Open your own Forex business with NewBroker
NewBroker specialists will talk about opening a Forex business, the scheme of work and the intricacies of registering a brokerage company.
Register a company
To register your business, it is better to choose an unregulated jurisdiction. Large brokerage companies are also registered in unregulated jurisdictions, because there is no Forex legislation there.
Today the jurisdiction of Saint Vincent and the Grenadines is popular. Alpari, Forex Club and TeleTrade were registered here. Advantages of Saint Vincent and the Grenadines:
✓ Remote registration,
✓ All you need is a passport
✓ Registration in 3 weeks,
✓ Cost $2000,
✓ Preserving the privacy of business owners,
✓ No requirements for authorized capital,
✓ No reporting requirements.
Select platform
When choosing software, consider an inexpensive analogue of popular competitors - the UTIP trading platform.
UTIP sells a complete software package for a broker. The UTIP platform is practical.
It allows you to trade Forex and binary options without switching between accounts. The software package has 3 versions of the terminal: PC, Web and mobile version. With UTIP you will not pay commissions on your turnover. The only payment is a fixed fee for technical support. The company's employees will install and configure all software within 2 days.
You won't need to search for quote sources. The platform already has 4 alternative sources connected. You will be able to display transactions on the external market and switch from A-booking to B-booking in one click.
Organize payment acceptance
The broker needs to accept payments from clients. Beginning brokers often simply connect payment systems.
Once you are comfortable in business, open a bank account. You can withdraw money from it. Personal presence is required to open an account. Opening costs $2000 and lasts 2 weeks.
Brokers often open accounts in Czech and Polish banks. You can open an account in a bank in Armenia, but the monthly fee will be $500.
A bank account is needed to work with large payment systems. It is convenient for traders to transfer money by invoice directly to a bank account.
Develop a website
UTIP specialists can also help with website development. They have already developed more than 100 websites for brokers.
The UTIP company itself produces software for Forex trading. Therefore, its employees are well versed in the intricacies of creating a website for brokers and developing a convenient interface for future clients.
Scheme of work of large Forex brokers
Brokers open 2 companies. The first company provides brokerage services and is registered in an unregulated jurisdiction. The second accepts payments from traders. It is being opened in the EU.
This scheme of work gives brokers the opportunity to cooperate with large European banks and payment systems. At the same time, you can save significantly on commissions.
You can get detailed advice on opening a Forex business from the company's specialists - NewBroker .