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Knowing where the customers will be coming from will help you select best jurisdiction to register a brokerage. In this business, licensing requirements vary greatly from one country to another, and it is often easier to start own forex brokerage in a place different from your origin. For example, a lot of companies that serve worldwide traders are based in Cyprus for tax and legal purposes.

Compare legal requirements of several jurisdictions before making a decision. Although a detailed business plan may seem not necessary, creating and promoting a new financial company is a long journey, and having a forex brokerage business plan helps streamline this process.

A good business plan consists of description of target markets and buyer personas, start up capital, projected profits and expenses, marketing and social strategy, competitor research, etc. Capital requirements are usually set by the jurisdiction, so check with the financial regulator in your jurisdiction what is the minimum initial capital size. But regardless of their requirements, cost of setting up a forex brokerage is quite high, as you will need to have enough money to cover operating expenses during at least first 6 months to 1 year period. First of all, a brokerage needs reliable payment services providers.

There is no way to compete in this market without having stable payment processing system. It is important to have different deposit and withdrawal options, which are convenient for your potential clients. The banks tend to have complicated verification and approval procedures, so plan ahead and allow enough time for this process.

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This includes creating a website, deciding on the trading platform or platforms will you offer a standard MT4 or have additional services, such as an app or your own branded webtrader? Building high quality website is a slow process, so it makes sense to take care of this early. As a minimum a brokerage needs IT-personnel, financial personnel, customer support team, marketing and sales teams, compliance officer. At the beginning when there is low trading volume some of this roles may be executed by managing partners and one employee may combine several roles, given that he or she has enough qualifications.

Most likely you will need to set up a physical office location, although in the startup culture this step can be replaced with virtual office. Allow enough time to test everything before your brokerage goes live.

How to start a Forex Brokerage Company

The platform, payment processing systems, the terminal, the app if you have one — everything needs to be tested several times, preferably by professional testers as well as by focus group of your potential customers. During this time you may also choose to train your personnel, especially the customer service department. Once you are ready with the first seven stages, comes the exciting moment of going live.

It is important to support launch with a well-developed marketing campaign.

Forex Awards — Register Company

There is an easier way to start own forex brokerage company. Many larger brokers today offer forex white label solution. This offer may even come free if you have enough skills, followers and qualifications. For majority of people starting a forex white label business via white label solution will not be free though.

Experience superior execution & trading conditions

A broker typically requires white label partners to cover set up fees, but these fees are still much lower than the cost of setting up a forex brokerage from scratch. Many brokers offer forex white label solutions, it is important to find a reliable partner to avoid customer disappointment. Pay registration fees and meet minimum capital requirements for opening a brokerage business Broker-dealer applicants and registrants must have and maintain the minimum net capital required by Securities and Exchange Commission Rule 15c and comply with SEC Rule 15c governing customer protection, reserves and custody of securities.

Find liquidity partners, clearing company s that will clear your trades.

Saint Vincent and the Grenadines Forex Company Formation

A clearing company will look for you to deliver a certain trading volume per month: e. Every step will include a set of documents to be prepared as well as qualifications to be passed. The package of requirements will depend on the jurisdiction where you choose to register a company. Registrants must be prepared to pass a thorough background investigation, pass examinations on general securities principles and state securities laws NASD Series 7, NASD Series 63, Among others, the following criteria are considered during the registration application: — financial solvency — conviction of a crime — evidence of past inequitable or fraudulent business practices in the sale of securities.

Guide to Broker-Dealer Registration by U. Hiring staff support, IT, legal, other — based on your local salary rates. You can also leave the handling of deposits and withdrawals for your Prime broker so that all you need to do will be: marketing to bring new clients and customer support to keep those clients. How to Become a Forex Broker If you have decided to invest time and money to become a Forex broker, the following information will help you get started.

Your new brokerage company set-up plan would include: 1. Start trading.