How & When to become a Forex Introducing Broker (IB)
In the Forex Brokerage and Trading industry, Introducing Brokers (IBs) is a quintessential and important part. IB can be a company or an individual which brings new business in the form of traders to the Forex Brokerage company and gets a commission as a reward. IB acts as a mediator between a Broker and a Trader. In this kind of venture, the IB should take interest in the growth of the traders joining him in order to earn more commission. He should provide proper consulting, trading tips, and support as well as some training related to trading signals and analysis. If the trader is happy, the chances of revenue for the IB are high.
What exactly is the role of an IB?
First, an individual or company has to partner with some brokerage and then offer the services provided by that brokerage to his contacts to become traders. With support from the brokers' software and services, the IB tries to attract potential leads and convert them into clients. IB’s earnings are based on the number of enrollments and a number of closed trades by the traders he has brought. But first, the trader has to register with the broker with the IBs specific link then only he will be considered as that IB’s client. Once the client starts depositing funds and trading, then only the IB earns money. The more the trader trades, the more commissions the IB earns.
Can anyone become a Forex IB?
There are no specific rules or qualifications required to become an IB. Even if you are not a professional trader, you can become an IB with a bare minimum knowledge of the market. Fluent communication will be an added advantage for you to become a successful IB.
How can I become a Forex IB?
Now that you have decided to become an IB, here are some tips to follow and become a successful IB:
Always acquaint knowledge and keep learning
Knowledge and experience are directly proportional to the efficiency and success of an IB. You have to keep yourself updated with the latest terminology and advanced information on the Forex market. And a good trading experience will be the icing on the cake.
Figure out a Marketing Strategy
Being an IB you should know why the clients are interested in joining the Forex industry. Try to understand the client's motives because each one will have a different one. The possible reasons may be forex being the most accessible market, the availability of various trading instruments or leverages. Based on your research and communication with different types of traders, you can make your own circle of potential leads and promote your IB services.
Make sure you are present online
You need to show your presence online in order to ensure success and high commissions for yourself. Marketing your brand on various social media platforms as well as websites is a stepping stone. This way you can gain the trust of your clients and be a reliable IB. The more people know you, the better your chances of success.
Shortlist some good brokers for yourself
Before making a deal with any specific broker, you have to see what they have to offer. Try to get a good combination of services as well as rates of commission. If you are getting higher commissions for your referrals but the services your broker provides are not up to the mark then it is the worst-case scenario. For your success as an IB, you need to retain a maximum number of clients with you. So you need to join a broker where you get reliability and quality service.
Whom to partner with?
Try to get answers to the below questions before crowning any broker as your partner.
Is it a regulated broker? What kind of instruments does he have to offer? Will you get trustworthy support? How high-tech is the trading platform? Are there any resources for training and education of the traders?Choosing a broker which is regulated, offers proper trading instruments, reliable customer support, and an advanced trading platform will help you gain the trust of more and more clients.
To know more about IBs and how IB modules work in the Forex CRM, contact us at www.cloudforexcrm.com or skype us at https://join.skype.com/invite/PDjMZB2m6shc
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