There is a huge competition among Forex brokers today, so to stay ahead of the game, they regularly come up with new ideas, features, and programs. Probably the most popular right now, Forex brokers build their own network of clients through their respective Introducing Broker programs.
What is an Introducing Broker/IB program?
An Introducing Broker program is a partnership program in which individuals or businesses earn commission by referring clients to a Forex broker. An IB will start earning a commission when his/her clients open a real account and make trades. The concept is simple: the more trades your clients make, the more you can earn. Forex brokers reward their IBs by offering an attractive commission structure.
Who can become an Introducing Broker?
Most experienced Forex traders and account managers become introducing brokers to further their income. Because they have advanced trading knowledge and skills, offering them free Forex consultation would be their advantage.
I only have a basic knowledge of Forex trading. Can I still be an introducing broker? Yes, you can! You don’t have to be a professional trader to be an IB. This program is also for individuals who understand how Forex trading functions, but may not have the experience to succeed as traders. They use their networking or marketing skills to recruit traders.
How can I start?
Joining an introducing broker program is a pretty straightforward process. Just open an IB account and you’re good to go! The broker of your choice will provide you a unique referral link which you can use to spread the word about your broker on social media networks. If you are an owner of a website or a blog site, that is a great place to promote your referral link.
Forex brokers provide their introducing brokers promotional and marketing tools to make their work easier. They also have monitoring and reporting tools to keep their IBs updated of their commission earned in real-time.