These 3 reasons will give you a pretty good idea of some of the basic things you need to take care of before you get started. After all, I want you to know exactly what you’re up against and not mislead you by painting an unrealistic picture of what you’re likely to face. So let’s get started, shall we?
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The 1st reason you should avoid the launch of your own white label in Forex or at least delay it for a while is A Lack of MONEY! In today’s world, no sane person can expect to start a business without access to any capital whatsoever. Nevertheless, we receive multiple requests on a daily basis from people looking for a free white label solution. If you do the math, the business model of a free white label just doesn’t add up.
Think about this… The platform that most Forex traders prefer is MetaTrader 4 or MT4, which is licensed by a company by the name of MetaQuotes; the Microsoft of retail Forex. For every MT4 white label that a brokerage firm sub-licenses to a third party (like you), MetaQuotes charges $5,000 up front and $1,000 a month.
MetaQuotes does not set up a new white label platform until that money is paid. No matter how much potential you think your future white label business has, no money means no platform! But you may argue that the broker should pay for it, since you’ll pay them back once you get your successful network of traders up and running. But given the fact that most new businesses in ANY industry fail during the first few years of operations, I ask you, Do you think that any intelligent brokerage firm will take that risk? Of course not.
No reputable Forex brokerage firm that cares about their business will issue you a free MT4 white label while praying that you will succeed one day. Even though this is a fact, some people are really hard headed. They may respond, I CAN find a free solution.
I can simply go with a firm that offers their own proprietary platform and they might be willing to brand it for free. Yes there are firms that may be willing to do this, but if you offer a platform other than MT4, it will likely lead your demise! In the FX market, traders want MetaTrader 4. They demand it. Offering them something else represents a very steep uphill battle. In conclusion, you NEED MT4!
But don’t get discouraged. If you don’t have the funds to launch your own Forex White Label just yet, but believe that you have a business model that will really work, I have an easier and more practical solution for you… Start by becoming an introducing broker with a reputable Forex firm that offers a good incentive program for white label partners. Under this incentive program, once your IB network is generating enough monthly volume, you can transfer your client accounts to your own White Label brand and the brokerage firm that you partner up with will pay all the MT4 platform fees on your behalf.
After all, a profitable IB business is concrete proof that your White Label will also be successful! To learn more about how incentive programs work, simply complete the form on our website and one of our executives will gladly walk you through it. A lack of experience is the second reason you should not start your own white label. It’s important to note that by experience, I am not referring to business experience in general.
You might already be a very experienced entrepreneur and even own businesses that are successful in other areas…but if you don’t know much about Forex and trading, you might be better off delaying the launch of your branded brokerage firm. Like any other business, Forex is unique. Failure to understand what makes it work and how to avoid potential pitfalls and headaches associated with it, can easily lead to the demise of your white label. The problem is that since Forex can be very lucrative, inexperienced businessmen might approach it with a holy grailish mentality. However, FX is anything but a guaranteed path to riches.
It takes experience, knowledge and effort to make a Forex business work. If you ignore this fact, you might as well flush all your start-up funds down the drain! Even if you plan on hiring the staff to help you run your white label business, it’s a good idea that you know a bit about Forex before getting started. That is the reason that we spend so much time discussing this in great detail with all our customers as well as providing time-tested advice to help them acquire the necessary experience before getting started. So…do you have the experience it takes to make this business work?
The third and last reason why you should not start your own white label relates to VALUE. You have the money and you have the FX experience. That’s good. But how do you plan to stand out in the crowd? Every industry has competition.
Forex is no stranger to it. The key is how you plan to deal with it. What are the services and products that you plan to offer your clients in order to have an edge over the white label sitting right next to you?
What makes you different? If you’re having a difficult time answering these questions, you might want to take a deep breath, relax, and make sure that you find good answers before slapping your logo on MT4. On our website and guide, we discuss many ways Forex White Labels can offer value to their customers; for example, you can offer trading education, a live chat room, professionally managed accounts, etc. You should definitely come up with a list of incentives for customers to open accounts with your firm.
It’s important! Remember that the more value you offer your traders, the higher your conversion from demo to real accounts will be and the longer your customers will trade with you. Furthermore, in today’s day and age of social-media fanaticism and obsession with reviews, offering your clients valuable incentives will only help strengthen your company’s reputation online. During all our initial discussions with potential white label partners, we spend a lot of time going over these incentives. However, there are some rare exceptions.
There are times that even though new clients don’t have anything unique to offer, we still recommend that they start their white label. When do we do this? When customers are fortunate enough to own successful, high-traffic websites in a complementary business that they can leverage off of. For example, let’s say that the company wishing to start a white label runs an online casino with hundreds of thousands of monthly visitors or an investment blog with many subscribers and fans. A company like this can easily set up a new brand or their existing brand on an FX platform and, just based on sheer traffic, convert a small percentage of their existing leads to open Forex accounts.
Even though the conversion rate will be much lower than a white label business that offers good incentives for customers to open accounts, the sheer number of potential leads might more than compensate for that. But as I mentioned earlier, these kind of high-traffic complementary businesses are the exception rather than the rule. All other businesses should carefully write down a list of value-added services they plan to offer before making the decision to start a branded Forex solution. Whether or not you have anything of value to offer your white label clients, we’ll discuss this topic with you in enough detail to help you take the most profitable course of action for your firm.
If you’ve watched this far, you obviously care about making your White Label Forex business work. Go over these three steps in your head and then contact us to devise a plan of action that will increase your chances of success exponentially. To help clients like you achieve success and avoid the delays and headaches that some companies face when starting out in Forex, we also published a detailed guide based on practical experience and time tested techniques. You can access our hands-on guide from our website IntroduceForex.com. I hope you liked this video and that it helped you. Let us know your thoughts by leaving your comments below.
Thanks for watching an we look forward to helping your Forex business grow.