What to look for in an affiliate program
If you are relatively new to Forex trading or a seasoned trader, there are ways to generate extra cash that you might not yet be familiar with. Affiliation!
Arguably, most professionals aim to get out of the daily grind and leave behind that long daily commute. Often an unpleasant one in the cold and rain, many of us would love to say ''Ciao, goodbye'' to cramped train carriages and busy morning journeys on the motorway.
This dream is achievable through utilizing an existing network of associates and advertising a Forex broker for an existing online following to sign up to. This can all be done within the comfort of your own home!
It is not unusual for affiliates to join multiple affiliate programs and treat affiliation as a full-time job, not just to gain extra earnings from passive income.
To put it simply, affiliation in terms of Forex trading is one user referring other people to use a product or service and gaining a commission each time that referred individual uses that said product or service.
In this article, we will explore how traders can generate extra income by referring friends, family and online followers to a broker and what potential gains the introducing broker may make.
We will also examine some features of new ECN/STP broker EagleFX, which are offering a fantastic affiliate program that includes direct access to your very own affiliate manager.
What to look for in an affiliate program
Fair Price?
When considering how to generate an extra income through Forex affiliation, there are a few important factors to consider when we look at one program next to another.
It is important not to forget why affiliates do what they do. To put it simply - commission.
When selecting an affiliate program, pay attention to the amount of commission available. After all, you need to be rewarded appropriately for generating extra sign-ups and deposits for a broker.
So you may ask what is deemed to be a 'fair price'? Commission paid to the affiliate should be competitive and anything above $3 could be considered to be competitive. Any broker that is paying minor sums is not going to be worth the effort of marketing a brokers brand which you may eventually feel like you are doing for free.
Diagnostics
Does the broker offer a portal for you as a referrer to keep track of all the clients referred, including how many lots have been traded and how many deposits have been submitted. The more stats the better for you as an affiliate.
These stats are critical for a referrer to ensure they are being paid the correct amount of commission each month. The diagnostics available will also give you an idea of how transparent a broker is with you which is crucial when building trust.
Commission Structure
What is also important, is to consider the terms of commission. In terms of Forex, commission is generally paid in 1 of 3 types of structures.
- CPA (Cost per Acquisition) Structure - Commission is paid ONCE as soon as the referred users registers. This varies but is usually around the $250 mark. A good system when referring traders who may not trade often and only in micro-lots.
- Revenue Share Structure - Affiliates receive a percentage of a brokers total revenue. A profitable system if you can negotiate a decent percentage from a high amount of depositors.
- Lot Rebate Earning Structure - This is a commission based on the amount of lots traded by the traders you have referred to the broker. Possibly the most favored affiliate scheme in Forex. The more a referral trades, the more commission there is to be earned.
EagleFX is allowing its clients to earn generous, guaranteed, commission of $4 per lot traded with the potential to increase to $5 per lot. This is all thanks to the introduction of a brand new, fresh and exciting 5 Tier Affiliate Scheme.
Marketing
Marketing is a massive part of how you, as an affiliate, will generate enough interest to make yourself truly profitable and work towards affiliation as a full-time gig. Consider what marketing packages a broker offers and how much assistance a broker can or will give you on your marketing campaign.
Does the broker assist with email templates for blasts to email contacts? Does the broker offer a direct line to an affiliate executive to assist you with your affiliation needs? Does the broker offer a media package including banners and logos to assist your brand advertising?
All critical points to consider to ensure your marketing campaign is successful.
Product/Broker Features
It may seem obvious, but it is going to be far more worthwhile marketing a broker that is a solid product and offers a range of services and tradable assets. In an ever more demanding market place, brokers are always working hard to provide more tradable assets for their customers to stay competitive.
If a broker can provide a range of Forex pairs, Crypto pairs, Indices and Stocks all in one space, then your job as a referrer is made easier as your target market broadens! The more tradable assets, the more likely clicks, trades and commissions for you!
Other broker features that you may want to look out for is leverage available for your referrals to take advantage of with a view to further increase their profitability. A DailyFX calendar is always useful for traders to keep up to date with the latest market news and schedules.
Access to customer support is another important feature for your potential clients to ensure they are well taken care of with their account management, deposits, and withdrawals. On the subject of deposits, consider the minimum deposit amounts because as a referrer, you don't want to 'price out' your existing online following.
It may be less likely to generate mass interest as a referrer if deposits are high and leverage available is low. Balance on product features is crucial to consider. It helps ensure you are directing your following to the best possible broker, allowing them to trade with confidence.
Summary
As you have now learned, there are many factors to consider when choosing an affiliate program which will make you as profitable as can be. It is critical to choose a broker that you think referrers will enjoy and continue to use. Without directing your following to a decent product, you may lose trust from your following and find it difficult to onboard the same users in the future.
Marketing is of paramount importance. Having direct contact with an affiliate executive who will get back to you promptly will be a massive advantage on the road to producing a successful affiliate campaign.
EagleFX offers a Lot Rebate Earning Structure where commission lasts for a lifetime - as long as the referred trader continues to trade. Affiliates of their multi-tiered scheme can enjoy generous commission and have access to a media pack which will help you stand out from the crowd in a bustling affiliate marketplace.
Leave the rat race behind and become a Master Affiliate today!
This article was submitted by EagleFX.
