As we all know, the best way to get started in the lucrative world of forex affiliation is to find a niche that you can own.
In the first part of this series, we looked at what you can accomplish as a podcaster or the owner of a broker review site, which are two interesting avenues to explore if you want to drive traffic to your broker.
Let’s take a closer look now at two other niches you can settle into in your quest to start earning passive income from your forex partnership.
Events & Seminars
If you live in an area or country with a relatively large population, one of the best and most proven ways to start earning commission as a forex partner is to organise and host events and seminars to introduce people to the world of trading.
Broadly speaking, this type of partnership would usually classify you as an IB (Introducing Broker, someone who has personal contact with their referred traders) versus an affiliate.
You’ll need to have at least one or two of the following strengths and abilities if you want to be successful via this avenue.
Good host or public speaker. When people come to your event to learn about the possibilities of forex trading, it’s important they find a motivated, personable speaker who can energise the room.
Energy breeds energy, and when you’re able to transmit excitement about the opportunities of trading to your audience, they are far more likely to be invested in your message. Sharpen your communication skills to make sure you’re clear, energetic and able to speak with a minimum degree of vigour about your topic.
To some people, this kind of public speaking comes naturally. On the other hand, some of the best public speakers have admitted it’s something they had to work at hard in order to become great.
If you’re confident in your ability to hold a room and speak intelligently about trading, then the events and seminars niche is one of the highest-converting, highest-rewarding opportunities of all.
You can host events regularly. One single event on its own is unlikely to make much of a difference to your income. While your first event may be a success, it’s vital that you have the ability to follow up with regular events in order to expand your IB network and hone your skills as a host.
To do this, you’ll need to have the resources to rent out seminar spaces, or be able to host your events in free public spaces or even at your home or place of business.
Able to stay in contact with your traders. In contrast to people who sign up through an affiliate website, the people who become traders after attending a seminar usually expect a certain degree of post-sign up support from the event host. This might mean access to a phone number they can reach you on, a WhatsApp contact or an email. This post-event service will be helpful in getting conversions and encouraging higher trading volume.
You know or can reach a large number of people. A hundred seminars in a row won’t do you any good if people don’t turn up to hear what you have to say. Your ability to network out and reach potential attendees will be key to your success as an IB and event host.
Whether it’s through local or regional marketing efforts or through personal relationship building, it’s important that you think first and foremost about how you’re going to ensure that you continuously reach your prospects in order to get them through the door.
Forex Education Website
Trading education is perhaps the second most popular type of content regarding forex and the markets, behind only financial news in terms of searches and views.
Every trader needs resources to learn how to trade, and even the most experienced traders are always on the lookout for new tips and tools to help them elevate their trading.
With an education site, there are countless routes you can take to deliver your knowledge to your audience. This can take the form of:
- eBooks and articles
- Online courses
- Video or audio lessons
- Education platform or app
- Short, quick hits on social media
And can cover a wide range of topics such as:
- Fundamental analysis – what are the macroeconomic trends that are shaping the markets?
- Technical analysis – what story are the charts telling for today’s market?
- Trading strategy – what are some of the best indicators to use together to get the best idea of future price action?
It’s true the competition in this space is fierce, but the cream will always rise to the top. If you’re putting out high quality educational content on a regular basis, it’s only a matter of time before you start amassing followers and traffic to your site.
You can find a less competitive niche within education by drilling down even further. For example you can choose to focus on only exotic currency pairs, or only currency pairs within your wider region.
If you really want to take off in the forex education space, you’ll need to have at least a couple of the following attributes.
Knowledge of trading & markets. This one’s pretty obvious – it should go without saying that you need to have a minimum level of knowledge and awareness of the markets if you want to teach other people about trading. If you’re only acting like you know what you’re talking about, people will see through your writing, your videos or your social posts and you won’t gain traction. Learn your industry well!
Know the digital landscape. The fastest, easiest and cheapest way to reach people is through online channels. Setting up social channels costs nothing and can often grant you direct communication channels with your audience. It’s important to know how to use each channel it’s maximum effect.
If you want to produce eBooks, getting to know how to produce a polished PDF is a great asset.
It’s also vital that you are, or are willing to, become savvy enough to administer your own website. That’s probably where the longer form educational content will be hosted, and where most of your affiliate links will be found. A simple CMS like WordPress or Squarespace is more often than not able to provide everything you need from your website.
Hard work ethic. Building up an audience through content is effective, but takes a decent amount of hard work. It requires at least a year of consistent content production before you’re properly able to see the fruits of your labour. But if you’re willing to put in the time and effort, there’s a high chance that you’ll be rewarded in the end with commissions and rebates from the traders who’ve found your resources helpful.
One of the key advantages of setting up a forex education space is that it’s easy to optimise towards better results. After a few months of work, you’ll begin to see the data on what’s working and what isn’t, such as which topics people are most interested in, or which delivery channels are giving you the best return.
In this way, you’re able to quickly refocus your energy and resources into what’s working best for you.
Stay tuned for part III in this series, which you’ll find on the TIOmarkets blog along with loads of other articles on how to achieve success as a forex partner.
Don’t forget, for any questions about becoming a forex partner, like how much you can expect to earn, or how you can refer more clients, just reach out to us through any of our contact channels. We’d love to hear from you and help you get started earning in this lucrative space.