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Forex brokerage from home

Discussion in 'Making Money' started by Cashington, Oct 29, 2014.

  1. Cashington

    Cashington Regular Member

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    Hello,
    I was wondering how much would it cost me to start a forex brokerage from home ?
    I'm targeting the arab countries , since there is so much money there lol
    & yes I've got a tall list of targeted phone numbers of people who are interesting in forex . My friend works at a big company of forex and he's ready to give me those lists .

    I'm not starting for sure , but I wanna know how much it would cost me .. I did some research , I saw some startups that give you all you need for starting a forex company but they cost a lot about 7k$ and 1k$ a month . I was wondering if there was a scripts for the forex websites or a suite that includes everything needed for it .
    and if anybody got some suggestions , plz I wanna hear them .


    Thank you.
     
    Last edited: Oct 29, 2014
  2. Ricky Roma

    Ricky Roma Regular Member

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    Do you mean white label?
     
  3. Cashington

    Cashington Regular Member

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    Not that white lol , but for sure no scamming involved .
     
  4. BassTrackerBoats

    BassTrackerBoats Moderator Staff Member Moderator Jr. VIP

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    It's an Algo, of course it can be gamed.
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    I do not know about other countries but if this is USA, you could get in some trouble if he is supplying lists of clients that he does not own but rather is taking them from a place he works.
     
  5. Cashington

    Cashington Regular Member

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    Unless they won't have an idea that this happend :) . He is going to be my partner , so he is going to take the lists and work with me on this ( if we will start , we're not sure yet ).
    Anyway we don't mind starting real small , but we need a little directions .. ofcourse a website with some tools & programs, but do we need to pay 7k$ to start ? isn't there a more simple way?
     
    Last edited: Oct 29, 2014
  6. tomsoyer

    tomsoyer Newbie

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    If you want to reduce your start up costs you can just attempt to sign them up for other Forex sites and get a commission. You will make money faster to start this way since most Forex CPA offers have a nice payout they expect to make back over the next month or two.

    After that you learn more about your market and then invest in starting your own. A turn-key solution that costs *only* 7k I can tell you is still going to result in you giving away a good margin to someone else but it might be a good start. Starting your own Forex brokerage where you have all the needed relationships from merchant processing to exchange APIs is going to run you mid 5 figures at least in costs. But that should be the end goal not the starting point.

    To begin with just starting making $300 commissions sending those guys off to high converting Forex sites.
     
  7. tomsoyer

    tomsoyer Newbie

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    Also be careful with those lists... have you heard of seeding? If your friend doesn't know which entries are the seeds/honey pots it's going to be extremely transparent to his company he stole the emails and they will file criminal charges against him if they have that kind of protection in place. However I'd say maybe 1 out of 10 companies have security like that in place so it's likely pretty low risk. But if they do it means each employee has access to lists where some of the emails are fake and unique to the list that employee has access to - that way if they steal it and start calling the leads it's very obvious which employee did.
     
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  8. I-marketer

    I-marketer Regular Member

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    You mean serious brokerage like for example oanda or alpari? I think the scale is too big to be managed from home.
    Have you thought about regulation and compliance...? Those "arab countries" have quite high standards and probably won't trust your home business.
     
  9. Warlocq2014

    Warlocq2014 Newbie

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    To be honest it is probably not worth it :(
     
  10. Cashington

    Cashington Regular Member

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    Thanks a lot @tomsoyer for your advises . I will research more and more before starting .

    @I-Marketer , yes but they wouldn't know that I'm working from home , lets say it will be in the Wall St. :D

    So guys nobody got any suggestions for the tools I have to use ?
     
  11. yordanov

    yordanov Regular Member

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    Hi there!

    Just several short comments regarding your inquiry...

    First of all, when you start a brokerage the issue of regulation looms large. No one will use your services if he feels his money is at risk. The fees you will need to pay to become a fully regulated vary greatly depending on the country you would be regulated by. Remember, being regulated in Cyprus or in the UK, are two completely different stories and people know that.

    Second, you are mentioning amounts between 1-7 thousand USD as a startup. I am in the industry and, trust me, that's far from sufficient. This will not be enough either for making a platform of your own, or for paying someone for feed of the forex pairs you are offering to your clients.

    Third, Metaquotes offer a complete solution to your issue with their Metatrader 4 and Metatrader 5 platforms, but that will cost you at least $ 100 000, depending on the services you want to subscribe to.

    There's a lot more that can be said on the topic, but this gives you a good idea on the issue. I hope my comments are helpful.