Start your Forex business with NewBroker
NewBroker specialists will discuss opening a Forex business, the operating model, and the intricacies of registering a brokerage company.
Register a company
It's best to choose an unregulated jurisdiction to register your business. Large brokerage firms also register in unregulated jurisdictions, as they lack Forex legislation.
Saint Vincent and the Grenadines is a popular jurisdiction today. Alpari, Forex Club, and TeleTrade are registered there. Advantages of Saint Vincent and the Grenadines:
✓ Remote registration,
✓ You only need a passport,
✓ Registration in 3 weeks,
✓ Cost $2000,
✓ Maintaining the privacy of business owners,
✓ No requirements for authorized capital,
✓ No reporting requirements.
Choose a platform
When choosing software, consider the UTIP trading platform, an affordable alternative to popular competitors. UTIP offers a complete brokerage software package.
The UTIP platform is user-friendly, allowing you to trade Forex and binary options without switching between accounts. The software package includes three terminal versions: desktop, web, and mobile.
With UTIP, you won't pay commissions on your trading volume. The only fee is a fixed technical support fee. The company's staff will install and configure all the software within two days.
You won't need to search for quote sources. The platform already includes four alternative sources. You can submit trades to the external market and switch from A-booking to B-booking in one click.
Organize payment acceptance
A broker needs to accept payments from clients. Beginning brokers often simply connect payment systems.
Once you've gotten the hang of the business, open a bank account. You'll be able to withdraw funds from it. Opening an account requires personal presence. It costs $2,000 and takes two weeks.
Brokers often open accounts in Czech and Polish banks. It's possible to open an account in an Armenian bank, but the monthly fee is $500.
A bank account is necessary for working with major payment systems. Traders can conveniently transfer funds directly to their bank account using an invoice.
Develop a website
UTIP specialists can also help with website development. They have already developed over 100 websites for brokers.
UTIP develops its own Forex trading software. Therefore, its employees are well-versed in the intricacies of creating a brokerage website and developing a user-friendly interface for future clients.
How large Forex brokers work
Brokers open two companies. The first company provides brokerage services and is registered in an unregulated jurisdiction. The second accepts payments from traders and is opened in the EU.
This operating model allows brokers to collaborate with major European banks and payment systems, while also allowing for significant savings on commissions.
You can get detailed advice on opening a Forex business from specialists at NewBroker .
