The foreign exchange market, forex for short, is essentially the conversion rate of one currency into another and with an average daily turnover ranging between $3 and $4 trillion, it is one of the largest trading markets in the world. With the vast majority of such trading occurring online through computer networks between traders across the globe, for 24 hours per day for five days each week, and also due to the high geographical dispersion of forex market participants, online forex trading can become your source of income, even if you never place a single trade on a currency pair yourself. If your marketing skills are better than your trading skills, then, instead of becoming a trader, you can join one of the numerous forex affiliate programs that exist and gain significant income through the commissions offered for referring customers to the various forex brokers.
Indeed, if you play your cards correctly and wisely, then a forex affiliate program could prove much more lucrative and rewarding than any other web commerce sector could ever be. If you already have a website then you can quite easily monetize the existing traffic you get and your earning potential could be highly maximized. However, if you possess the skills and time necessary to dedicate, then perhaps it would be worth your while to actually build a dedicated website just so you can join a forex affiliate program.
The simple way things work is that you send traders to a trading platform and once they sign up, make a deposit and start trading, then you earn a commission. This essentially means that if you manage to generate adequate traffic volumes, then you stand a chance of making really good money. Bear in mind that different affiliate programs offer different commission structures, but most, especially if prove to be a valuable associate and bring in the clients, are willing to device flexible plans which suit your needs and help you reach your income targets.
There is a plethora of affiliate programs available, perhaps even more than the number of brokers, since brokers usually offer an affiliate program themselves, while there are also programs which offer a connection to several brokers from the same platform, or even which work on a variety of platforms. This big number of affiliate programs that exist, render choosing the right program to join a difficult task. Therefore, you should carefully compare and contrast between what each program offers before committing to join any particular program.
Of course, the first element to compare is the height of the commission offered. However, there are other significant factors to take into account, such as whether the fees are calculated in a straightforward manner and there are no hidden deductions. Another crucial element is the timely payments, processed promptly and without delays. Pay particular attention to the reporting system employed as you need to be sure that this is reliable and transparent, based on tracking and reporting technologies that will indeed attribute the traffic you generate to you and none else.
Perhaps the decisive factor to your decision on which forex affiliate program to join, should be the quality of marketing material that the program provides you with in order to help you better promote each broker to your site’s visitors. These materials usually come in the form of banners, widgets, multilingual web content etc. It is important that you ensure a constant supply of such innovative materials, as they hugely aid the marketing and thus traffic generation, otherwise you will be in for a lot of hard work, if you are to produce such promo material yourself.
Most programs offer you a commission for sending them customers, but also for referring to them other affiliates. The key is flexibility and most programs seem ready to accommodate you with flexible plans in order to suit your needs or preferences. Therefore, through negotiating, you can agree, on a fixed or flexible one-time CPA (Cost per Activation) fee, which means you can instantly cash in on each client you attract. Alternatively, you can opt for a rebate program or a revenue share program, which are more long-term, life time values, since you get paid every time a client you referred places a trade.
In short, forex affiliate programs are the ideal method for those who want a share of the huge profits made in this lucrative and ever-expanding market, but who are not able or willing to become traders in order to get to the cookie jar. Being able to employ effective marketing strategies online and generate sufficient traffic, could do the trick just as well as predicting the value of a currency pair successfully, or even better than that!
George Milios is the founder of onlineforextrading.net, the binary options and forex news portal which is dedicated to providing you with all the information you need to successfully trade.