Forex broker in the 21st century have become more than just that. Nowadays, a broker’s offering covers other markets than just the currency one (e.g., commodities). This is due to the rise in online trading as the Internet, and technological breakthroughs brought more people to financial markets. As such, brokers invest in the promotion of their product offering by using a Forex affiliate marketing program.
What Is Forex Affiliate Marketing?
A Forex affiliate program represents the way the broker markets its offering to retail traders. More precisely, it is one way of doing so – one of the most lucrative both for the broker and the broker affiliate.
This is a win-win situation because a Forex affiliate marketing program rewards the Forex trading affiliate for every customer it brings. On the other hand, the Forex affiliate gains a way to increase its income by choosing a serious Forex partner.
Naturally, the FX broker has an interest in selecting only the right persons for such programs. More precisely, the focus is to attract traders that know other traders, or trading educators with a large following in the trading community, and so on.
But why would anyone be interested in participating in such a program? Why associate with a Forex broker and be part of a Forex affiliate marketing? The answer comes from the payout – the affiliate earns with every real trade made by a client introduced to the broker.
Learn more about how forex affiliate programs workhere.
Can You Really Make Money as a Forex Affiliate?
Yes, you can. As explained above, for every introduced trader, active trader, the affiliate earns a commission from the broker. Effectively, the successful affiliate becomes a Forex partner to the broker. Also, the brokerage house shares part of its profits with the successful affiliate.
In other words, the two parties have their interests aligned. In doing so, they also support the active trader. The focus of every successful Forex broker is to retain customers and attract new ones. However, between the two categories, retaining customers is more important in the long run because they mean increased business for the broker. Because the broker shares part of this business with the affiliate, it means increased business for the affiliate.
Therefore, the affiliate job is to find active traders. If possible, successful ones. However, the broker may also focus on investing in educating its traders – another positive for the Forex affiliate.
How to Become a Forex Affiliate Marketer: a Simple Guide
There are several ways of becoming a Forex affiliate marketer, but a simple guide should start with being an authority in the field.
1. Become an Authority and Expand It
In other words, it not enough to simply have a website and post the broker’s banner under a marketing link. Instead, a successful affiliate trading partner is involved in promoting the broker’s services directly to the audience.
It means encouraging it to discover the products offered, their potential, and how the trader can benefit. For this, it is ideal that the Forex affiliates have experience in the trading world, either running educational programs, writing for the financial media, or even trading for a living.
Once you gain authority in the trading field, you need to keep it or to consolidate it. Say, for instance, you run a website related to trading education.
To keep the traffic steady, you constantly need to put up new and qualitative content. This way, more people interested in trading will visit your website, and the chances to recommend more traders to the broker increase substantially. For this, investing in SEO (Search Engine Optimization), link building, and other ways to increase the traffic of the website is mandatory.
2. Get Familiar with the Broker’s Offering
Moving forward, a successful Forex affiliate must know the broker’s product offering—also, the trading platform or platforms. Somehow, though, this is obvious, as it is the only way to accurately recommend the services.
3. Build a Proper Email List
Email marketing is important, as well. But building an email list is not an easy task, and the affiliate invests considerable efforts to do so. There are various ways to build up a good email marketing risk while respecting the privacy issues as per the GDPR (General Data Protection Regulation.
If the potential affiliate has a website, the best way to capitalize on the traffic is to integrate a pop-up window. This can be custom-made or using an embed option or even a plugin for WordPress websites. Also, the potential affiliate can adjust the parameters of the pop-up window by offering incentives for visitors to drop their email address (e.g., a free trading e-book).
4. Sign Up
As it became obvious, becoming successful as a Forex affiliate requires some effort. Once the steps mentioned are done, the next thing to do is to choose the right Forex affiliate marketing program.
Naturally, many exist. To choose the right one, the affiliate should focus on desirable attributes a broker must-have. For example, the broker must be trustful, so look for regulation, license in the region where the customers are targeted, wide range of products and markets, trading platforms offered, account types, and so on.
5. Use the Unique Link on Website
Assuming the right program is offered by the right broker, the next thing to do is to sign up for it. At the end of the process, the affiliate wannabe will receive a personalized link with a unique ID. This is the link to be added on banners or other marketing materials that redirect the potential customer to the broker’s website.
6. Promote Link
From this moment on, promotion may begin – either via email marketing, or directly embedding it on a website or blog. Affiliates also run PPC (Pay Per Click) campaigns to attract the right traffic by investing part of the proceeds received from the broker for their efforts.
7. Start Earning, Review and Improve
When the customer opens a live account, the unique ID connects the customer with the affiliate, and the affiliate account at the broker will update with the new info. From that moment on, every time the trader opens and closes a trade, the affiliate receives a certain percentage of it.
Finally, the right Forex affiliate program will offer monitoring tools to evaluate performance. This way, the affiliate can improve its marketing efforts and focus on various ways to achieve a higher ROI (Return on Investment).
FAQ about Forex Affiliate Marketing
Many potential Forex affiliates wonder if such a program is lucrative for them or not. To answer such questions, one may consider the following FAQs relating to the Forex affiliate marketing industry.
Is Affiliate Marketing Easy?
Yes and no. Yes, because the efforts for finding an active trader are rewarded handsomely by the broker. No, because the best Forex affiliates put considerable effort in finding such traders (e.g., running a financial blog, having previously built an email marketing database, and so on).
Like in life, the more you work and get involved in the work you do, the better the results. So is valid in the Forex affiliate world as well – the more effort put in the project, the more the affiliate stands to gain.
What Are the Benefits of Becoming a Forex Affiliate Marketer?
The most cited reason is income diversification. No matter what you do as an authority in the field, a Forex affiliate marketing program lets one diversify their income stream. Or, adding a new income stream to the regular one.
Another incentive is the fact that the affiliate remains in close contact to the broker’s offering and the trading world in general. By helping other traders succeed, the moral compensation also pays off, besides the more lucrative financial one.
Why Do Some People Not Like Affiliate Marketing?
The main reason is that affiliates will receive commissions from the brokerage house only in the case of an active trader. In other words, if the trader opens a trading account but does not trade regularly, the affiliate will see little or no rise in income.
To compensate for an inactive trader, the affiliate has at least two options at hand. One is to focus on growth so that it introduces more customers to the broker.
Another one is to focus on educating its potential customers by offering them access to various trading educational materials. In other words, by investing in the business, the affiliate stands more chances to earn from the affiliate marketing program as traders will be more active as a result.
Are There Any Financial Risks Associated with Forex Affiliate Marketing?
No. The only risk is not being able to capitalize on the introduced traders. Naturally, the wannabe affiliate had already invested in a website, blog, or something else related to trading education. But that has nothing to do with the investment in Forex affiliate marketing.
The best way to think of it is to plan for a gradual increase in the affiliate efforts. Focus first on achieving a small target, say ten or twenty introduced active traders. Next, gradually invest part of the incomes generated by the introduced traders.
Conclusion
Running a successful Forex affiliate marketing business is no easy task for the unprepared affiliate wannabe. However, by having a plan and implement it properly, the right program may get you far away.
Think of the fact that the brokerage house wants the Forex affiliate to succeed. As already mentioned, this is a win-win situation for the broker and the Forex affiliate.
Why would the broker want to be part of such a program? The answer is easy – this is just another way to expand the business by allowing third parties to promote the broker’s offering. In other words, the more the broker increases in online visibility, the better for its business, and the more the Forex affiliate gains as well.
How to start with FXOpen?
To start partnership with FXOpen an affiliate needs toregister an FXOpen account (an eWallet)to credit your partnership remuneration to. We offer standard remuneration terms, a personalreferral link,banners, and other promotional materials.
Join the FXOpen Affiliate Program to enjoy attractive commission rates and numerous benefits!
Partnership levels:
- Forex Affiliate;
- Introducing Broker;
- Regional Representative;
- White Label
Learn about our Forex Partnership in China.
Image source:https://unsplash.com
