Entering the forex market as a brand-new broker was a complicated and challenging task in the past. The brokerage industry was only open to those with a good amount of expertise and enough capital and other resources. Because of this, many people were hesitant to explore this business idea even though they were aware of the high-profit potential it offers. The tough competition is another challenge that stops many aspiring brokers from pursuing their business plans. You will have to establish a strong brand image to face the fierce competition in the forex brokerage industry. Doing this may be a complex task for a beginner.
But what if I told you that you could escape the complexities and kickstart your business as a forex broker in 8 simple steps? You might think it is impossible, but the Forex white label solution has not only made this possible but also feasible for every aspiring broker.
In this article, I will guide you through the key steps you can follow for launching your forex brokerage with the support of a white label provider.
- Identify Your Target Market and Devise a Positioning Strategy
Each and every business has to follow a plan for establishing its entity. The first decision you must make before launching the brokerage business is the target audience or market. This is similar to an entrepreneur deciding the potential consumers for their product. But for a forex brokerage, you will be focused on providing trading services by bridging the gap between traders and the dynamic currency market. However, the target audience or market is different from the market in which you operate.
It is more about the type of clients you want to serve and attract to your brokerage website. This needs to be decided based on the jurisdiction in which you wish to operate and function as a forex broker. You will provide your clients with the best trading platforms, be it MT4, which is a beginner-friendly platform or MT5, for expert traders or those who trade a wide range of instruments. However, your operations as a broker need to be carried out in specific jurisdictions adhering to the rules and regulations. Besides trading platforms, you can offer a wide range of trading tools that help traders figure out when to enter and exit trades more precisely.
A positioning strategy is about the place you want for your new brokerage brand in the minds of your target audience. Your positioning strategy needs to be devised considering a number of factors. You need to analyse how your competitors (other forex brokers) have positioned their brands and think about a USP that can separate your brokerage from other brands.
- Creating A Visual Identity
Now, the 2nd step that you need to take for launching your brokerage business is creating a visual identity for your brand. The first thing that defines your identity as a brokerage brand will be your logo. A brand’s logo is like an identification mark which needs to be unique, eye-catching and appealing. It can be a specific symbol, colour, words or a combination of these that clients will be referring to for recognising your brand. Being a new forex broker, you need to pay a lot of attention to branding, and when you opt for a white label solution, the primary broker or white label provider will help you in building this visual identity.
You will be depending on another top broker for all the technological processes related to running your brokerage. But the very purpose of choosing a Forex white label package is to focus entirely on brand building and promotions. So, you need to spare enough time for designing and finalising your brand logo, which shapes the visual identity of your brokerage business.
- Deciding your Brand Voice and Messaging
The 3rd step for brand building as a new forex brokerage is deciding your brand voice and messaging. The type of voice and messaging you choose for your brand will influence how your brokerage will be perceived and seen through advertisements. It is more like deciding how you wish to communicate with your target audience. Your brand voice will also play a key role in building your brand’s personality.
You may choose to remain formal and professional or come across as more friendly and informal, depending on what type of marketing strategy you have in mind. Many new brokers don’t pay enough attention to brand voice or messaging, which is a grave mistake as it is just as important as your brand name or logo.
- Building a Professional Website Highlighting Your Brand
The next step is crucial in the process as the website you build for your clients will not only play a key role in highlighting your brand but will also become a medium for users to interact with the decentralised market. Your business website will be the key point of communication with clients, and it is very important for an online business like forex brokerage.
Clients will not be directly visiting your office, but they will be viewing your website, like how a customer approaches an official headquarters. Hence, you need to ensure the availability of all kinds of services and active modes of communication on your website. But don’t forget to work on your website’s theme, layout and appearance, as it decides how your brand is being presented to the audience.
- Building a Social Media Presence
Social media platforms have become very relevant and influential for all types of online businesses. Forex brokerages also use social media platforms to promote and communicate with their potential client base. In fact, many of the new traders will be scrolling through social media before finalising a broker, and they may become sceptical if your brand does not have a strong social media presence.
Social media campaigns have become an essential component of digital marketing strategies. You need to make sure that your potential client base gets relevant and useful results while searching about your brand or business on popular social media sites like Instagram, Facebook or X (Twitter). If you choose a white label provider with expertise in social media promotion, they may also help you in this aspect.
- Coming up with Content Marketing Strategies
Content marketing is another relevant aspect of brand building as a brand providing useful information to the public will be able to interact with their potential client base frequently, and winning their trust will be easier. Through content marketing, you will not be persuading anyone to choose your brand but will be educating the readers about various aspects of forex trading.
Content marketing is primarily about publishing informative blogs or articles on various websites. You can subtly mention the brand name or casually introduce the services your brokerage offers as a part of the content. But make sure it comes across as natural, and that way, you will be able to drive some traffic to your business website.
- Teaming up with Influencers and Thought Leaders
Many new traders tend to seek suggestions from influencers and thought leaders about brokerages and trading platforms. Hence, if you are able to team up and sponsor a top influencer, your brand name will also become well-known, attracting a lot of new clients to your platform. But make sure you select genuine and reliable people, as you may also come across scammers while scrolling through social media.
The influencers and thought leaders you choose will talk to their followers about your brokerage and present your platform as an appealing option if they are satisfied after trying it out. Positive feedback and reviews from such popular experts will surely boost the brand reputation of your brokerage.
- Boosting your Brand Reputation Online
The last step in the process of building a brand identity as a new forex broker is making consistent efforts to manage and boost your brand reputation online. Most traders are likely to go for a reliable broker with a good reputation in the market. Brand reputation is dependent on the quality of services offered by a business.
Choosing a trusted and top-tier forex broker as your white label provider is the first step. But for widening your client base, you will have to work on building and monitoring your brand reputation as most of the time, the clients may not be aware of the fact that you are operating under the umbrella of an established broker.
Brand building is an essential process for capturing the attention of your potential client base in the competitive brokerage industry. When you opt for a white label solution, you can discuss the same with the white label provider and see what kind of assistance they can offer.