Introducing Brokers, also known as IBs, are an important part of the trading market. Most of the time, IBs are individual people that bring new clients to a company, and they get rewarded for this. In other words, the IB is the intermediary between the broker and the trader and connects the two through a predetermined partnership. The IBs are responsible for looking after their clients by consulting with them, providing them with proper education and support as well as trading material.
After all, their customers’ satisfaction will determine their revenue. This article will examine the steps in becoming a forex Introducing Broker.
Step 1: Start with the basics
Starting out your Introducing Broker business is easy. You will first need to build your own website, if you don’t already have one. There are many platforms online to help you do this. Once you’ve set it up, you should also set up a bank account for any transactions and payments. IronFX has loads of useful information on their site to guide you throughout this journey. The next step is to promote your business.
Step 2: Developing your marketing strategy
Here, you need to look deeper to find the reasons you joined forex in the first place. Was it the variety of trading instruments offered or were you just looking for a change? Was it the leverage offered in the forex market or were you looking to develop you own trading strategy? Whichever it was, you need to keep in mind that other rivals share the same background and passion, and the competition will be immense.
Another thing to do is search for different communities and groups where traders gather. Social media platforms, such as Facebook and LinkedIn, are also good social networks to find areas that traders choose. Develop a relationship with members of such groups to help you understand what they like and look for in a forex broker. This is a vital step for your business.
Step 3: Focus on your local area & stay ahead of the market
It is likely that you will find a wide variety of groups interested in finding out more about the forex market. Connecting with relevant-to-your-field-people could be a good idea to promote your IB business and build a solid customer base. Additionally, try to take advantage of the latest trends in the market. Usually, forex brokers, like IronFX, will provide you with a wide variety of comprehensive educational resources and material such as e-books, tutorials, workshops and webinars as well as daily market analysis by expert financial analysts, to help you boost your IB business and take it to the next level. Remember that the goal is to attract high quality and converting leads worldwide.
Step 4: Gain experience & keep studying
The more educated you are about the foreign exchange market, the more efficient your Introducing Broker business will be. Although the forex market is constantly changing, there is a wide variety of free information available online to guide you through.
Start learning the basic terminology around the market and then move to more advanced information. What is highly recommended is that you open a demo account to practise and see how the market works. You can then move into trading with real funds. Eventually, your experience will be valuable and helpful in building and maintaining your business as an Introducing Broker.