Forex Affiliate Programs: How to make money by attracting clients?

Forex affiliate programs are a marketing scheme in which a person is rewarded for collecting referrals for a company using marketing resources such as links, banners, etc. This is called affiliation. In Forex trading, affiliates act as IBs (online introducing brokers) who refer potential traders to the Forex brokers they serve. To become an affiliate, you need to go through a simple registration procedure.

Referral link - usually an affiliate link is a code that repeats the domain of the Forex broker.

Methods of compensation

Forex affiliate programs are compensated by the following four methods:

•  Remuneration: the reward depends on the volume realized by their clients. For example, an affiliate receives 1 pip from each trading lot of a client.
•  CPA: an affiliate receives a reward when traders referred by them sign up and invest an initial amount. The reward may vary depending on the minimum initial investment required to open an account.
•  CPL: a partner receives remuneration if the referred trader leaves the broker some information (name, e-mail, phone number, etc.), for example, registers for a demo account.
•  Revenue sharing: the partner gets paid from the income collected by the broker at the expense of trading losses of clients.

A "hybrid" of the four above methods can also be used as a remuneration method, e.g. CPA and CPL together. A "second tier" program may also be used, where an affiliate brings other affiliates to the broker. Partnerships are paid at a fixed price per partner or depending on the income of the referred partner.

What should be taken into account?

Before becoming an affiliate of a broker, you need to get an idea of the broker. An internet search is the best source to confirm the reputation of the broker. Make sure you won't be scammed and get paid for your hard work.

To get to know your broker better, start with:

•  Who is your broker? Look at the broker's recognition status. Look at the broker's feature set such as spreads, customer service, etc. as your referred client will decide to sign up with the broker based on this. Check if the broker offers multilingual support and different account types. Diverse clients can be attracted to a broker, and clients are all you need.
•  Check if the broker offers any kind of progress tracking system for its affiliates. Some brokers pay you according to your monthly performance. Such programs should be avoided. Look for an affiliate program that offers immediacy. You should be able to see real-time results from your clients' referrals. This way, you will be able to evaluate a particular marketing strategy that you may have ended up implementing.
•  Deposit/withdrawal capabilities: check the degree of convenience of two processes: cash deposits by clients and withdrawal of commissions by affiliates.

After checking the above three basic parameters, you should ask a friend to use your referral link to sign up and make sure your affiliate account is up-to-date.

Affiliate Programs

Brokers such as AvaForex, Easy Forex, eToro, Forex Yard, Trade View, etc. offer affiliate marketing programs. It should be noted that none of these brokers are based in the UK, Switzerland or the USA. The reason for this could be that these brokers use traditional offline marketing methods or are highly regulated, and their affiliates have to follow certain standard rules, so they are not open to the general public.