Creating a life where you choose your work schedule has become more and more popular. It’s no longer about working for the weekends, but making it so you can have time during weekdays too, becoming a forex introducing broker might be the answer.
The current post-covid situation has demonstrated that giving your life and your time fully to a company no longer makes sense. This is why many people have started to create a life where they can choose their own schedule and be their own boss.
The financial industry has been the first to understand this shift and it has created plenty of opportunities for those who embrace flexibility, as well as those who seek to be more independent.
However, attaining a position or a job that allows you to do just that is difficult. This is where Forex comes in, and not in the classical meaning of the word where you have to invest your own money to create some profits but as a more modern concept that mixes finance and marketing.
What is a Forex Introducing Broker and why should you care?
Forex is a type of online trading platform that connects traders from all over the world who can then buy and sell different currencies. This creates opportunities for people to make money on their own terms, whether they want to work full-time or part-time, in whichever country they live in. This is normally an activity that many do in their free time.
Many Forex traders are attracted to the potential earnings but also the learning process that you must go through to be widely successful. This is where the figure of the Introducing Broker comes in, an individual or a company that makes commissions by referring potential customers to a forex broker.
There are two main types of Introducing brokers (IBs), they differentiate themselves depending on how involved the IB wants to be with their referral.
What are the different types of IBs and which one is better for me?
Let’s start by saying that anybody can become an IB. It is typically a sales or marketing-related job, depending on what you like you can base your own IB program in one style or the other.
Sales-based forex Introducing broker
Sales-related Introducing brokers have more ongoing work but need less budget and preparation than the marketing-base IB. This is because they tend to contact their own network to refer them to their favourite FX broker.
Networking can be done in different ways. You can reach potential IB referrals by:
- Joining Forex Facebook groups
- Follow Instagram pages
- Join Telegram forex signal’s groups
- Comment and engage on YouTube financial channels
- Attend financial events
- Offer education and trading sessions to your contacts
- Look for an IB office that will provide you with interested leads to contact
- Create a PAMM account and share your trades with your referrals
You can also create your own groups and build them from scratch but this is something that a marketing-based forex partner would do.
Marketing-based IB in forex
These forex broker partners base their performance on their own marketing assets. These take more time to build at the beginning, but if done well they can give you a consistent source of forex referrals.
These type of fx partners introduce their broker option through ads, websites, signal programs etc, but rarely speak with their referrals, these types of forex ibs search for a good forex affiliate program. They put all their efforts into building organic assets instead of contacting their forex referrals themselves.
- They build a forex website and create traffic
- They run ads to educational offers
- They create forex courses and then introduce a broker
- They create their own social media channels and build automated referral messages
- They create a signals program that offers rebates or direct commissions to their forex referrals
There are many different strategies for building effective fx partners and becoming a forex introducing broker. Some of the most common include building organic assets like websites, ads, and social media channels, as well as creating referral programs that incentivize forex referrals to promote your broker option.
It is up to you to analyse how well-equipped you are to start building your own IB business.
Ask yourself these questions and create your own introducing broker strategy
Many ask themselves how to become an introducing broker, and that is the easy part, you go to our IB Partners Mugan Markets page and signup, and our support team will contact you and give you all of the information you need. There are no registration requirements for IBs, there are only a few if you want to become a PAMM manager.
For you to conduct a successful ib program you need to ask yourself these questions. If you do so, you will be able to run an introducing broker strategy and benefit from your fx referrals profits!
- How well do you know the forex industry? If you are an expert on the financial markets you already are an asset to many beginners, leverage that when searching for FX referrals.
- Are you a trader yourself? If you trade the forex markets, you can share your expertise and your trades and many people will want to follow, remember, most people do not have time to do good trading. You can also create a Forex Pamm account and trade for your forex referrals.
- Do you do market analysis on a consistent basis? If you do, create a youtube channel or a TikTok account and share the analysis with the world, creating a fan base!
- Do you like writing about Forex and Crypto? Build a website and publish your articles there, if you do it right Google will send some traffic your way!
- Do you have a big network already interested in Forex? Get on the phone and start contacting them to become your FX referrals.
How much money can you make being a forex introducing broker?
Do IBs have an introducing broker salary? The short answer is “no”. Forex partners make a profit based on the commissions they are paid by the broker for every referral. There are also other ways to make money as a forex IB, which is from the profits they make running their PAMM accounts.
Conclusion on how to become a successful forex broker partner
If what you crave is freedom, travel, being with your kids more often, or just not having to do what your boss tells you, becoming an independent IB might be the answer for you. You can travel the world and be a foreign introducing broker wherever you are.
Craft who you want to be and what you want to do and get in contact with us, our affiliate and IB program is the best as we also payout both in FIAT and in Crypto, making it easy for you to make the most out of your network.
Be free, today.
Become a forex introducing broker.