Earning from through forex has developed from only being able to earn by actively trading assets to building a network of traders from whom commissions are received. This is possible through forex affiliate networks. Forex affiliate networks allow active and inactive forex traders to make extra money by bringing new people to the broker to register, deposit, and trade with them.
There are numerous forex affiliate networks today designed by brokers that offer a variety of incentives for people to bring more customers on board. These incentives may vary, but they are all directed towards the same goal –increasing the trading volume and membership base of the forex company.
In this lesson, we explore the different factors to look out for when selecting an affiliate program to join.
- Broker’s reputation: The broker’s reputations in the industry is the biggest factor to weigh in on. Any broker of questionable forex of questionable repute, will scare potential clients from joining your network. These days, a simple online search will bring reviews and opinions from different people about any platform. Do your due diligence to search for the best brokers to partner with. Make sure they are licensed to operate.
- Transparency of affiliate program: The affiliate program should have simple and straightforward terms and conditions. Some brokers hide important details concerning hidden charges using carefully-worded lined. This can result in loss of affiliate earnings. You should not work and lose your money. Find out all you can about them first.
- Type of affiliate program: Depending on your goal, you could go for either an affiliate CPA program or a RevShare affiliate program. Both programs offer commissions for clients you bring in but they do so differently. In affiliate CPA, you get paid when a client registers via your link and deposits into the account. This is a one-time thing and to earn more, you must have to bring new people in. This offers fast, short-term money. RevShare operates in a different way; affiliates are only paid commissions only when the company earns. You can only earn commissions through your clients’ trading activities as long as they are active. This program has a higher potential for huge profits but it is strictly dependent on having active traders in your network.
Best Brokers with High Paying Forex Affiliate
- XM >> Revenue Share Affiliate Commission up to $25/lot, CPA up to $650
- Instaforex >> Revenue Share Affiliate Commission up to $20/lot
- Pepperstone >> CPA Affiliate Commission up to $800, Revenue Share up to 55%
- IQ Option >> RevShare Affiliate Commission up to 50% of Spread
If your goal is to earn quickly, then joining a CPA network is the better option for you. If you prefer long-term earning, RevShare is just perfect.
- Customer support: If your queries and tickets will be left out cold when you need help, there probably is no need to join the affiliate program. Some brokers have terrible customer service that takes long hours or days to respond to issues. Find a broker that offers around the clock support in form of agents, tickets and machine-assisted support. This will be necessary when you have pressing issues to clear for your affiliate client.
- Brokers that offer great trading conditions and platforms: Your clients will only continue to use the broker if they love it. If they have access to the latest technology, tools and designs in the industry, they will stay with the broker and by extension, increase your affiliate commission. Be sure to check out your broker before you join the affiliate program.
- Affiliate marketing tools: Many brokers now offer marketing tools and training to their affiliates. Of course this favors them too but you need it more. Before signing up, find out if you will have access to latest tools and working tips to grow your affiliate network. The job is tricky and you will need every extra help you can find.
- Commissions: The amount paid as commissions is also important. Most brokers operate a percentage-based program. The agreed percentage should be enough to earn a decent income. If it is too low, you should not bother partnering with them especially if you plan to use paid ads to generate traffic.
Getting started with forex affiliate
Your network determines your commission earnings. This is why you must pay full attention to it. All you need is to register with your broker, receive your affiliate link and start working to bring in new clients.
Most brokers assign an account manager to new affiliates to help them get started and you should take advantage of this. Ask all the questions you have so you don’t make mistakes later.
You may explore creative ways to advertise your broker to an audience and bring in clients. Paid search engine and social media ads, website banners, guest posting and mailing lists are ways you can explore. As you increase your authority as an affiliate marketer, it gets easier to attract he right audience and find new clients.
Also Read: How to Promote Forex Affiliate Links
Keeping track of your affiliate earnings
Your dashboard is where you can keep track of your performance and earnings. This is not just important to know how much you have earned but it also helps you analyze how efficient your marketing strategy is. You can track how your clients are brought in and see the strong sources where you should focus on. This should be another deciding factor for you. If your broker does not offer this feature to affiliates, it becomes difficult to track your activities.
Becoming a forex affiliate is a way to make good money on forex without going through the learning curve of trading. This does not eliminate hard work, however, but it brings in a steady source of income and maximum returns on promotion costs.
All affiliate programs look the same but they have unique conditions and incentives which should be considered when choosing which network to join. Access to support and marketing tools will increase your chances as an affiliate.
How much you will eventually make depends on how many active traders you bring into your network. The process might be slow but your commitment to building a business out of it will pay off. One thing is certain, you can build a lifetime income from forex affiliate marketing.