I’ve been a member for quite some time here and on other forex forums.
Trading is great and has been going well but I couldn’t shake the thought that maybe I could make a lot more money as a broker. Where there’s a will (and capital), there’s a way.
I reached out to Shift Forex (www.shiftforex.com), a forex consulting firm here in NYC where I am located. After filling out the form on their website, I was contacted by a gentleman who gave me all the information and it turns out the whole process is fairly easy. I was even invited down to their office in case I wanted to finalize things in person.
It mostly seems like there are three components: Website (duh), Business Entity registration and bank account overseas, and MetaTrader 4 (with plugins). [B]All the while, I can still trade a personal account while separately pocketing money off spreads through my broker. [/B]
A lot of us are trading with enough money to start our own brokers. I’ll update how my endeavor is going here. [B]Anyone with questions or comments can message me or reply here[/B]. Being that I am establishing a relationship with them, I am going to see if I can work out some good deals for others who are also interested.
[B]Has anyone ever looked into starting their own broker? How did that go? Any advice[/B]
You must weigh other options. It is not easy as you have said. There are challenges. What you must do is get all the details including all the challenges and see if you can deal with them as a new forex broker.
The market is pretty competitive, you must offer something superb. Plus to my mind it is much better to have developers, designers in-house from the very beginning. Which market are you going to target, if its not a secret?
Can’t exactly say which market I will be targeting. However, I’m hoping that a combination of unique marketing, word of mouth, and some creative ideas can get this off the ground.
Right now, I am deciding whether to register in New Zealand or Mauritius.
I have been promoting forex broker for a while, if you are a new online broker that will not be very easy to establishing yourself as the best online forex broker. I advice you to put a lot of emphasis on internet marketing by offering an affiliate program with good commission to the affiliate.