Forex has become one of the most popular markets for all manner of traders to dabble in. This is partly thanks to its enormous liquidity but also thanks to the sheer amount of money you can make if you are successful. However, while trading this security is gratifying in and of itself, once you become au fait with the ins and outs, you could discover that becoming an affiliate is even more rewarding. Forex affiliates have the chance to spread their knowledge about the market and create an additional income stream by prompting the tools they use in their day-to-day trades.
Nevertheless, while learning how to trade foreign currencies is one thing, becoming an affiliate demands a whole new range of skills to compete with others in the same niche and build a loyal audience who hangs on your every word. This article will explore everything you need to know about becoming an affiliate in this space and a few suggestions for how to thrive.
What Exactly Is A Forex Affiliate?
Before getting into the weeds regarding the details, it’s prudent to closely examine what a Forex affiliate is. Forex affiliate marketing is similar to affiliate marketing for any other product in almost every way. You promote specific tools or services to an audience you have built up and receive a commission on some kind of basis (CPA, purchase, lead, etc..) However, in most cases, the main thing you will be promoting is a brokerage that facilitates the trade. These brokerages typically offer extremely lucrative rewards for each person you manage to send over and who eventually signs up. Using the program over at roboforex.com as an example, you can see they offer up to 70% revenue share per client, which is extraordinary when you consider the amount that most forex traders will transact. In essence, you, as the affiliate, will act as a referrer who directs potential new clients to the broker through various online and offline marketing activities. If you have experience with trading currencies, a passion for finance, and the marketing nous to get your message across and sell, a career as a forex affiliate can provide tremendous financial rewards.
Step 1: Choosing A Program
Now you are relatively familiar with what you are getting into; it’s time to choose a program that you are comfortable promoting. This step is vital as it will dictate how much you are able to earn and how proficient you can market it. For instance, you must choose only the tools you use yourself so that you can give the most accurate and unbiased views on it. While it can be tempting to promote all and sundry, the modern interest user can see through the fluff and will avoid your reviews in favor of those they believe are genuine. But what things should you look for when selecting a program?
Broker Reputation And Reliability
When you use a broker, you will come to realize what they do well and what areas they might be lacking. This information will color your efforts when you come to offer them up to potential clients. You can also use other users’ testimonials to add more variety to your reviews. What you want to avoid is prompting a brand you have no vested interest in, or that consistently disappoints its clients. Because most forex refers schemes involve regular payments based on how much your referral trades, you want to see those you send over to be happy and willing to use the platform as much as possible. If the platform is terrible, they will likely leave for another, meaning you miss out on a considerable amount of commission simply because you underestimated the quality of the breakage.
Commission And Payment Terms
While this shouldn’t be the alpha and omega when choosing what company to market, it still needs to be worthwhile. Building up your personal brand takes a lot of effort, and you want to ensure you are rewarded justly. Furthermore, check their payment terms, including how and when they pay. You might discover irregular terms on closer inspection that may preclude you from wanting to put in the effort.
The Marketing Tools They Offer
In most cases, forex platforms will provide you with a plethora of tools to use in your marketing efforts since they also have an interest in seeing you succeed. While a lack of marketing materials shouldn’t be a deal-breaker, it might sway you to look elsewhere at those who are willing to help you out.
Step 2: Marketing Your Brand
Once you have selected the platforms and tools you are willing to support, it’s time to move onto the market side of things. While step 1 was relatively straightforward, this section should be treated more as an art than a science.
Build A Personal Website Brand
There is no way around it; you will need a website if you want to maximize your ability to reach the kinds of people who wish to trade. As with the rest of your content across channels, it must be high-quality, professional, and show that you understand the market. As previously discussed, people can see through deception, and any hint that you aren’t 100% sure what you are talking about, will cause people to turn and run.
Use Social Media Prodigiously
Some folks will read this and think it means posting a few times per day on Facebook and Twitter, but this couldn’t be further from the truth. You need to treat social media as you would your own website. Content needs to be quality and consistent. Moreover, a lot of financial affiliates have found great success using video as a means to promote the brand. If you choose to make videos, just please avoid using those text-to-voice robots and opt to appear on camera yourself instead. This will elicit a far greater amount of trust, which can go a long way. Remember that you want quality, not quantity.
Old School Methods Often Offer The Highest ROI
With YouTube, TikTok, and other advanced platforms, it’s easy to forget the one channel that consistently provides a tremendous return on investment; email. By building an email list, you will have a dedicated audience who you can teach about your trades and sell whenever you find a new and exciting product.
Becoming a Forex affiliate is very similar to being an affiliate for many other products. However, the main difference is that you also need to be familiar with trading if you want to attract the right kind of customer. With the tips in this post, you can gain a head start and potentially build out a brand that will pay you for years to come.