Those who are interested in starting a brokerage business may find it confusing and overwhelming due to the following reasons:
How to become a broker？ How to build the MT4 platform？
How can I expand customers？
What system configuration is needed for the MT4 platform, and do I need to buy a server？
How to apply for a financial license？ How to build a financial website？
How much does it cost？ Is there room for future development？
There are technology and IT companies that provide a one-stop service for MT4 platform rental as well as the application for forex-related licenses and other prerequisites to start a broker firm. This means that you no longer need to purchase a separate server and trading platform, eliminating a large part of the initial costs and complex maintenance process, and can quickly face the market with your own brand and establish the image of a large company.
The first step to becoming a broker is to register your company overseas. These one-stop solution companies may allow you to choose from a few countries such as Cayman, Cyprus, the USA, etc. Then, they will also cover the domestic and international trademark registration, bank account opening, telephone secretary services, and more customized service plans according to the business setup of ones choice.
After registering your company, the solution company will get you a financial license, such as international credibility recognition of Australia ASIC, the United States NFA s, the United Kingdom FSA, Cyprus CYSEC, and Belize IFSC to provide more credibility.
Meanwhile, technology companies can also build a customized and professional-looking financial website that is not just for brand awareness or public image, but also for the subsequent expansion of customers. Marketing and promotional banners could also be implemented on the website for call-to-action.
As for the MT4 platform, not only do technology companies offer rental services, but they also offer an established network of dedicated cloud servers all over the world. Moreover, they also provide a variety of options for the rental trading platform such as rebate settlement system, risk control plug-in, customer management systems, and even platforms for different levels such as introducing broker (IB) level, SME level, and many more advanced customization packages.
In order to meet the multiple high standard requirements of financial trading platforms for rich, accurate, stable, and fast quotation data information, technology companies can also provide dedicated data services to provide financial data around the clock, including historical reference data, real-time market data and etc, covering more than 250 kinds of gold, silver, foreign exchange, futures, indices, and stocks.
They can also provide built-in payment interfaces with third parties and bank connections on the brokers website, such as Paypal, Stripe Pay, Visa and debit card payments, online transfers, or more, for the convenience of onboarding trading clients.
Last but not least, many of these technology companies also provide a full range of services that covers marketing techniques, branding, system construction, promotional materials, financial instructor training programs, and more to help new brokers to save operating costs, enhance brand image, retain and maintain trading clients, as well as maximize profits.
In such a situation, it is not rare to find that new forex brokers are mushrooming everywhere in the world. Unfortunately, not all forex brokers are running their businesses in the interests of their clients. Some of them could be conducting fraudulent activities to scam their clients. As for traders, in order to avoid falling into the trap of these brokers, head over to www.wikifx.com or download the free WikiFX mobile app on Google Play/App Store.
Open the WikiFX mobile app and use the search bar to your advantage. Look for a forex broker that is established, has a fairly high WikiFX score, verified licenses, and regulatory statuses, verified business premise by the WikiFX field survey team, as well as low Exposure cases. Compare these 2 brokers below and identify their differences, which would you choose？
Conclusion:
Treat forex brokers like a bank. The reason why conventional banks are trustworthy is that they are cannot be easily established by just anyone (even when money is not an issue) and are backed by a nations government through strict compliances and examinations.
Therefore, when forex broker firms can be set up so easily with the help of an all-in-one technology company, traders should be more alert about the potential schemes and risks. Therefore, no matter whether you are an existing participant in the forex market or a newbie trader who is looking to start trading, it is crucial to equip yourself with the knowledge about the ins and outs of the forex market.
