One of the best ways to earn some extra income in the currency market is by participating in affiliate programs offered by forex brokers. As a partner of the broker, you will be paid a commission on each and every trade executed by traders that have been referred by you. However, the amount of money you can earn through an affiliate program depends to a great extent on the terms of the affiliate partnership, number of clients you refer to the broker and clients’ trading activity and volume. Typically, affiliate programs allow you to earn money in two ways: one is a portion of the spread (varies from 30 percent to 80 percent of the broker’s profits) and the second is a fixed rate for one full lot (ranges from $5 to $10).
You can become a forex broker’s affiliate by registering on their website either as a franchisee or on an individual basis. While the characteristics of the former plan include extended payback period, handling of a large number of employees and incurring a great deal of overhead expenses, the latter plan involves attracting traders using specialized Internet resources such as bookmarking services, placing referral materials strategically on websites (blogs, forums, newsletters and social networks) and personal recommendations. In addition to providing a chance to earn an additional income, Top forex affiliate programs present you with an opportunity to set up a business of your own.
What is a Forex Affiliate Program
An affiliate program is a marketing strategy wherein an individual refers other people to a business for a financial reward. Affiliate marketing is usually done through banners, recommendations and other such marketing collateral. In forex trading, affiliates refer prospective traders to brokers that offer online forex platforms. The affiliate program works when a prospective trader clicks on a banner or link advertised by the affiliate marketer and goes on to register with the referred broker. In turn, the broker considers the trader as the client of the referring affiliate. An affiliate can be considered as a type of Introducing Broker (IB).
Top Brokers with High Paying Forex Affiliate Commission
- OCTAFX >> Revenue Share Affiliate Commission up to $12/lot
- Instaforex >> Revenue Share Affiliate Commission up to $20/lot
- XM >> Revenue Share Affiliate Commission up to $10/lot, CPA up to $650
- HYCM >> CPA Affiliate Commission up to $1000
- IQ Option >> RevShare Affiliate Commission up to 50% of Spread
How to Choose Best Forex Affiliate Programs
When it comes to choosing the best forex affiliate programs, the first and foremost thing is having a clear understanding about the broker you are going to with. Many forex brokers are known to play games with affiliates by not properly reporting accounts opened by traders, delaying payments and sometimes, not paying the commission due to them at all. Such brokers often do these things at the cost of their own business. Therefore, it is a good idea to ask around and go through online reviews prior to shortlisting a few of the best forex affiliate programs.
Further, many brokers entice affiliates by offering high rebates or revenue share. You should never fall prey for such unrealistic proposals. It is not good idea to focus on the commission you can get. You should also evaluate other aspects about the forex affiliate programs offered by brokers. Here are some key aspects to keep in mind when choosing the forex affiliate program:
#1: Go through the history of the brokers under consideration and try your best to understand as to how transparent and open they are by asking around. Also, get a clear idea as to how competitive their offerings are in terms of spreads and customer service, among others. This is very important because your clients will be looking out for these aspects themselves. Further, find out as to how big and renowned these brokers are. The bigger and established a broker is, the better will be your conversion rate and your earning potential.
When it comes to customer support, you must ensure that the broker provides multilingual support, several different types of platforms and accounts. This is important because the requirements of each customer will be different. If the broker is not offering what they are looking for, visitors would not open an account of the broker’s platform. You must the talk to the broker’s affiliate manager in order to get a feel about the company’s operation and its offerings. If the manager is too slick or tries to hard sell the affiliate program, then it is a good idea to leave the broker alone and talk to the next one in your list.
#2: It is important that the affiliate you are planning to work with provides back office software access so that you can track your performance in real time. You should be able to know as and when a client signs up through one of your links. Avoid working with brokers that will let you know only at the month end as to how many clients visited and registered with them after clicking on your links. Online marketing is all about flow of information on real time basis.
#3: Deposit and Withdrawal Options
You should make sure that it is easy for your client to deposit money into the trading account that he/she opens with the broker recommended by you. If the broker offers more payment options, you will be able to convert more visitors into your clients. The same applies for the withdrawal of funds from their trading accounts. Finally, it should be easy for you also to withdraw your commission from your account with the broker as an affiliate.
This is not an exhaustive list of aspects to be considered when choosing top forex affiliate programs. There are several other things to be taken into account, but there are the most important ones that should definitely be considered.
All said and done, utmost care should be taken when evaluating brokers that offer the best forex affiliate programs. This way you can avoid any kind of problems arising in the future. In order to succeed as a forex trading affiliate, you need to work with a broker who enjoys a great deal of reputation in the market. Further, it is not enough if you choose a reliable forex broker to work with as an affiliate, you must strive to build a rapport with the broker to ensure a long standing mutually beneficial association.
Recommended Trusted Forex Affiliate is OCTAFX Affiliate
The Advantages of OCTAFX Affiliate
- Commission on EUR/USD – 12$ per lot,
- Second-level commission payments: you get 10% of the income of your 2nd level partners
- Monthly reward of +2000$ to the basic income
- Easy Withdrawal
- Gifts and contests with gorgeous prizes
- Perfect trading conditions for your clients