How to take advantage of COVID - 19 situation and launch your own forex brokerage?
We are living in extraordinary times, isn’t it?
The pandemic is rampaging across the globe, there are increased tensions between the current and aspiring superpowers, the economy is disturbed to the core. It is true that in 2020, the global forex trading market is going through a lot of turmoil.
Currencies such as USD, Swiss Franc and Japanese Yen, as well as Gold and the movement of USD value across the globe is becoming unpredictable! And this scenario will continue until we come to know who the next US president is.
But there are some people who are still managing to make a decent income in this situation.
They are the hard-core forex traders!
Yes! The forex trading market is seeing a lot of fluctuations but if you know how to leverage the current forex market, you can make money!
At least that’s what the seasoned forex traders are thinking. And the amateur forex traders are trying to experiment. This is the perfect time to launch a forex brokerage because of a simple fact – whatever the market situation may be, BROKERS ALWAYS EARN WITH EVERY TRADE DONE.
How to launch forex brokerage in COVID – 19 times?
1. Ramp up your IT & communication infrastructure
COVID – 19 times or regular times, forex trading is done online. You can’t even think about forex trading without good computers and internet. Secondly, launching a forex brokerage also means acquiring certain software, data managing website, social media connections, promotions and managing a remote team – because everyone is WORKING FROM HOME. If you want to be an entrepreneur in this critical time, get yourself good gadgets, software and connectivity.
2. Define your target market
Whatever is happening to the currency value doesn’t matter; what matters is – who is trading right now? You need to establish your brokerage following that country’s laws. It could be anywhere - the Middle-East, South-East Asia, South America, or Africa – you can launch your forex brokerage anywhere and attract potential forex traders from there. But you can’t do it everywhere at the same time. You need to identify the most potential market as per your understanding of the world.
3. Set up your brokerage operations
This step includes setting up a lot of processes. Starting from finding a CRM system provider to liquidity provider; from payment processor to digital marketing service provider – This is the biggest step in the process. You also need to ensure that you have necessary capital as per the target market chosen. What a budding forex broker needs at this stage is a consultant who has experience in mentoring forex broking start-ups and successfully launching them – for example: Pheasantech.
4. Get involved in every process during the set-up
Being an entrepreneur is not like being a customer. You can’t be totally dependent on the service providers – be it CRM developers, web developers, consultants, anybody. You need to understand the process on your own and with your own research. Get involved and understand how things work. Yes, it is difficult in today’s time when people are working from home and meetings are done on video! But you need to adapt to the change and switch the gears accordingly.
5. Pre-launch testing and going live
Once you have set up the processes, you need to test them as a potential customer. Nothing should go live – be it a website, a trading portal, a social media account, a financial transaction – if it is not beta tested and checked for every bug. You should select from those IT service providers for forex brokerage, who has the experience and expertise. And once you are sure, don’t worry about anything and just foray into the market as a forex broker. The market is already waiting for you.
Pheasantech offers you the world of FOREX TRADING!
Pheasantech offers all the aspiring forex brokers a chance to launch their own forex brokerage. Starting from identity design to company formation, regulatory compliances, web development, CRM implementation, and digital marketing; Pheasantech is one of the best IT solution providers for forex brokerages, we offer you the comprehensive solution to start your own forex brokerage. Click here to GET IN TOUCH!
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