Choosing Right Forex White Label Solution Provider : Definitive GuideChoosing a Forex White Label Solution Provider is very critical before starting up a forex brokerage business.

 

Choosing the right Forex White Label Solution provider is similar to picking a life partner. If you get the right one, you are set for a happy and prosperous life, else you live in living hell!

 

As soon as you decide to start forex brokerage and define your market, client base, geography and demography; you need to decide the forex brokerage technology and trading solution.  

But before doing that, you need to look into your budget as well. The most cost effective and reliable brokerage technology for a start up forex broker  is Forex White Label Solution like MT4 White Label and MT5 White Label etc.

 

They are very economical in comparison to the development of own forex broker and trading software and give you quick start.  

 

These Forex White Label Solutions (MT4 / MT5 White Label etc) are provided by Forex Brokerage Technology and Solutions Providers. They usually buy the license to resale these Forex White Label Solutions and are authorized to resale it further. 

 

But they are not limited to selling Forex White Label Solutions. They also develop and provide lots of Forex Broker & Trading Tools like Broker CRM, Forex PAMM, MAM, Trade Copier, Forex Robots, Forex Trade Signals Software, Website development, Binary Trading Software, Forex Spread Betting Software, IB & Affiliate Management Tools, Liquidity Bridge, ECN Bridge, FIX API etc.

 

Now you can understand the critical role they play in helping you run your own forex brokerage business.

10 Steps Definitive Guide for Choosing Right Forex White Label Solution Provider and Launching your Forex Brokerage successfully Quickly at Low Cost!

Step 1: Understanding your NEED

Many a times people who are either planning to start forex brokerage business or looking to scale a running brokerage come to us and share what they require! When we talk to them, we realize that those are mostly their WANTS not NEEDS! 


WANTS may be exaggerated, and driven by social media influence but NEEDS are essential for survival and growth. Pursuing WANTS may severely impact your financial resources. So focus on your NEEDS!


Lets understand this by an example, if you are just starting off and have figured out you are going to get a small number of active traders. You devise a brokerage charges and fee structure that will keep you profitable. 


A good Forex White Label Solution like MT4 or MT5 White Label along with CRM, Websites, IB & Affiliate Software & Payment Processor could be good enough for you to start off and become profitable in stipulated time. 


You may not need PAMM, MAM Software, Trade Copier etc until you reach a threshold limit of active traders.


Step 2. Forex White Label Solution

If you are planning to start forex brokerage business at low cost or budget, go for a reliable Forex White Label Solution like MT4/MT5 White Label, cTrader, NinjaTrader, M4 etc.


Confused about which Forex White Label Solution to go for? 

Here is a quick and simple way to select whether to go with MT4, MT5, cTrader, NinjaTrader; ask your target clients of forex traders which forex trading platform they prefer and go with the one you get most votes for. 


Don’t think too much here. Forex Trading Platform is the first thing your prospective clients (Forex Traders) are going to look for when they visit your Forex Website or speak with your marketing team.


We can tell you from experience, that most of them are going to ask for MT4 Trading Platforms. 


MT4 Trading Terminal is like Windows Operating System. Most people who know how to operate a PC or Laptop started with Windows Operating System. They are simply hooked up to it and find it hard to try something different even if its better. 


Same is the case of Forex Traders; most of them learnt the forex trading on MT4 Trading Terminal only and now they are used to that they can’t even think of switching to some other trading platform.


Step 3. Best Package Suggestions

Based on your requirement, you can look for Forex White Label Solution Providers. Most of them have 3 or more packages starting from Basic Package to Premium Packages. 


Contact them and clearly state your NEEDS that you had figured out in Step 1. See what they offer you. 


Looks for how precise and transparent they are in sharing information. If they look reluctant in sharing critical information clearly, run away. 


We too help you connect with reliable and trustworthy Forex White Label Solution Providers. But before we do that we suggest you what suits you best. We don’t push premium packages unnecessarily if you don’t really need it.


Choice is your, take your own call. 


Step 4. Take the DEMO

Always ask for a DEMO of Forex Manager & Trading Terminal, Forex CRM & other tools that you are going to take. Almost all the Forex Brokerage Solution providers give a Live DEMO so that you could actually see what you are going to get. The CRM is going to be the key resource and we walk you through the different sections of our CRM. It will help you understand how you and your clients are going to interact with each other.


Ask as many questions and queries you may have. It will clearly indicate how patient they are and the quality of their support team. If they are good at demo chances are they will be good after sale as well. If they are not good here, it’s highly likely they after sale support is going to be poor as well.

Step 5: Package Selection

You should be free to choose the package based on your requirement and the demo given to you. They should not push you to take any specific package or timeline to decide. You should be free to take your own sweet time to decide the Forex White Label Solution you want to buy.

Step 6: Payment


It's quite obvious yet we will mention it for the sake of it. As soon as you choose the technology provider and Forex White Label Solution, you need to make the payment against set up fee and monthly charges in advance. That’s the case with almost everyone


Step 7. Documents for KYC

Whatever you choose between MT4 or MT5 White Label, cTrader etc, you need to do the KYC with parent technology company. Like if you go with MT4/MT5 White Label Solution, you need to get KYC done with MetaQuotes.


You need to share KYC documents like Business Incorporation Certificate, Director’s Passport, ID Proof etc for KYC with Metaquotes. Here is an indicative list of the same:


Incorporation Certificate that consists

  • Business Name

  • Registration/License No

  • Registered Address

  • Allowed Business Activity

  • Contact Person Name etc.

Passport Copy (both front & back) of Key Person

Contact Details

  • Contact Person Name

  •  Official Email ID

  •  Phone No

  •  Mobile No

  •  Office Address

Please note that these are just reference docs, the parent company may ask for any other docs and verification details they deem fit.


Timeline: KYC may take 2-7 days if all docs are in place. That’s what we have observed till now. 


Step 8. Delivery

While the KYC process is underway, your vendor should start setting up CRM, Website and other tools so that when the White Label is set up by parent company, you are good to go in a day or two. 


Timeline: It’s usually take 7-10 working days to set up everything. But we have seen cases where it has been set up in 2 days as well and case lingered for weeks.


Step 9. Post Delivery Testing & Check


Getting demo is one thing and running everything on your own is another. Rigorously test and explore different functions and modules to get used to. Try setting up everything yourself to get first hand experience of UI & UX.


Take the help of your vendor to get accustomed to Manager & Trading Terminal. 


Involve your Operations & Customer Support Team because they are going to use these tools. 


Timeline: If you and your team have a trading background, it doesn’t take more than 5-7 days getting accustomed of all essential and critical modules of manager terminal.

Step 10. Final Assessment & Conclusion


Since the technology forms the backbone of every Forex Brokerage Business, choosing the right technology partner and getting everything set up and put in place is very critical.


Once all the Forex brokerage and trading tools Trading Terminal, Traders Room, IB & Affiliate modules etc. are set up and you have tested everything, you need to run a final assessment of: • What you had thought you needed. • What actually you thought was enough to start with • What your partner committed to deliver • What were actually you placed order for? • What were the charges committed initially by vendor • If you got everything your partner committed to you. • If the cost was within budget or it overshot • If everything you now have is enough for now to run your forex brokerage business smoothly. • What you assess you would need going forward in coming weeks or months. • Do you need to make provisions for that now or can be passed for next week or months.


Conclusion: When you search for answer to these questions, many things would reveal which you either overlooked completely or thought was not as important. Adjust your course to prevent yourself and your clients from an unprecedented shock.

Hope this 10 Steps Definitive Guide for Choosing Right Forex White Label Solution Provider is of help and will be instrumental for you in Launching your Forex Brokerage successfully and quickly at Low Cost!

Wish you great success with starting up a forex brokerage business. 

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