Introducing broker relationships are very popular in the broker community, the majority of brokers these days offer some sort of refund package to anybody which refers people to them. Some brokers offer more attractive rebates than others however this shouldn't be your only consideration when selecting which forex provider offers the best IB and affiliate program.
I thought that I'd write this article as I have been a super affiliate and introducing broker to over thirty four different forex brokers, several of whom I have found brilliant to work with and others which have been pretty hard. Recently I sat down and placed pen to paper producing a list of a few of the important things that a broker should have in order for me to become their Introducing broker. In this breif article I will reveal my checklist; I'd advise that you also produce your own as you could have different requirements to me.
The principle criteria that I look for in a brokers IB / affiliate program are outlined below.
1. Good and Easy to Use Trading Platform
2. Good IB / Affiliate reporting
3. Good Support and Pricing
4. Fast Payouts
I will now further elaborate on each of these factors and explain why I have only a couple of favored brokers which I partner with and why there's only one particular broker that I send my forex traders and on-line traffic to.
Good and simple to use platform
Having a friendly and easy to use platform is vital as an IbB since the simpler to utilise the platform is, the less questions that you will have and happier your client will be. Metatrader 4 is the most typical platform brokers use however there are a few brokers like IC Markets which have tailored the Metatrader 4 plaform adding additional functions like one-click forex trading. It is these added functions that simplify the platform even more. IC Markets is one of the only brokers in the world to offer a simplified version of the Metatrader 4 trading platform.
Good IB / Affiliate Reporting
Good reporting is vital for any Introducing broker or Affiliate as it's crucial to track the leads that you have sent your forex provider and understand whether they have turned into fx traders. Having the ability to access reports that demonstrate this is vital for me. Lead monitoring reports are however just one subsection of the reports you should look for. Another essential constituent is having the ability to view your client's orders and the commission your fx traders have generated; there are several brokers that don't give access to this until the end of the month. IC Markets really is my preferred forex provider when it comes to lead and conversion reporting, they also provide real time commission and trade reporting permitting affilates to monitor their clients forex trading activity.
Good Service and Pricing
Most Affiliates and Introducing brokers don't not really consider good service and spreads as imperative however in my opinion good service and pricing is critical as you want to ensure that your traders trade for longer and are happy with the forex broker that you have referred them to. Referring your business to a good forex broker also means that your clients will trade more and you'll generate more commission, it's for this reason that I now always refer my leads and clients to ECN brokers instead of market makers. Some people think that the payout isn't nearly as good with ECN brokers but in actual fact this isn't the case at all ECN brokers still give very aggressive rebates and the good thing is that generally your clients will trade more frequently, meaning more commission. From all of the brokers that I have referred business to IC Markets has the best payout and they also give the clients that I refer them the best prices and service, this is why the vast majority of my traders are now trading with this broker.
Fast Payouts
Receiving your rebate payments fast is absolutely essential particularly if you're buying leads using campaigns such as google ppc that need regular cashflow. Some forex brokers do not payout for the preceding month until after 15 working days of the next month, others offer you access to the money instantly. Although having immediate access to the commissions earned is nice as long as the payout is at the end of the month it's usually acceptable. IC Markets, the current forex broker that I'm referring business to has instant payouts so I'm extremely happy.
In summary it's vital that you think about these criteria ahead of selecting a broker to enter into an Introducing broker agreement or online affiliate agreement with. From my experience you really can not go wrong with any forex provider as long as they meet these standards, or course as you've likely figured out already that IC Markets is my forex broker of choice and the fx traders that I have referred them thus far are very happy. I'm delighted that I'm an IC Markets introducing broker.
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