How much it costs to open a forex trading website?

Beginner Questions
1

Dear all,

How much it costs to open a forex trading website like easy-forex.com or etoro.com (I mean a typical forex trading website with all good features)?

Also, please let me know the technical and other aspects for opening such a website. I mean, from where I can get a license, from where I can get the customized software etc., with rates.

Also, if you think I should post this question in some other category of this forum, please let me know which one.

Thank you very much in advance :slight_smile: I’m looking forward to hear from you.

AnacondA

2

I don’t think this is the right place for your question. Most people on this forum are trading novices. Try the trade2win forum. You’d probably get an answer there.

3

No offense but if you’re coming in here to ask us about how to start up your own brokerage firm you may be a bit out of your league my man.

Off the top of my head you’ll need a corp or LLC, acredidation with the SEC, some kind of large amount of start up capital to fund your marketing, web site, legal fees, employees, call center, software developers, accountants, etc…

This isn’t one of those things that you just pop up overnight and run with. If it were, I would own 12.

4

If you want to start up a website with forex advice, you can do it for $100 per year

If you want to be a broker, you will need several million dollars and essentially need to become a bank.

5

As ridiculous as that is, it’s a good sign that people are interested in the FX brokerage industry. More competition means cheaper, better service for us traders :smiley:

6

It is utterly ridiculous but not a good sign whatsoever !!!

I want quality; not free for all crooks from Russia, China, and Cyprus opening up FX sites and sucking people in with ridiculous offers that newbies won’t be able to discern. They are the ones still sucking up crap from ForexBastards.

7

[quote=JonnyFX;50115]It is utterly ridiculous

Agreed
There is reasonable regulation in UK and Australia and improving oversight in USA and Switzerland. So the area is beginning to mature which should end up with a small number of dependable and honest firms

8

I think anaconda slithered into the wrong forum with that question … :smiley:

9

I don’t think you need so much money, and the licensed also no need . You just need a professtional website and good support , then the words will spread

10

thank you, is there any other good forex forum beside these : forexfactory, babypips forum, trade2win, fxfisherman ?

11

I think you’ve got a good list there, personally i only frequent this forum and the trade2win forum.

12

Well I dont know what country you are from but your answer is highly misleading. Even if you were to set up a company in a country like cyprus where there is little oversight your days are limited as the rogues in this business are got rid of (something you should be asking about your own broker re safety and regulation). In the countries I mentioned in my previous post you are effectively going to be regulated by the financial services sector relevant to that country and this is going to become increasingly common. I cannot understand why anyone would give their money to an fx ‘broker’ that was not properly regulated. Would you do that with your bank accounts??

13

You’ll probably have to go offshore. Get a gambling license. Satisfy capital requirements. Get your hands on prices. Build a relationship to hedge. Build models to price options etc… Hire a legal team. Raise a marketing budget. Operational staff + equipment, premises.

Is this for a school project? :slight_smile:

14

Would he also be subject to the rules of the NFA (National futures association)?

I know he would if he were a broker, but as a website I dont know.