What is a Forex broker affiliate program? – An explanation
Affiliate marketing is a well-known industry and a source of good income for many people. You may hear this term all the time and see posts about it, but don’t know what it is all about.
Affiliate marketing involves sharing links to a company’s product or services. The company then pays you a commission if someone clicks on the link, signs up, and makes a payment for their product or service.
Forex broker affiliate program is one of the ways in which people get paid for this type of online marketing. We explain what it entails in this article. We also recommend some of the best forex affiliate programs out there.
What is a forex broker affiliate program?
Forex broker affiliate program is a type of third-party marketing that involves referring potential forex traders to a particular broker. The broker then pays you a specified commission for every referral.
The forex affiliate can use different means for this marketing, including banner advertising, direct recommendation, or a marketing website.
The goal of the forex affiliate is to use their affiliate links to convert clicks to registered traders with that broker.
The affiliate can achieve this by sharing the link on their website, social media accounts, or any other relevant medium.
A forex affiliate is an individual who earns money through this means, and the opportunity is open to everyone, whether you’re a forex trader or not.
How does a forex affiliate program work?
The process is rather straightforward.
Visit your choice broker’s website and click on the AFFILIATE PROGRAMS tab to register with the broker.
The broker would expect you to have a website, a blog, or a social media account with a considerable amount of following. Having all these makes it even better.
Once you sign up as a forex affiliate, the broker gives you a special link. The web address would contain the broker’s landing page and your unique affiliate ID. That way, they’re able to trace all your referrals back to you.
All you have to do is share your link on your blog, site, social media, or any other appropriate medium. As forex traders sign up with that broker through your link, you get a specified commission for each.
The commission would be stipulated in their terms and conditions. You should read this on their affiliate website before you proceed. The terms and conditions of these offers vary among brokers.
Note that not all brokers offer this opportunity, but most of them do. Some only offer referral programs. You’d have to be their existing clients to be a part of it in this case.
Features of a good forex broker affiliate program
If you’re interested in becoming a forex affiliate, it is essential for you to know what makes a good program. As we’ve mentioned, terms and conditions vary, and it is up to you to choose a broker with reasonable and more favorable conditions.
Here’s what to look out for:
1. Frequent reports of your work
A good affiliate program specifies how often you will receive reports regarding referral activities. Whether it’s weekly, monthly, or on a daily basis, the broker should provide a way for you to track your referrals. Exceptional affiliate programs provide this information in real-time, with one click. In this case, they assign a special tracking link, where you can see your stats and achievements.
2. Provisions for marketing materials
Marketing materials are a crucial tool for your work, and a good broker makes full provisions for this. The best affiliate programs provide eye-catching banners and ads to help their affiliates succeed in the business. Look out for these when choosing a broker affiliate program.
3. Ease of commission withdrawal
A good affiliate program offers easy means to withdraw your income. They ensure affiliates have easy access to their funds. There should be no unnecessary restrictions here. The broker wishes for you to succeed as this translates to more clients for them. Hence, their affiliate program would be designed to keep you motivated as much as possible. Part of this motivation is making sure you have access to your income as much as possible and ensuring they provide practical tools for your marketing activities.
Types of forex broker affiliate programs
Forex affiliate programs can come in four different types. They are categorized according to commission plans, such as:
1. Revenue sharing
2. Cost per Action (CPA)
3. Cost per Lead (CPL)
This commission arrangement is quite common. As the name implies, the broker gives a percentage of the revenue, which accrues from the referral’s trading activities with the affiliate.
For instance, if a trader signs up and starts trading through your affiliate link. Let’s say the agreement between you and the broker is that you get 25% of the revenue generated by the trader. If the broker earns $600 from spreads on that trader’s activities in a month, you get $150, and the broker keeps $450. The arrangement would continue as long as that trader keeps trading.
Cost per Action (CPA)
CPA is another common commission agreement plan in forex affiliation schemes. The trader has to meet set conditions before the marketer can be paid in this type of program. For example, the broker may specify that the referral registers and deposits at least $200 for the affiliate to be paid a one-time commission fee of $150.
The referral would have to complete their registration and deposit that sum or higher for the marketer to receive payment.
Cost per Lead (CPL)
The CPL is similar to the CPA scheme in that the broker only pays the marketer a one-time fee. There is no ongoing income for these. The conditions for earning a commission are usually simpler, but the payment is lower. Unlike the CPA, the broker may only require that your referral registers with them for you to be paid. Most affiliate marketers prefer CPA or revenue sharing as that presents the opportunity for a larger income.
This commission arrangement is the most attractive since it combines revenue sharing with any of the other two. The CPL is most often combined with the revenue-sharing to make up this commission scheme. Forex affiliates usually sign up for this scheme as they can earn an initial commission once their referral registers, and a passive income as trading activities continue.
The best affiliate forex affiliate programs
There are many good broker affiliate programs online. However, some are better than others in their terms and commissions paid. Below, we list three great ones to start your research:
- IQ options affiliate program
- eToro Partners
- FXCM affiliates.
Among these three, our favorite is the IQ options affiliate program. We recommend them because they offer incredible rates with relatively simple conditions.
About IQ Options
IQ options is a market-leading investment firm established in 2013. Since then, they have won multiple awards for excellent brokerage and financial services. The firm has its headquarters in Cyprus but has extended its reach globally and now has customers in 183 countries. Its services are offered in more than 13 languages with opportunities to trade in different instruments, such as forex, CFDs, Cryptocurrencies, and options.
Unique features of s affiliate program
1. High revenue-share and CPA for affiliates
The brokerage pays marketers 50% of the income earned from all their referrals. They add up the total sum of commission and spreads that accrued from all your referrals, and pay you 50%. That’s not all. The marketer gets 40% from each active trader that joins the company through their affiliate link. These rates are among the highest in the industry, and many marketers are earning passive income from here. Forex affiliates can also make up to $1200 on CPA for every trader they bring to the broker. So the marketer gets paid when the trader registers and makes a deposit, and as they continue to trade.
2. Payments are not delayed
IQ options pay forex affiliates twice a month. First, in the middle of the month, and towards the end. These dates are set, so marketers expect and receive their earnings without delays.
3. Attractive marketing materials
Affiliates receive a lot of support from this firm. Their marketing materials are designed to encourage conversions, helping marketers achieve their goals.
4. Ease of tracking
The brokerage is transparent and ensures forex affiliates can easily keep track of their work and see their statistics.
5. Multiple and easy withdrawal options
IQ options provide multiple methods of withdrawals so that affiliates can access their funds without hassle.
Among these payment options are Skrill, Neteller, Wire transfers, Qiwi wallet, Webmoney, etc.
These are among the reasons why IQ options affiliate programs are our favorite.
There are other good affiliate programs out there. But you should check out their conditions before signing up. Affiliate programs are a great way to increase your finances and earn passive income. And the best part is that anyone can do it.
FAQ – The most asked questions about Forex broker affiliate program :
Is there any difference between an affiliate broker and a broker?
A broker is an agent who has the experience and knowledge gained through varied courses. They are the ones who have passed the broker’s exam and are eligible to run their own office or act as supervisory agents. On the other hand, an affiliate broker is a licensed broker who works as an agent as well as one who doesn’t operate through their office.
Does the forex broker affiliate program pay you well? What is the major goal associated with using affiliate links?
Forex broker affiliate program is a type of third-party marketing. It involves making references to the potential forex traders to the particular broker. Later the broker then pays you as part of the specified commission for all the referrals.
The forex affiliate’s major goal is to use the affiliate links for converting the clicks to the registered traders with the brokers. The affiliate can easily achieve this by sharing the links on the website, social media accounts, or through any of the other relevant mediums.
How much can the forex affiliate make?
There are some brokers who make the decision to reward affiliates with around 70% of the commission on every single spread, which is charged from the trades of the referral clients. So, it is possible to make hundreds of dollars from the forex affiliate programs, especially if the affiliate is able to attract many clients to the broker.
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