Have you been interested in the financial markets for some time? Have you considered starting a forex brokerage of your own? You may have the enthusiasm and drive to give this a shot, but where do you start?
It is not as easy as registering a new company. A forex brokerage has many moving parts. It’s all too easy to become overwhelmed and overspend. Wouldn’t it be nice to know someone has your back?
There is a process that can save significant amounts of cash and time.
Here at Popcorn, They provide white label forex solutions, and They think a white label forex broker is ultimately the best structure for many new start-ups.
They have a dedicated start-up team who have the experience to deal with your new venture. They can help you to avoid many of the common issues that trip up other enthusiastic start-ups.
However, here are a few things to bear in mind before you ever think about approaching Them.
STEP 1: Plan your Business
A simple business plan is vital for any new venture. It will help you to visualize the specifics of your business and will help you to reveal many unknowns about you and your industry. A few important topics to consider are:
- The initial capital required and ongoing costs
- Who is your customer?
- How long will it take you to break even?
- Licensing and regulation
Their expert team can advise you on many of these topics.
STEP 2: Company formation
Establishing a legal entity such as a Limited Company protects you as the founder. It can prevent you from being personally liable if your forex brokerage found itself in trouble.
At this stage, it will be necessary to open your bank account and find a competent accountant. A banking institution and accountant whom both have experience in your field are crucial to the long-term smooth operation and success of your brokerage. Ensure you have a competent team in place to take your brokerage forward.
STEP 3: Obtain necessary permits and licenses
The Financial Conduct Authority, or FCA, is the regulatory body responsible for forex regulation in the UK. Their mandate is to provide consumers with protection, enhance integrity within the financial system, and promote fair competition.
There are several licenses that will allow your company to provide different services, which is relevant to your brokerage is dependent on your business. The FCA performs stringent checks and has incredibly high standards. That only serves to provide prestige for your brokerage and is seen as the pinnacle of most brokerages.
However, your ambition might be to open a broker that is registered ‘offshore’. Indeed, accreditation can be more relaxed, but you will still be required to meet essential criteria.
STEP 4: Define your brand
Your brand is the visual aspect of your company. It is the identity of you as a business. It will ultimately set you apart from your competitors and embody trust and stand for quality. From your logo to your email marketing campaigns, you will need to be instantly recognizable and trustworthy.
STEP 5: Choose your products and services
Which platform will you choose to offer to your clients? What capabilities will it have? What makes your service unique? These questions will make or break your brokerage.
This part of the puzzle is the most alluring and seductive. It is very easy for enthusiastic founders to feel the need to spend vast sums on fancy software and systems. However, they at Popcorn technology can save you mountains of cash and time.
Over many years they have refined their services, and they know what you need to achieve success in this space and more importantly, precisely what you do not need.
start-up team can help in the following areas:
- They can help you with your branding and websites.
- They will provide you with access to their affiliate network to keep you in fresh leads from the start.
- You can utilize their infrastructure which will keep your platform running costs to a minimum
- Take advantage of their expert MT4 platform and offer your clients industry-level tools with advanced security and innovative features.
- Use their back-office and CRM systems to run your entire operation smoothly and intuitively.
- Stay in touch with their expert team to provide feedback and to answer any issues which may occur.