Barcelona is a well-known city admired by a lot of tourists for its stunning architecture and the richness of Mediterranean culture. The vibrant culture of this Spanish city gets a lot of global attention. Read More
But, there is an affordable alternative that you can consider to set up your forex startup, and this innovative solution is forex white labelling. In this blog, I will be talking about the steps to launch your startup brokerage firm in Barcelona, the details of the forex white label solution, and how it helps.
How You Function and Earn as a White Label Forex Broker?
An independent forex broker has to develop a trading platform from scratch and handle all the complex technical processes by hiring a team of experts. Building a brokerage platform from scratch requires a huge amount of capital, and it is also time-consuming. In the case of a white label solution, an established broker will allow the new broker to start their brokerage by becoming a white label partner. This allows the new broker to use a turnkey solution and offer it under their own name after re-branding and customisations.
The white label package will include all the infrastructure and software solutions required to function as a forex broker with the ongoing support of the main broker, the white label provider. The capital requirement for setting up a white label brokerage is very low in comparison to entering the market as an independent broker. The white label provider will also offer liquidity arrangements, trading platforms and even forex tools like a pip calculator that your clients will need to set the target for the number of pips to earn from a trade.
Besides the cost-effectiveness, white label forex solutions are also beneficial for easily stepping into the brokerage industry. Some white label providers will help you to set up your business within a few weeks through a hassle-free sign-up process. Since an expert broker handles all the complex processes, you can feel at ease and focus on branding and promotional activities. The brokerage industry is very competitive, and thus, you will have to focus on building your brand identity for client acquisition.
Steps to Start Your White Label Forex Brokerage
- Define Your Target Audience – The first step for starting any startup business is defining the target audience. In the case of forex brokerage, this will be people who are interested in forex trading and looking for a broker to access the market. But you need to narrow it down by deciding the region or jurisdiction where you want to offer your services as a broker. You should also consider the registration and regulatory compliances while choosing the place of operation. Even if you are going to operate in Barcelona, you can choose other regions to expand your client base.
- Devise Your Business Plan – The second step is to create a sound business plan considering your budget and also set your business objectives. This plan will be like a blueprint for building your brand name and establishing your business as a new broker in the forex market. Your business plan should be clear and easy to implement, as the success and growth of your startup depend on it.
- Choosing Your White Label Provider – The third step is to choose a white label provider that suits your requirements. For this, you need to consider the initial setup cost and ongoing costs along with the scope of their services. You should also check the functionality of the trading platform being offered. Signing up with a regulated broker would be better to comply with the industry standards.
- Branding, Customisation and Promotions – Once you register your forex startup and find a suitable platform provider, you can start with the branding and customisations. After this, your brokerage website will go live, and you can concentrate on marketing and promotions. The white label provider may also offer some assistance in promotional activities.
To summarise, opening a forex brokerage will be more straightforward when you are supported by a trusted broker functioning as your white label provider. But you need to do some research and make an informed decision.