Starting a Forex brokerage firm can be a great and exciting business opportunity. But starting from scratch requires hard work, time, and effort. Because you need to incorporate this business, you need to comply with all the legal requirements which can be a long process. Furthermore, putting up a brokerage firm is no joke financial-wise. You will need to establish a solid partnership with individuals who can support your funding needs.
Nonetheless, there’s actually an easier, faster and cheaper way to start your own Forex company. This is through a White Label solution offered by many large Forex brokers. As a White Label, you operate with your own company name, but all the trading operations are handled by your chosen partner broker. Being a While Label does not come free though. Your partner broker will charge you set up fees, but these fees are very much lower than the cost of starting from scratch.
Want to be a White Label? Here are some steps you need to follow:
Choose a partner broker
The Forex marketplace is a highly competitive place. With a large selection of brokers to choose from, you may find it hard to select the best one. It just takes common sense to partner with a well-regulated broker that provides a safe and reliable trading environment.
Create a business plan
You can’t enter a competitive arena without a formal business plan. A business plan helps you to clearly see your mission and vision. Additionally, it gives you a deeper analysis of the Forex industry so you can identify opportunities and threats. Some new entrepreneurs tend to skip this step because they feel it’s time-consuming. However, operating without a plan can prove even more time-consuming in the long run.
Build your own brand
Building your own brand involves coming up with a high-quality logo and professional content for your website and other marketing materials to make your Forex brokerage firm look like a credible and reliable business. Personal branding helps you to gain the trust of your potential clients.
Offer additional services
On top of the services your partner broker provides, you have to come up with additional competitive features to stay ahead of the competition. Remember that the Forex market is packed with aggressive competitors, so you need to give your clients reasons to come to you. For example, you can connect a White Label copy trading software or hold educational Forex contests and games.