The Dot-com boom has brought us accessible information, opportunities to voice opinions and a channel to create aspiring online businesses with a global audience. Among the businesses that have boomed as a result of the Internet and globalization are Forex brokers. A forex brokerage is an entity that connects retail forex traders i. Among these people are Forex traders — people that predict the price movements of various currencies from around the world in order to make a profit.

Today, the sheer number and availability of online Forex brokers is staggering. You do not need to conduct major research to find one. Unfortunately, with this increase, a lot of unreliable forex brokers slide into the market and make promises they cannot keep i.

Therefore, many new traders get sucked in, and in the long run they burn out all of their trading capital and leave the broker. If starting a forex brokerage business is truly a passion, then here are three factors that should to be considered to become, and remain, competitive.

Forex brokers get their spread cost between two currencies i. The Interbank market is simply a collection of major banks, hedge funds and financial institutions that are legally obliged to serve commercial turnover of currency investments as well as a large amount of speculative, short-term currency trading. This means that they make a profit of 2 pips on every trade for this currency. In essence, they are making their own market by over-charging their customers.

This is a certain recipe for disaster as this makes Forex trading expensive. There are thousands of other brokers out there who will gladly take your customers by simply quoting a cheaper spread. This is especially relevant to the six most traded currencies. The last triennial central bank survey lists them in the following order: A commission is simply a fee that customers overnight millionaires stock market charged when placing a trade a buy or a sell.

This commission can vary depending on the currency pair traded. The aim is to make Forex trading as cheap as possible for the customer. Low spreads and no commission are exactly the type of trading they like and it is up to you to provide it. Believe it or not, some forex brokers lie. They claim their trading is commission free, but all they do is pump up the spread cost so customers never receive the benefit.

To accompany low spreads, low commission can work absolute wonders for Forex brokers. The absolute worst thing you could do is to promise this, but fake it by pumping up the spread costs.

This means the Forex brokerage owners do not want to wait and rely on volume of traders so they acquire as much as where are gold futures traded can by faking it and overcharge them straight away. Unfortunately, a lot of brokers do this and end up losing customers.

Alarm bells start ringing if customers have trouble undertaking standard activities such as set up forex brokerage firm funds or simply being avoided when asking support questions about a forex brokerage trading platform.

To stay competitive, and in-tune with customers, support must be high quality and responsive. Also, withdrawing funds should be a set up forex brokerage firm process that does not take more than 2 days to process. Dragan Lukic is a professional trader and a trading educator. He has years of experience in working with Forex brokers and has helped people from around the world get started in this industry.

Forex trading is his passion which he educates through his company — Capital Forex Training.

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All material is protected by U. Unauthorized reproduction or distribution of this material is prohibited. Sharing of this material under Attribution-NonCommercial-NoDerivatives 4. Finance forex brokerage starting a business. We are a diverse group of early adopters, innovators, entrepreneurs, startup enthusiasts, influencers and small business aficionados.

Stay connected to YFS Magazine as we share our unique perspectives on startup, small business news and entrepreneurial culture. In my opinion the most important quality of a forex broker is transparency and honesty.

Since there are so many rip offs in this industry it is more than important to treat clients well and deliver them what you claim on your forex broker website. As you said if a forex broker plays games on its clients its already dead because nowadays there are some options where you get what you need to be a successful trader without being worried to get fooled by your brokerage.

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