Step 1: Complete IB Questionnaire – "Getting Started"

Step 2: Business & Strategic Marketing Plan

First and foremost, anytime you’re launching a new business, you will want to write a detailed business and marketing plan. It is also very important you establish goals and objectives. You will want to ask yourself a few questions before launching your IB.

1) Are you operating as an individual or will you form a corporation?
2) Will you be working with partners or independently?
3) Are you working from Home or Office?
4) How will you market your product or service?
5) Do you plan on setting up a website?
6) Will you need training and support?
7) What products or services are you offering?

The last question is very important. Based on the current trends in the Forex marketplace, Introducing Brokers offer four primary products and/or services as denoted below.

1. Introduce clients who manage their own funds. IBs are compensated in the form of "rebates".

2. Offer Managed Accounts for your clients. IBs who offer managed account services can be compensated in several forms: profit sharing, management fees and rebates. IBs who offer managed account services will abide by policies, procedures and regulations set forth by the NFA and CFTC. We strongly recommend that money managers have adequate training, a reasonable amount of trading experience and adhere to strong risk management. Spot Forex transactions carry a high degree of risk. Trading funds should only consist of risk capital or funds that an individual or an institution can afford to lose.

3. Provide educational services, such as workshops, webinars, one-on-one training and educational or trading programs on CD/DVD or downloaded software. IBs will charge a fee for their product and/or service. For example, when an IB holds a seminar, the instructor might explain how to apply his or her trading strategy by executing a live trade on the trading platform during real time market hours. Clients will become familiar with the demonstration platform and using the IBs trading methodology, ultimately opening an account. In addition, IBs will be compensated in the form rebates.

4. Forex signal services – in addition to offering Forex training services, many IBs who have considerable market experience and who are considered experts in their field, will provide signal services informing clients when to enter or exit the market. Typically, IBs will charge a monthly or annual fee. Of course, they will be compensated in the form of rebates.

Step 3: The first step in becoming an Introducing Broker is completing the Introducing Broker Application and Agreement. The application process typically takes a week or less. Once approved, IBs can start soliciting business immediately.

As noted above, Introducing Brokers can offer many products and services. Deciding which products or services you will offer will be dependent on your experience. Generally, IBs will start by simply referring business in the form of clients who trade their own accounts. The IB will receive a rebate for every trade made by their referred clients, and some of the most successful ways of growing your business this way include:

1) Introducing your personal network to the opportunities in the Forex market

2) Expanding your professional network, and introducing your new contacts to the benefits of Forex trading.

3) Direct sales using phone or email to active traders in other markets, or Forex traders currently with our competitors.

4) Advertising and marketing to a specific niche market that you could be successful working with.

As you become more comfortable with the FX market, you may find that you have a passion for trading the markets yourself, or educating others. In this case, you may expand the services offer to include managing your clients funds, offering training or educational courses, or providing trading suggestions to your client base. As you progress towards that level, the opportunities to increase your revenue stream could expand exponentially.

Step 4: Execution

Once you have determined what products or services you would like to offer, you must now focus on developing your business. The following steps are essential before you launch your operation. At this point, you’re operating as an Introducing Broker. You have outlined a clear business and marketing plan. You will clear idea of how you’re going to achieve your goals. It is time to pursue your business. Continuing Education – the Forex market is continually evolving. Learning never ceases. Successful Introducing Brokers will be knowledgeable on the market, industry and competitive landscape. We encourage IBs to engross themselves into the FX industry. Attend trading expos, stay in tune with industry developments and demonstrate expertise in your business. The enthusiasm and passion you exude will captivate your audience.

If you have additional questions, please email info@ibportal.com .