So, you have an ambition of becoming a forex broker? This brief guide is your first step to understanding all the fundamentals regarding setting up and running a successful brokerage.
Five steps to take advantage of forex broker solutions:
- To become a legal Forex broker, one must obtain licensing from the relevant financial authority. This varies per region and can be done through various international entities, making conducting such affairs across borders possible.
- Establish a company and open a bank account. From the perspective of company founders, two increasingly popular options are available to structure brokerage. A limited liability partnership (LLP) or formally establishing the venture as an independent entity holds the potential advantage.
- Develop a Trading Platform. That will provide a tailored platform with all the necessary features, tools, and integration. You can research forex broker solutions, such as the FX white Label solution, in that step.
- It’s essential to connect the global forex market to start conducting brokerage. There are two options directly through a commercial bank and via an electronic communication network (ECN).
- Invest in advertising and marketing. Use every tool social media, SEO strategies, email marketing, etc. All of the other completed steps will disappear if you won’t spread the name of your brokerage.
In summary: With enough preparation, opening a forex brokerage is easy.
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