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- What is affiliate marketing
- How does affiliate marketing work in Forex?
- What is involved in being a successful forex affiliate
- How to Pick the Best Broker
A Guide to Forex Affiliate Marketing
For many people, making money online is an idyllic lifestyle. Travelling the world earning money, or simply just stepping away from the normal 9-5 routine would be a dream come through. When searching how to make money online you are hit with an array of websites or other online ventures that feed your hunger. What’s the goal here? What do you really want from this? Easy. You want more possibilities to grow, but more specifically you want to be financially free. You want to focus on entrepreneurship, spend more time with the family, and finally take back control of your own time and live.
The crazy thing is earning a passive income online is not a pipe dream. 2020 presents a broad range of avenues to earn extra income, regardless of your status. If you are a stay at home mother, a student, or simply just trying to earn some extra money, it’s irrelevant. In fact, research has shown that one-third of the US workforce has done freelance work at some point in their career. Furthermore, 25% of freelancers can find work in as little 24hrs. All you need is a laptop and stable Wi-Fi, and you can work from anywhere in the world.
Now the good news, the hardest part is choosing how. Are you new to forex affiliate marketing? I know your thinking, that this is too difficult, men in suits driving fancy cars and you need to know everything there is about Wall Street. That couldn’t be further from reality. This lucrative industry is booming and there is no better time to get involved.
Perhaps you’re now wondering; how much you can earn or how it works? We’ve kept you waiting long enough. Read on for a better understanding of how to monetize a forex related site. Let’s take your earning potential to the next level.
What is Forex Affiliate Marketing
Affiliation is a performance-based marketing tactic, where brands reward affiliates for referrals. In layman’s terms, it is when you promote a brand’s product or service and earn a commission for converted customers. In the financial world, affiliates are referred to as an Introducing Broker (IB). IBs earn commissions by linking with external broker sites or trading platforms and referring other potential traders. Becoming an affiliate is very straightforward and can take less than 5 minutes.
How does Forex Affiliate Marketing Work?
As mentioned, forex referral programs involve the introduction of new prospects to certain brokers. On sign up all affiliates will be given their own unique referral link; you then leverage your own online network to promote the platform. Thus, this could be easy money for those who already have a well-established online presence, be it a blog, YouTube, or other influential social media channels.
When someone who clicks on your link converts, you’re then paid a commission based on the size of their deposit or a percentage of the trades they make in the future. Payment structures vary depending on the broker.
Furthermore, most good brokers will provide promotional and branding tools for their affiliates to use. This enables them to concentrate on bringing new traders to their platforms, rather than creating marketing materials. So, if you enjoy creating quality content that resonated with the desired audience and you can provide valuable advice to a deep-rooted following, what are you waiting for.
How to be a Successful Forex Affiliate
While affiliate marketing is often viewed as a passive income generator, it’s in your best interest to put that little bit extra work to reap the benefits. There is money to be made, there’s a caveat, however. You need to be realistic. This is never going to overthrow your day to day income unless you 1) are willing to put in the elbow grease required to making it a success or 2) already run a site with extremely high levels of traffic. The right approach is to treat it as a bonus; a promising supplementary income stream that if executed proficiently can bring a high return on relatively modest investment time. Here we have depicted a 9-step approach to help you get the best out of your forex affiliate program. Note that if you have already established an online presence and people listen to what you have to say skip steps one and two.
1. Become an advocate
There is a sheer difference in placing an ad on an online channel and being an affiliate. With affiliate marketing, you are advocating for a specific broker. You are delivering a message to your network that this platform is worth their time. So, the audience must have an adequate reason to trust your opinion.
2. Build a presence as a forex thought leader
There are people in every industry, with charisma so high that people stop and listen. Aim to become one of these people. You will need to demonstrate a deep understanding of forex trading or investment in general, allowing you to provide advice and market analysis, accentuating your credentials. People are more engaged when you have established a clear, helpful, and decisive demeanor.
Content is king, carefully think about the topics you are pushing focusing on the problems traders want to solve. Pay close attention to keywords and SEO so to drive inbound traffic, but don’t worry you don’t have to be a SEO or marketing ninja.
3. Share and write reviews about your broker of choice
Before signing up for an affiliate program it might be good practice to start reviewing various trading products and platforms on your sites. This way your audience gets used to seeing this style of content and it doesn’t seem out of place when you associate yourself to one brand.
4. Collate email data
Building a nest of email addresses is a clever way to ensure you have a direct line of communication with prospects. At this step, you are building the foundations for your affiliate marketing powerhouse later. There are several ways to collate email list. if you have a website a great way of doing this is through gated content, or through means of a subscription. The number is irrelevant, if you only get a couple of hundred, they will still be a valuable asset. Please note that when collecting sensitive data that you are meeting GDPR guidelines.
5. Sign Up to an affiliate program
Presto you’re ready to get started. Using the checklist below be sure that the broker of choice is the right one for you.
6. Embed your link onto your online channels
Once you are signed up and have received your killer press kit, you must decide where on your sites you will place it. Be vigilant with this choice, you don’t want to appear insistent. There are many avenues, it makes sense to include the link on any reviews or articles that mentions the broker’s name. You could also write a dedicated article specifically endorsing the trading platform, demo videos, or webinars. The sea of content options is endless, and the path is yours to carve out. Remember KISS, keep it simple stupid, the key is to increase exposure without overkill.
7. Promote, promote, and promote some more
This one speaks for itself. Affiliation utilizes the full marketing suite, it’s not just about one channel its an omnichannel approach. It’s very easy to just do something once and leave it stewing, but if you want this to work, we advise that you go that extra mile. For instance, that email list you have been stacking up informs them of the broker and why it’s the broker of choice.
As we know the financial world as exciting as it is, it is a very regulated domain. Ensure that when you sign up that you are gifted suitable collateral, email templates, sample wording allowing consistency and safeguarding the information that you share with your audience.
Furthermore, it could be good practice to promote your link to a wider network, for instance, PPC. Online advertising mediums including Google, Facebook, and other publishing giants tend to provide a greater level of control over audience selection without inhibiting the quality of the ad. Affiliates can benefit from plenty of flexibility in trying out different ads and at a very low cost.
8. Collect your commissions
This is where the fun begins. You’ve done the promoting now sit back and wait for your commissions roll in.
9. Review and improve
If you are serious about making this work, it requires grit and determination. Use the data readily available from your portal to analyze what is and isn’t working and adapt accordingly.
How to Pick the Best Broker
I am sure you all have heard the expression, let the cat out of the bag. What you might not know is its origin. It has been said that this well-known saying stems from a bit of livestock fraud. Supposedly, it goes back as far as Medieval England where merchants would sell a customer a pig but put a cat into the sack instead. If they didn’t realize that the “cat was in the bag” they were burdened with a senseless purchase. Fast forward into the 21st century where digital is the new norm. Today it is a lot harder to figuratively speaking, look inside the bag, and check what you have signed up for. With forex affiliate programs there are unfortunately many shady schemes, where what you thought was a great deal was not at all what you expected.
If you are thinking of becoming a forex affiliate it is important that you find the right partner. There are certain criteria traders can follow in choosing a broker that is right for them. Here we bring you a list of the important points that affiliates should consider before choosing a broker.
1. What is the commission structure?
We start with the most obvious question of all: can you make decent money? Afterall without mentioning the elephant in the room everything else is moot. As mentioned previously each program offers different commission types and payment structures. So, check which structure best suits your needs.
2. How easy will it be to onboard signups?
Do a thorough investigation into the signup and onboarding process of your prospective new partner. Will traders stumble across pain points that will create more work for you and will this ultimately jeopardize your business.
Furthermore, what level of assistance is provided to make it easier in the onboarding stage such as, a high-quality press kit – banners, email templates, merchandise, social media imagery, etc. The whole process should be executed with ease and as user-friendly as possible.
3. How transparent is the process?
Transparency and trust are key aspects to look for in most aspects of life, your trading journey is no different. This is a dog eat dog environment, with many brokers clamoring to take part. Ensure that any affiliation you consider is above board in how it reports trades and calculates payments. Affiliates should be able to see how the commission is calculated and how much they are earning as they go.
4. Does the broker have a reputable reputation?
One of the best things about forex affiliation is the array of options traders have. Hence, shopping around for a trading platform that suits your needs should be a given. Before entering any agreement do your due diligence. Check that the platform is one of the best on the market and that they offer shrewd trading instruments. That means, does your broker give traders the option to diversify, providing options such as forex, crypto, stocks, indices, commodities and so on.
5. What level of support is provided?
Affiliation is a mutually benefited income generator. You earn money the platform hopefully increases profits. It’s in the broker’s best interest to provide comprehensive support from a knowledgeable, trustworthy, helpful, and multilingual team. Additionally, you should have 24/t access to your portal so that you can get the best return on investment.
They should always provide comprehensive support in your native language and 24/7 access to your partner portal so that you can start seeing a fast return on your investment.
6. How will you keep track of ROI?
It’s not enough for your platform to be transparent, it is also vital that they offer support across performance, checking the quality of signups and analyzing are you getting your return on investment. Look for a platform that offers 24/7 access to your dashboard allowing you see detailed reports, statistics, and analytics. Moreover, you should be able to analyze the effectiveness of your activities and clearing calculating and comparing ROI. Having access to this level of service allows affiliates to have a trial and error process, honing their strategy for continuous results.
7. Will the partnership work for you?
Last but by no means least, and undoubtedly one of the most important points. Selecting a broker isn’t only about which is the best, rather it is about evaluating which is best for you. Be sure to know exactly how the program works.
Why we Think Wealth Standard Xchange is the Partner for you
The best affiliate programs don’t offer a single, one-size-fits-all approach, where they provide rigid commission structures. Rather it delivers a range of options and payment structures tailored to meet the needs of different circumstances. Remember, don’t be afraid to be discerning and critical, about what you are looking for, and what it offers. If after reading this guide you are intrigued about the exciting prospects the financial world has to offer you will be pleased to know that Wealth Standard Xchange offers traders and other individuals the opportunity to work with us. Meaning, by leveraging your own network to share the love we will boost your income and reward with additional benefits. We have incorporated simplicity in every part of the payment process and in 4 simple steps you could start earning today; register, share, get your audience to place a trade and earn a commission. It really couldn’t be more straightforward.
Financial freedom is not about the money you make but all about how you earn it. So, how do you go from where you are now, to where you want to be? Simple. Your path to financial freedom starts here.