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. Registration of your company in a local or offshore jurisdiction.
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 a jurisdiction where you choose to register a company.
Registrants must be prepared to pass thorough background investigation, pass examinations on general securities principles and state securities laws (NASD series 7, NASD series 63, 66). Among others, the following criteria are considered during registration application:
Related documents and links:
Guide to Broker-Dealer Registration by U.S. Security and Exchange Commission (SEC)
Registration Overview for Retail Foreign Exchange Dealers, IBs etc. by National Futures Association (NFA)
Forex Brokerage Roadmap (pfd) by Boston Technologies
White Labels and IBs
If you aren't ready to buy your own Trading platform license, you can start with an IB or a White Label solution from a Prime broker (your Clearing company).
As a White Label you'll be offering trading services under your company name.
As an IB (Introducing broker) you'll be sending/referring all clients to your Prime broker, where they will eventually open a trading account. As an IB your goal will be to refer as many clients to your Prime broker as possible, because it'll directly affect the income stream (commissions) you'll earn for each referred client.
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