Decide how you'd like to trade forex; Learn how the forex market works; Open an account; Build a trading plan; Choose your forex trading platform; Open. Making Your First Forex Trade · Step 2 - Open the Chart · Step 3 - Add Indicators · Step 4 - Place the order · Step 5 - Set the Stop Loss and Take Profit Levels. Step 1: Time Frame · Step 2: Find indicators that help identify a new trend. · Step 3: Find indicators that help CONFIRM the trend. · Step 4: Define Your Risk. FOREX 10 PIP EASY With this tool, click "Log In" wrongfully flagged as. Position within a. For Userhave seen some for the user can only be. They have a raise it a multidrop mailboxes A.
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Erika Rasure, is the Founder of Crypto Goddess, the first learning community curated for women to learn how to invest their money—and themselves—in crypto, blockchain, and the future of finance and digital assets.
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There is no way to compete in this market without having stable payment processing system. It is important to have different deposit and withdrawal options, which are convenient for your potential clients. The banks tend to have complicated verification and approval procedures, so plan ahead and allow enough time for this process.
This includes creating a website, deciding on the trading platform or platforms will you offer a standard MT4 or have additional services, such as an app or your own branded webtrader? Building high quality website is a slow process, so it makes sense to take care of this early. As a minimum a brokerage needs IT-personnel, financial personnel, customer support team, marketing and sales teams, compliance officer.
At the beginning when there is low trading volume some of this roles may be executed by managing partners and one employee may combine several roles, given that he or she has enough qualifications. Most likely you will need to set up a physical office location, although in the startup culture this step can be replaced with virtual office. Allow enough time to test everything before your brokerage goes live. The platform, payment processing systems, the terminal, the app if you have one — everything needs to be tested several times, preferably by professional testers as well as by focus group of your potential customers.
During this time you may also choose to train your personnel, especially the customer service department. Once you are ready with the first seven stages, comes the exciting moment of going live. It is important to support launch with a well-developed marketing campaign. There is an easier way to start own forex brokerage company. Many larger brokers today offer forex white label solution.
This offer may even come free if you have enough skills, followers and qualifications. For majority of people starting a forex white label business via white label solution will not be free though. A broker typically requires white label partners to cover set up fees, but these fees are still much lower than the cost of setting up a forex brokerage from scratch. Many brokers offer forex white label solutions, it is important to find a reliable partner to avoid customer disappointment.
While doing your research pay attention to such things as safety of funds, quality of execution and flexibility make sure the offer is flexible enough to match your business model. United States, European Union, Australia require Forex white label partners to register and get licensed as a broker. However, there are many jurisdictions where simply incorporating a company is enough. In some cases it is possible to register a company in one region but set up the office in another location.
Same as if you were starting a company from scratch, having a defined forex brokerage business plan will help you stay on track on the road to success. Prepare high quality logo, branded materials, professional content — making your brokerage look like a trustworthy business is your primary responsibility.
Decide whether you want to have a physical office to meet and greet customers or not. As a new broker, you need to offer serious competitive advantages. Make it easy for your customers to work with your white labeled platform: for example add educational forex games, or white label copy trading software. Below are a few of the most important steps you should follow at the initial stage of setting up your own brokerage:. Open your corporate or business bank account, through which you will be servicing client deposits, as well as executing the financial aspect of company operations, though many jurisdictions demand that client funds are fully segregated.
In any case due to the nature of the specific business, it is impossible to have a forex brokerage without access to a corporate bank account from a reputable banking institution. Even though, as implied in its name, an online forex brokerage conducts its operations online, a physical location would still be needed to at least house your core staff. Consequently, you will need to buy the necessary fittings and office equipment in order to be up and running and be prepared to cover the associated cost of buying desks, chairs, computers, telephones etc.
If your budget allows it and your business model prescribes it you could even rent a bigger space to allow for face to face meetings with important clients, or even training rooms to offer traders real life training on trading techniques and secrets. Though at first you may assume multiple roles within the brokerage yourself, provided you have the skillset needed, your brokerage will fare better if you hire the right people for the right jobs from the beginning.
This will allow you to run the necessary background checks to ensure you are indeed hiring the best and most suitable people, and will also allow for the proper training of the staff on your specific brokerage systems while, at the same time, allowing them to build a close-knit team amongst them and share the same values and goals from the beginning.
The initial positions you should cover should at least include marketing, sales and customer support officers. Under current market conditions, there are four business models that Forex brokers can adopt with each of these having its own unique characteristics and all of them having distinct advantages and disadvantages. Let us have a brief overview to help you decide which suits you best:. There are many brokers who adopt this particular model since it comes with higher profitability, however it may be seen as a double edged sword, since when traders find out how it works they may decide to leave due to the conflict of interest that emerges.
This is also referred to as the A-book model. The reputable counterparty could for example be a prime broker or an established liquidity provider. The STP is a dealing desk model that works on automated order flows. This Forex model requires a higher spread cost in order for adequate profits to be realized, which is another turnoff for potential traders, as the cost for them rises. Hybrid Model : This refers to the cases of brokerages which operate under a combination of both the market maker and agency-based models, based on certain risk criteria.
This combo, hybrid model allows many successful brokers to capitalize on the advantages of both the A-Book and the B-Book trading models. Some traders are wary of the conflict of interest present with market making brokerages, while others are only looking for the lowest possible spread.
By combining the two you are able to provide an even mix and the best of both worlds for you as well as for your trader-clients. That recipient could be a bank, or any other market participant. After being introduced just over 10 years ago into the equities market, ECN brokers have gained significant popularity and traction for being a more natural trading environment. The network makes it to where no one dealer in control of the quotes could ever go, as it is widely and highly accessible.
The spread is usually around half a pip, but the trader is paying a commission, which can be a disadvantage to any clients who are scalping the markets. Moreover, you need to ensure that your brokerage setup also supports Introducing Broker IB and Money Manager MM infrastructures, as these are some of the most effective methods to increase your trading volume and also have the added benefit of not incurring ongoing costs.
Transparency is an important notion and a factor that encourages customer loyalty and trust, thus quality brokerages should aim to operate under full transparency. To be able to achieve this however they have to partner up with the right banks, liquidity, and technology providers as it is through them that all important information passes through to ensure that trades are executed on a real-time basis, while trade reporting data is accurate and complete.
Ensuring that the data of clients, including their personal information and account details remains safe and confidential is of extreme importance and having truly reliable and transparent partners enables you to maintain full ownership of such client data. This data is thus not in danger of being shared with or sold to any third party, especially your competitors.
On the down side, in the case you are using a forex white label solution, especially if you choose not to accept customer deposits directly, then attaining such transparency is problematic since your customer data is not directly in your control, but their data and transactions are being processed by the white label solution provider.
Though it is still possible to operate as an unregulated broker, it is highly recommended that you do proceed with regulation in a reputable jurisdiction as this will mean that you will have to abide by a set of rigorous rules, regulations and obligations, compliance with which will bring more safety and security for your clients. One example of such an obligation is to keep customer funds completely segregated and thus completely secure.
Each jurisdiction and watchdog has different regulatory requirements and to know what is expected in each one you can access all the relevant information on the website of each watchdog. Even when opening your forex brokerage from scratch and not resorting to ready-made solutions in the form of a white label or a turn-key brokerage service, the endeavour is by no-means an one-man show, thus you need to choose several partners to pull it all through and these partners need to be chosen carefully and wisely and following a thorough research process to ensure you end up partnering up with those that best suit your needs and requirements and are more likely to lead you towards success.
From the bank that you will chose to open your accounts, to the people designing your forex website or the providers that process your broker payments and those offering you the much needed liquidity, there is an abundance of partners to choose from and many comparisons to be made so that you take the correct decisions.
In the following sections, you can find a brief overview of the various types of such partners you will need to seek and points to consider when making your choices. The health of your forex brokerage is closely tied to the effort and good work that will go in the design and development of your forex website, since being the cornerstone of your presence online as a brokerage, your website is as important as the shopping window in any brick and mortar establishment.
As such then, you should give it the attention and importance it merits and not settle for a solution of inferior quality as a poorly designed and developed forex website will have a direct negative impact on your brand image and reputation. There are certain features which are essential for any good forex website and these include simplicity and clearness that will help customers make their decisions in an inviting environment, a catchy and memorable visual identity that will make a lasting impression and help with brand recognition and visibility, being fully search engine optimized that will boost rankings on SERPs and translate as signs of reliability and trustworthiness in the eyes of traders, as well as ample opportunities for customer feedback which enhances both transparency and user-engagement.
Though many aspiring forex brokers may be tempted to build their website on their own or in-house, it is perhaps better that this is outsourced to experts or at least that experts be hired in-house to handle this task. This is because a forex website is not just another website and properly designing and building it entails relevant experience as well as a solid background in and understanding of the retail forex market, how it works and what it requires.
By assigned the development of your forex website to a reliable partner, you will have a better site through which to operate from and more time on your hands to address other aspects, such as developing and differentiating your brand and properly marketing it. Having an efficient CRM plays a pivotal role towards the success or failure of any forex brokerage venture, since Customer Relationship Management CRM is a technological solution that enables the efficient and effective management of the entire spectrum of relationships with clients, from one single point.
Having the right CRM in place can do wonders in terms of boosting both sales as well as overall staff productivity, since it caters for the easy and efficient organization of all contacts, leads and customers as well as providing invaluable intelligence and understanding as to their activities, preferences and behaviors. The nature of the forex trading market itself and the fact that it purely runs and solely depends on data, and this data differs for each individual and for each transaction at every different level, renders the management of such data extremely complex, thus creating the need for more intricate and elaborate forms of CRM for forex brokerages.
Another characteristic of the forex brokerage business that enhances the importance of a CRM is the fact that most forex brokers essentially use the same or very similar trading platforms and the range of services they offer is almost identical. This makes it difficult for them to differentiate themselves adequately from their competitors and stand out from the crowd in the eyes of potential customers. Their CRM is thus one of the few areas where they can actually achieve this needed differentiation and effective and efficient CRM practices can have a hugely positive impact on the overall success of any forex brokerage endeavor.
The quality of a forex CRM solution will depend on the expertise of its provider. Therefore, before choosing the CRM solution for your own forex brokerage, make sure the people developing it have a solid background in and in-depth understanding of the forex market as a whole. They should know all about the forex trading platforms and how they work, as well as knowing all about the roles and behaviors of all parties and partners involved in the trading process.
This knowledge and understanding is what enables a forex CRM solution provider to come up with solutions that only cater to the core needs of a brokerage, but also take into consideration the overall needs of the venture and offer a solution that is easily compatible, scalable and adaptive to future needs as well as easily integrable with other aspects of the business.
Obtaining the best and most well-suited CRM for your forex brokerage will equip you with a much better understanding of the needs, expectations, demands and requirements for your clients and put you in a much better position to be able to cater for them and meet them. In turn, this will lead to improved brand loyalty. Moreover, the CRM will make client acquisition more efficient, while marketing efforts will be more effective and better targeted, focusing on more accurately identified targets that bring better prospects and eventually lead to greater revenue growth.
Choosing the right trading software and platform through which your forex brokerage will operate is indeed a crucial decision and making the wrong choice could seriously hinder your chance for forex brokerage success. Putting aside the option of building an entire forex trading platform from scratch on your own, which would mean a lot of time, money, effort and technical expertise, there is already a huge variety of trading platforms around that you can chose from, developed either proprietarily by other forex brokerages or by third parties.
Below is a brief overview of the most popular forex trading platforms, their advantages, disadvantages and key features. Although every user has his or her personal preferences and requirements on how the ideal trading platform should look like, there are still some universal criteria to be taken into account when choosing a trading platform and software for forex trading purposes:. This is why a good quality, highly responsive interface is a must.
Having as many such functionalities as possible which enhance the trading experience is also critical for a good trading platform. All the available trading platforms ensure security and privacy, but these two parameters also largely depend on the brokerage that offers the software up for trading.
In addition to the industry standard bit encryption, the MetaTrader 4 platform for example, also uses supplementary security measures to protect the transmission of data when performing trading operations in the form of the RSA electronic digital signature encryption algorithm.
This is perhaps the most vital of the key parameters to consider when choosing a trading platform. Order execution speed and uninterrupted flow of quotes in a trading terminal are essential for any trader irrespective if they trade in the Forex market, or other types of financial markets.
Time is one of the most critical resources for a trader and it could play a critical role in the outcome of a trade. The trading software should respond instantaneously, while if there is a delay or the terminal is slow, this may affect the update of quotes and trading charts, which, in turn, can lead to wrong trading decisions and heavy losses.
Most trading platforms are compatible with all modern operating systems Windows 7 and higher. Not all of them, however, run on Mac OS or Linux. Compatibility with and availability on smartphones and tablets is of key importance for traders, especially with the widespread use of mobile internet that means that more and more people go online and trade while on the go. The mobile version of the trading platform also allows users to keep track of the latest market events and make timely trading decisions, something which most traders will highly value.
Most traders often choose their preferred trading platform based on the trading experience they have had on one and also on their level of experience as traders and knowledge of trading as a whole. This means that novice traders find it more difficult to make up their mind about which platform they prefer. Ninja Trader is one of the most well-known trading platforms and its used by many brokers and their traders globally. Via this particular platform one can trade not only Forex and CFD but also stocks, futures and options.
The Ninja Trader provides its users with a user-friendly environment where they can test trading strategies and indicators, since it offers extensive historical trade data with access to tick-by-tick, minute and daily charts. The main advantages of this platform are stability and high performance, thanks to its comprehensive market analytics tools, while its main disadvantage is that is does not offer an iOS or Android version.
The basic version of the platform is free and though it has a limited set of functionality, it is adequate for independent trading and includes the basic features of the platform. Unlike other platforms that only allow the testing of automated strategies, NinjaTrader comes with a built-in Strategy Analyzer, which allows the analysis of your strategy and trade data using Sharpe Ratio, Profit factor and other tools.
Thus, it is most suitable for seasoned, experienced traders with advanced trading skills. The cTrader platform developed by Spotware Systems offers both automated and manual trading for Forex and CFD and it is accessible via both desktops as well as mobile devices. In fact, the cTrader Web version is configured to be compatible across all mobile devices, such as smartphones and tablets, through all popular web browsers. By allowing simultaneous order processing, ultra-fast execution speeds are ensured, which is especially appreciated by those traders preferring scalping and day trading.
Flexible, efficient and packed with built-in features that improve both the trading experience and risk management, this platform may also be integrated with many other services, such as those distributing analytical reviews, trading statements and trading signals. Switching to cTrader is smooth for any trader, since the software can be easily and swiftly downloaded and comes with a detailed user guide. ZuluTrade Considered an auto trading platform, ZuluTrade is in fact a social trading platform, made up of a community of traders who trade on live accounts, through different brokers.
Such traders are essentially signa providers, since they are prepared to share their trading strategies and be copied. The other side of participants in ZuluTrade are the followers of these traders, usually inexperienced traders who seek to copy the trades of experienced traders in the forex and financial markets.
The hordes of signal providers on ZuluTrade may be sorted based on profit percentage, maximum drawdown, ROI, the range of traded instruments and may other factors, such as who provides videos that describe their trading strategy. The copying of trades can be done either via live accounts or even via demo accounts. Despite efforts by brokers and other third parties to develop top notch trading platforms and software, the MetaTrader 4 by MetaQuotes remains one the most popular trading platforms today, the closest there is to an industry standard in the field.
Allowing Forex, CFD on futures and stocks trading, it also offers its users a wide range of tools for technical analysis and real-time financial news and indicators. Besides trading, users can test their strategies on historical data, create and modify indicators or scripts for automated trading, look for chart patterns and figures using various analytical tools, and much more. Thanks to its simple and intuitive interface, as well as the fact that it perfectly and seamlessly combines convenience with functionality as well as superb quality services for both algorithmic and independent trading, the MT4 rightfully enjoys the top position in the preference of brokers and beginner as well as seasoned traders alike.
The MetaTrader 5 is a revised, state-of-the-art multi-asset platform, popular among traders much like its predecessor, the MetaTrader 4. The upgraded MT5 platform comes with advanced trading functions and superior tools for comprehensive price analysis and algorithmic trading, trading signals for copy trading, a wide range of indicators, real-time news feed, as well as a separate accounting of orders and trades, a distinct feature that requires two accounting systems; netting and hedging.
What this feature means in essence is that through the netting system all orders on the same instrument are compiled in one position, while through the hedging system it is possible to have having multiple positions per symbol, including the ones opened in opposite directions, and each position is being recognized as separate. Traders get advanced monitoring options, such as monitoring the Stop Loss and Take Profit levels, as well as profit for each position.
Instant notifications of important events are given through an alert system, while the MT5 also comes with an extended set of trading timeframes, as well as a built-in economic calendar. The interface of the MT5 is similar to that of the MT4 and spotting their differences is not that easy at least at first sight, though the MT5 is significantly upgraded and offers more advantages.
Such improvements between the two include changes to the Strategy Tester by allowing Expert Advisors on multiple currencies and identifying the correlation between them, as well as much clearer and more detailed graphical display of test trading results. Despite these and other advantages however, many traders are still cautious about using the MT5 and it has not managed to surpass its predecessor the MT4. This can be partly explained perhaps by the fact that the additional features are attractive and useful mostly for seasoned traders who can make better use of them, while less experienced, novice traders, as well as occasional traders, all feel safer and more comfortable to trade in the familiar environment of the MT4, the platform that they have come to know and trust.
Each of these comes with their own set of advantages, disadvantages and key features, which you will need to explore in order to make the wiser and most appropriate choice. When looking for the right trading platform, make sure you choose one with a high quality interface, a rich functionality, a high degree of reliability and security, a robust and proven performance and an across the board compatibility.
As you can see, there's a lot to consider when choosing the best Forex Trading platform - but MetaTrader 4 and MetaTrader 5 frequently top the list for the best FX software. They are time tested, and have been proven to work over and over again. A comparison of the Metatrader 4 and Metatrader 5 trading platforms. Discover the key differences between Metatrader 4 and Metatrader 5. Read our dedicated blog post and learn how to decide which forex trading platform should you choose. Without a liquid market, the forex market would not be able to enable profitable transactions to occur, while greater liquidity is also crucial in ensuring that the flow of transactions is smooth and the pricing offered to traders is more competitive.
The liquidity provider acts as a middleman in the securities markets. The liquidity provider's role is to act as a professional market maker who makes exchange rate quotations to others ensuring that buyers and sellers have on-demand access to the securities they represent. To achieve that, the provider may simultaneously buy and sell shares of the security, keeping it "liquid" or available. This being said, it should also be noted that are in fact several participants in the forex market who directly contribute to the provision of liquidity by increasing the recorded transaction volumes.
Such participants are central banks, big commercial and investment banks, hedge funds, multi-national corporations, retail forex brokers, high net worth persons, even individual retail traders, without the list being exhaustive. Read our dedicated blog post regarding The crucial role of a liquidity provider in the forex market and learn about Things to consider when choosing a Liquidity Provider. Serving as an intermediary between a consumer and a supplier and, in the case of forex trading, the channel through which a brokerage can pay to and receive from clients, electronic payments, payment service providers are another essential component of your endeavor to set up a forex brokerage at it is through their own services that you will be able to execute all payments and offer different deposit and withdrawal methods for your clients to choose from.
This is an aspect to which potential customers pay particular attention, so you need to ensure that your payments solution provider is honest and reliable, allowing you to effectively compete in the market. Another point to keep in mind is that if you are going to include cryptocurrencies in your offering of tradable assets, then it would also make sense to integrate a cryptocurrency payment gateway that will enable you to send and receive crypto payments online.
The implementation of a robust payments system is a task of immense importance for the smooth functioning of any new business, but in the case of a forex brokerage it becomes even more vital, since no brokerage could properly function or survive without having in place such a payments system and the backing of a reliable payments system provider, which ensures good fluidity, conversion and cost efficiency.
As the forex landscape is varied and diverse, habited by vendors with differing needs, so is the PSP spectrum, including several providers who offer different types of services. Thus, finding the perfect match is a decision that needs careful consideration and ultimately depends on the requirements of each brokerage business. Read our dedicated blog post regarding The crucial role of a payment solution provider in the forex market and learn about things to Consider When Choosing a payment solution provider.
After selecting the right technological and other partners essential to allow you to launch a brokerage, you will need to proceed with the remaining steps pertaining to the actual setting up and launching of your forex or crypto-exchange brokerage. This definitely includes hiring your team and setting up the physical location of your office, though, especially at the initial stages, this can be replaced with a virtual office.
As a minimum, a brokerage needs IT-personnel, financial personnel, customer support team, marketing and sales teams, as well as compliance officers. At the beginning when there is low trading volume some of these roles may be executed by managing partners and one employee may combine several roles, given that he or she has enough qualifications.
Most likely you will need to set up a physical office location, although in the startup culture this step can be replaced with a virtual office. Managing a brokerage requires a number of roles. You will need to have at least a compliance officer, client support, sales, accounting and marketing departments. Staffing is also essential as it will pretty much determine your success in the long run. The salary levels in the FX industry tend to be quite similar to those in banking.
Ideally you should start with employing a few sales people that will be responsible for converting your leads into actual clients. Then, you should make sure that your operations are running smoothly, hence focus on proper support officers, compliance officers and financial managers. Last but not least, get some high end marketing specialists. Even one is enough at the beginning, focus on quality rather than quantity. It is advisable to start the staffing process even before the office is ready, as you would want to get as large a pool of quality candidates as possible.
Once your team is ready and all chosen technological partners have done their part, you will be ready to enter the crucial pre-launch phase where all systems will need to tested to ensure all processes will run smoothly and seamlessly and most importantly in a secure manner. At this stage your brokerage will be ready to go live and begin with full scale marketing efforts and client acquisition.
Allow enough time to test everything before your brokerage goes live. The platform, payment processing systems, the terminal, the app if you have one — everything needs to be tested several times, preferably by professional testers as well as by focus group of your potential customers. During this time, you may also choose to train your personnel, especially the customer service department.
You can launch your initial marketing campaigns and start trading with a small group of clients as a test. Make sure deposit and withdrawal transactions are seamless. Make sure there are no glitches or lagging on trade executions. More importantly, make sure that your customer information is safe and highly encrypted!