Forex is a big and very liquid market with over $6 trillion in daily transactions, therefore starting a FX company can be a challenging task. Among many factors you should consider before starting your company, we can name some of the most important ones:
- Establish a legal business entity (for example, a limited liability company, or LLC). Thus you will be allowed to open bank accounts abroad. Also, this will help you in financing cross-border trade and merchant services.
- Open a trading account with a reliable currency broker. Brokers can be either regulated or non-regulated. If you want to trade on MT4 and MT5 platforms, opt for the regulated broker.
- Be ready for KYC. Your bank may require a KYC procedure to enable you to make transactions associated with foreign currency, so be prepared to provide the necessary documents.
- Hire experienced employees. Highly qualified team is crucial for establishing business relationships with clients. Recruit professionals who have experience in the industry.
- Invest in cutting-edge software. Forex industry is highly competitive, so to succeed in it you have to seek to provide the best services to your clients.
- Explore FX training courses. Forex typically offers training courses which are commonly free of charge. These courses can be useful for you since they provide valuable information on trading strategies and trading platforms operation.
- Promote your business. Marketing is crucial for establishing and maintaining business relationships with clients. Use various means to promote your business, for example social media like LinkedIn or Facebook, or accounts with advertising channels like Google AdWords.
Starting your FX company is a difficult task that takes a lot of cost and effort. You can opt for white label solution to save valuable time and start trading right away. White label solutions commonly have all the necessary features to start trading, such as trading platform, customer support, liquidity, and more.
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