This topic is very extensive. The idea of starting a business without any special skills and significant start-up capital seems somewhat unrealistic. The purpose of this article is to tell you about the benefits of affiliate programs and help you choose the right company.
Why Become a Partner
As a rule, two types of people become partners in Forex:
- Those who have already achieved some success in trading and want to expand their activities and receive additional profit from other traders.
- Those who want to immediately switch to making money on Forex without training and unnecessary nerves and risks.
Doesn't matter how the idea crosses your mind. The important thing is what benefits you get by becoming a partner:
- Significant profit on Forex without risks
- The ability to start a real business without any investment
- No special abilities needed - you can earn exclusively on your communication skills
- All the advantages that the market offers to any trader, including the absence of deadlines and bosses, the ability to manage your time, work from anywhere in the world, etc.
The best part about this is that you don’t need to instantly become a professional. You can start by attracting one of your friends or relatives, and then gradually expand your network.
How Partnership Programs Work
There are many types of partnership programs but I will tell you about the main and most profitable of them - the IB (Introducing Broker) program. As an IB, you will receive a commission for the transactions of traders that you attract to a brokerage company. To do this, you will get a useful tool, an IB link, by clicking on which any person will automatically fall into your group.
The task of attracting clients, or referrals, may seem difficult but you don’t need to organize any special meetings or knock on strangers’ doors. In the era of the Internet, you can organize everything online:
- You can promote the broker on your personal website. And it can have any theme, not necessarily financial. It could be your personal blog or even an online store. You can put your IB link in banners or directly offer to join a broker if the subject of your website is related to investing.
- You can also use social media. This can be your personal page or a separate group with a suitable theme.
- You can run ads on other sites. To do this, you should first build-in your IB link in the banner. Often, partners don’t have to pay for such ads. Some agree with the owners of other websites on the joint placement of advertising. So they will promote you while you promote them.
You can take your partnership activities beyond the Internet if you have a wide circle of friends. Maybe you are in a club or your spouse has a lot of friends who may also be interested in extra income. In other words, there are many opportunities to build an IB network. You just have to choose one or several methods.
What Is a Two-Tier Compensation Scheme
Some brokers, such as FXCL Markets, allow you to expand your capabilities and make a profit not only from your direct clients. Thanks to a two-tier compensation system or Sub-IB program, you can receive a commission for transactions of traders who are in groups of other IB from your network.
There are two ways to become a Master-IB:
- You can find smaller partners and invite them to join your IB group. For this, you can offer to support their clients, for example.
- Your referrals can become IBs themselves and start attracting clients to their groups. You can even personally inspire them to take this step. So your clients will be able to start their own business while you expand your IB network.
How to Become a Partner
Start by choosing a good broker. Pay attention to a few points:
- This should be a reliable company that doesn’t delay payments and offers a transparent reporting system. For example, FXCL offers constant access to tables with data on your compensation and transactions of your referrals right in your Cabinet.
- The broker must offer high commission for transactions of direct and Sub-IB clients.
- The company should provide attractive trading terms for your referrals.
- Pay attention to the restrictions. Some brokers don’t pay a commission for hedged positions or transactions less than 10 points, etc.
- Does the broker have free marketing materials, such as banners?
I think you get the idea. The partnership is one of the optimal ways making money on Forex. And if you choose a truly reliable broker, such as FXCL, you can start your business on the best terms and without risk.