If you aspire to start a new business as an online forex broker, you must have come across the term ‘forex white label’, a popular practice among new-age forex brokers. But why most new brokers are opting for a white label solution over starting an independent brokerage themselves is a question that needs to be answered. There are several benefits that you get when starting your journey in the forex market with the backing of a forex white label provider, and today we will be reviewing the top reasons behind the growing popularity of forex white label solutions to provide you with some relevant information that you must know for making a sound decision.
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Why Should You Choose For A White Label Forex Solution?
Choosing a Forex white label solution can be the first step towards starting your Forex brokerage business easily. There are two ways in which you can mark the beginning of your brokerage business. One is going down the traditional route, where you start out as an independent forex broker on your own. In this case, you will have to hire a team of experts for every business-related activity, including technical procedures such as website development and testing.
Then comes the most complex procedure: the legal formalities you must comply with to operate as a regulated forex broker. Becoming an offshore broker is also an option, but attracting clients as an unregulated broker can be a bit more challenging as most traders prefer to deal with top brokers regulated by reputed authorities. When it comes to forex white label solutions, most of the providers are experienced and well-established brokers themselves.
So, if you choose a regulated broker as your white label provider, then you will get some assistance in legal formalities along with the technical support and resources, which is the very essence of forex white label packages. Most beginners who go for a forex white label solution will mention these points as their reasons for choosing this feasible alternative. Almost each and every forex white label provider offers the popular MT4 platform integration, which is a key attraction for many traders. So, if any of these rings a bell for you, you can also look for reputed platform providers and see if they match your business plan.
Benefits That You Get With Forex White Label Solution
- Consumes Less Time – The very purpose of opting for a forex white label solution is to minimise the time that would be needed for building and launching a broker platform from scratch. Because designing a technology-driven website and integrating a popular trading platform with it takes a lot of time with the test runs and other licensing formalities. But the Forex white label packages come as a complete ready-made solution that replaces the prolonged start-up process with a quick setup that only takes a few weeks to complete.
- Low Budget – Since the online forex brokerage business demands huge capital, many aspiring brokers drop their plans in the initial stage. Here, the Forex white label solution can be the perfect starting point for you to get things started on a low budget because launching a broker platform with the support of a Forex white label provider costs a lot less than the traditional way of developing your own independent broker website. The minimisation of initial setup costs and ongoing costs is one of the major advantages offered by Forex white label solutions.
- Customisation – The Forex white label packages also provide many options for customisation to make your broker platform look more appealing and unique. The top broker does share their software and other resources with you, but you still get to establish your brand name in a way that distinguishes you from the primary broker. This way, your clients will not be able to sense you are relying on a white label provider, and they also get to interact with the very same technology used by the clients of a top broker.
- Expert Guidance – The white label provider you choose for yourself may also offer some assistance and guidance in all aspects of running a brokerage business besides the obvious technical support. This allows you to learn from an experienced top broker as they know everything about the competitive brokerage industry. Getting guidance and support from an expert is a key benefit you get as part of the Forex white label package.
- Simplified Processes- There are a lot of complexities that come with the forex brokerage business, and this can cause headaches for beginner brokers. But the Forex white label solutions make everything simpler and safer, allowing you to start off your business on a positive note without stressing too much about what might go wrong. The support from a top broker will always be there to take you through the hurdles and challenges, which is a great relief for a newcomer.
- Focus More on Promotion- The last benefit you get while opting for a Forex white label solution is that it takes a lot of responsibility and burden off your shoulders, leaving you with enough time to focus more on promotion. Marketing and promotion are the pillars of success for an online business, and when you get the luxury of being able to focus on these aspects solely, your chances of success, growth and expansion also go up.
How To Start The Process?
- Make an Action Plan- Many newbies make the mistake of jumping immediately into the business without a solid plan. This mistake can cost you a lot as you will end up all confused, overwhelmed and lost. So, making an action plan for your brokerage business is the first thing to check off from your to-do list as an aspiring broker. This plan should cover all aspects of your business, including how you plan to manage the financing part.
- Choosing Your White Label Provider – The next steps are even more crucial as choosing the right one is essential for your brokerage’s success. All the primary functions you are expected to perform as a forex broker will depend on the primary broker you rely on with the white label solution. So, make sure you choose a cost-effective and reliable broker who offers top trading platforms like MT4/MT5 with the ability to practise and develop skills on demo accounts, calculate different aspects of the trade using trading calculators and learn the concepts of trading through various educational tools. These things will leave a solid impression on the clients and expedite the business growth process for you.
- Registering Your Business – To purchase the white label package, you must have a registered business entity as a forex broker. Only then can you sign a valid agreement with the chosen broker as a partner for their white label solution.
- Customisation and Branding – The next step is working with the primary broker’s team to customise your broker platform. You also need to specify your branding requirements and what features you want in the brand-new platform. The core technology and software will not be any different than what is being used by the white label provider, but you can customise the platform as per your preferences. This kind of customisation is a must for establishing your brand name as a new broker in the forex world.
- Marketing and Sales- The next thing that you need to focus on as a brand-new broker is marketing activities to accelerate your sales. Bringing clients to your platform as a new-age broker is nothing less than a challenge, as it demands you to stand out among hundreds of other brokers. So, make sure you focus on marketing activities, as it will be the most relevant component for attaining long-term success as a forex broker.
- Track Your Performance- The next thing that you need to work on is tracking your performance and seeing how much room you have for improvement and growth. Use analytical tools and monitor all the operations and quality of the services offered on your platform. You need to see how much traffic you are able to bring to your platform and how many of these visitors are being converted into actual clients. You should also take some time to review your customer support systems as they directly interact with your clients and potential clients. And communication plays a huge role in the smooth functioning of your platform.
With that, we have covered all the top reasons that make the forex white label packages popular among aspiring brokers and the key advantages that you can avail of by choosing this innovative solution. To sum it up, anyone who is eager to make profits as a forex broker but wants some support from a leading broker to minimise the time, cost and effort required can surely consider forex white label solutions for a humble beginning.
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