Are you trying to get into a Forex Introducing Program? Well, being in an Introducing Broker program is certainly a smart move if trading is something you are excited to be a part of. Becoming an Introducing Broker will be lucrative if you start on the right trading platform and are ready to work hard. Visit MultiBank Group
What is an Introducing Broker?
An Introducing Broker is someone who introduces new clients to the main Forex brokerage firm they are affiliated with. Such a person maintains a direct relationship with their clients but delegates the trade execution and floor operations to the main brokerage firm.
The Introducing Broker is the face of the brokerage firm they are affiliated with and related to.
3 Top Things an Introducing Broker does
So, what is it that you will do as an IB?
Here’s a list.
- The IB will introduce the client to the brokerage firm and advise the client about the Forex market, but the back-office operations and trade execution is done by the main brokerage firm.
- Introducing Broker is associated and affiliated with the brokerage firm.
- Introducing Broker is local and has clients who stay locally. This helps them offer good customer service and a hand in the Forex market.
How to Get Started in an Introducing Broker Program
Let’s look at the steps to perform to get into such a program. The good news is that it is easy to do so.
The first thing one needs to do is register with a brokerage trading platform. For this, you will need to sign up for their Introducing Broker program. Look at their website and you will see a link where you can sign up and register. Go to that link and submit the information they need.
You will probably have to have identity proof information to be able to sign up. It is not going to be difficult.
You will also be asked to sign an agreement with them to become an IB on their platform. This will help you get the validity you need to start referring clients.
- Start Getting Clients
The next thing you will have to do is start getting clients. Use your network and other methods to get new clients to sign up as a trader with the brokerage firm you are affiliated with. The thing is to start giving referrals to people you know about the brokerage service so that they come in and start trading on the platform.
- Get Paid
When you refer clients to the brokerage firm, they will eventually start trading on the platform. This means that you start getting paid. Depending on the brokerage firm, you will get rebates and commissions for every trade your clients make.
5 Benefits of Becoming a FOREX IB
As stated, Forex IBs can earn income in turn from the knowledge, expertise, and guidance they offer to their clientele. Listed are some of the key benefits of become a forex introducing broker with a credible FX Broker.
- Grow as an entrepreneur
- Commission & Rebates are only a small part of the benefits you can experience in an IB.
- Freedom to work at your pace.