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How To Start Trading The Forex Market Part 2
Reality of Online Forex Trading
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Can you become a Forex Introducing Broker? Any individual or
company that has contacts with individuals or other companies
who might be interested in trading forex online, either by
themselves or through a forex broker can become a forex
Introducing Broker. Below are some typical examples of companies
that can become successful forex Introducing Brokers (IBs). This
list is not exhaustive, so if you don't see a description of
your company type or your personal background, you can check out
any forex broker online.
Independent Financial Advisers Successful Forex Traders Banks
Insurance companies Advertising companies Organisers of
financial seminars Estate agents Sales Executives with
interested* client base Any business professional with
interested* clients
*How do you know if your contacts are interested in the forex
markets?
If your contacts are the kind of people who satisfy all or some
of the following criteria, then the chances are that they might
be interested in trading forex. And this means that you can earn
commissions from introducing them to a forex broker:
Previous experience in trading online Previous experience in
investing Have disposable income to trade (usually above
USD10,000) Are interested in alternative forms of investment
Want to trade themselves Want professionals to trade for them
There are few prospects that offer individual or commercial
entrepreneurs more benefits than those provided by becoming an
introducing broker in the online foreign exchange business.
These benefits are driving more and more ambitious individuals
and companies to offer their customers and contacts a direct
route to trading currencies online and/or investing their money
in professionally managed forex accounts. Qualified businesses
and individuals across the world take advantage of the rapid
growth of the forex market via an introducing broker
relationship. If you want to be one of them, read the section
below on why you should become an Introducing Broker. Below, I
have listed just some of the advantages of becoming an
Introducing Broker for an online forex brokerage:
Introducing Brokers - Why should you become one?
Your benefits Provide your customers and contact with access to
the freedom that comes from actively trading their own money
online on secure forex trading platforms. Increase the number of
investment and money-making opportunities you offer your clients
and network, which in turn improves the scope and reputation of
your own business and can lead to greater client retention
levels.
You are paid a commission based on the trading volume of the
clients you refer. For your clients, this doesn't mean that they
pay more. You are remunerated exclusively by the forex broker
out of his profit from your referred clients.
You can receive daily reports on the commissions you generate
through the clients you refer to your forex broker. This enables
you to monitor the growth of you new business online, 24 hours a
day.
You can take advantage of the explosive growth in the demand for
alternative investments by offering your high-net worth clients
a managed forex account. By introducing clients to a managed
forex account, you gain because their investments are being
managed by professionals and this increases your reputation as a
quality financial services provider.
It's easy to get started as an Introducing Broker. In fact, if
you simply decide you want to introduce clients for a commission
based on their trade volume (which is the most popular type of
Introducing Broker agreement), then all you need is a
relationship with a couple of forex brokers.
You can leverage the potential in your existing customer base or
commercial relationships by constantly improving the level and
depth of financial services you provide.
Your clients often gain better service from you (if you choose
to manage your relationship with them directly. The reason for
this is that most forex brokers are international and that means
that they may not have the in-depth expertise or understanding
of your clients specific needs as you do. This improves your
service offering and assists in building client loyalty.
Your own Swiss bank account. A few forex brokers even provide
Introducing Brokers with their own Swiss bank account where all
commissions are paid. The advantages of having your own Swiss
bank account are well known, but there are some great free
guides to Swiss banking on the net. Your clients' benefits Your
clients can trade forex whenever they choose. The forex market
is the most liquid and most actively traded market in the world.
This means that 24 hours a day from Sunday evening 22:00 CET
until Friday evening 22:00 CET they can decide for themselves
when they want to trade and when they want time off.
Your clients get free account management services to make their
online forex trading even easier. All reputable forex brokers
provide a complete back office (account management) system, free
of charge to all clients.
Your clients can diversify their investment into online forex
trading. More and more investors and traders choose to spread
their risk by investing in a number of capital market products,
such as stocks, forex, futures etc.
Your clients do not have to be investment wizards. Anyone can
learn how to trade forex in a few hours. In fact, most forex
brokers provide in-depth training in how to use their systems.
Getting started as an Introducing Broker
Make sure that the forex broker you choose to become an
Introducing Broker for provides all the assistance you require
to grow your new business. The best ones in the market will
provide you with the support, materials and training you need so
that you can promote their online currency services to your
clients and contacts in the most informed and compelling way as
possible.
Fiorenzo Fontana Forex brokers
About the author:
Fiorenzo has held several senior positions in the financial
services industry as a trader and analyst at UBS. Fiorenzo has
built a career spanning more than 25 years in investment banking
and capital markets trading. Mr. Fontana is a citizen and
resident of Switzerland and a graduate of the Chiasso Business
School, Switzerland.
Written by: Fiorenzo Fontana
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