt to the pace and needs of your broker.
The CRM Platforms are an excellent alternative and the CRMReal Platform, Developed by SBS, is the definitive solution. As a new Forex broker, this system offers you various benefits of internal operations both for the trader and for you as a broker, which will make your work lighter, meeting the expectations of your clients and offering them a space for communication in both addresses.
The recommendation arises from the need of you and your staff to monitor all transactions in real time.
What do you gain with it? First, control your employees’ access, remember that good information management at these levels is essential, and second, monitor the entire process carried out by your clients and affiliates.
In addition to these benefits, to learn Forex, you will be able to:
- Manage new affiliations by verifying and contrasting the required information.
- Manage accounts in real-time, generating and customizing early warning tickets that guarantee an immediate response to any inconvenience.
- Open accounts in Metatrader 4 or Metatrader 5 .
- Obtain and manage Traders Rooms, with all the advantages that this implies.
In short, many options will be within your reach by simply contacting and contracting with us.
What else can we tell you?
These recommendations are just an appetizer of a world of possibilities with Forex. By being cautious and responsible with your work in finance, and counting on our close and committed advice, you will have a more than a safe path to success.