HOW TO BECOME A FOREX BROKER
6 steps to opening a company
To become a Forex broker, it is necessary to register a foreign company. We allocate 3 groups of the countries which are suitable for the organization of Forex services. They are different in the requirements of doing business and the cost of registration.
Unregulated jurisdictions – are the countries where Forex services are not regulated. These include Saint Vincent and the Grenadines and Marshall Islands. Company registration takes 2 weeks and costs from 1500 USD. It is a right decision to register a company this country to start a business. 9 out of 10 Forex brokers use this option.
Semi-regulated jurisdictions - are the countries where there is a regulation of Forex brokers, and low requirements for doing business. These include Vanuatu, Malaysia, Belize or the Seychelles. The option is doubtful, since there is no advantage to work with registration costs from 20,000 USD.
Regulated jurisdictions – are the European Union countries such as UK, Cyprus, Bulgaria and others. These are the countries where Mifid requirements work. Registration costs 50 000 USD, plus the payment of the share capital of 125 000 EUR. The establishment of the company must have at least 6 months. After registration you will become a Forex broker with a license. Taking into account the high costs of creation and, later, the maintenance of the company, this option is suitable for large businesses with a customer base of 100 000 accounts. The company in the European Union gets full access to work with clients from Europe and favorable conditions from payment systems.
Time: from 2 weeks Cost: from $1500
Website is the first face of your business. It has distinctive features, a good SEO efficient site can add more benefits to your bussiness.
Six criteria of a good Forex broker website:
1. Good SEO ranking, Relevant Keyword usage, Perfect metatags
2. Automated and easy user experience with Trader's room(CRM/BackOffice)
3. Analytical services such as economic calender, fundamental & technical analysis, Trade blog
4. Attractive domain names & remarkable design
5. Bold & strong titles
6. Error free sitemap submission
According to statistics, good SEO ranked website will double your bussiness in less span. Our experience in the industry will help to clear the obstacles to get you to the global standards. We can build a specific customizable website for your requirements as your wish.
Time: from 2 - 3 weeks Cost: $1,500 for 15 page site.
The Trading platform is a backbone for the forex brokers to connect clients and the market.
MT4/MT5 is the very known trading software all around the world.
We recommend MT5 to start, it offers complete set of neccesary programs in the most profitable solution on the market.
Through MT5 your customers will be able to trade Forex and cryptocurrency at the same time. The platform has Web, Desktop, Mobile terminals.
Time: 1 -2 weeks Intial Cost: from $9000
Trader's room is the tool which automates and delivers ther best user experience. We are providing ready to use specially designed Forex CRM, which gives a world class experience to your users.
Time: 3 -5 days Cost: Basic -$800 / Advanced - $1200 / Pro - $1500
There are many ways to accept payments from customers: Bank transfers, credit/debit cards, e-wallets and cryptocurrencies. Some methods of acceptance are easier to organize, while others are more difficult.
E-wallet. These include Webmoney, Paypal, Skrill, Neteller, Alipay,Unionpay, Bitpay and others. The broker needs to open a wallet in the selected payment system and place it on the website and in the Trader's Room.
Bitcoins acceptance. Over the past 2 years, the amount of funds accepted in bitcoins has grown and is 30% of all transfers. Manual acceptance of funds can be organized through the Localbitcoins service. You can automate acceptance using solutions from OrangePay or Cryptonator companies.
VISA / Mastercard. To receive funds by Bank cards you need to open a company in Europe and a Bank account. Payment systems do not work with companies from Saint Vincent and the Grenadines or the Marshall Islands. The European company will act as a payment agent to receive funds. The cost of such a solution is about 5000 USD.
Time: 1 month Cost: from $0 - to $5000* Intial Bank Deposit Exclusive
Creating a Call Center
Brokers attract customers by advertising on the Internet, participating in exhibitions, conducting free seminars and dealing with "cold" calls through call centers. Of all these methods, the most effective is a call center.
Creating a call center is the first thing a Forex startup needs to do in terms of attracting traders.
For the productive work of call centers, you need:
- prepare sales scripts;
- install CRM system and ip telephony;
- purchase a database of potential customers;
- hire and train employees.
Time: 1 month Cost: from $0 to $10 000
The First Customer
The logical conclusion will be the visit of your company's first client to open an account. This is an indication that all the steps of creating a company from registration up to the first deposit, are correct. With a team of professionals and a competent approach to business organization and development you will succeed!
If you want dreams to become a reality – make the first step and we will help you.
Thanks for reading!
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