Things to Look for Before Joining a Forex Partnership
Whether you’re a content creator, a seasoned marketer, or an experienced trader, joining a forex affiliate program is a great way to earn passive income. But before you jump in, know that not all programs are created equal. Shady brokers, unfavourable commission structures, and a lack of affiliate support can make it difficult for you to succeed.
Let’s take a closer look at five things you should consider before hitting Sign Up:
- Broker’s Reputation
The right forex broker can make or break your affiliate career. Make sure the broker has a strong reputation in the industry, evidenced by awards and recognitions. Look for brokers with licenses from relevant institutions like the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
Moreover, check previous client reviews and forums for genuine feedback. If you find repeated complaints about payments or customer support, it is best to take your business elsewhere.
- Commission Structure
A broker’s commission structure determines how much you get paid. Most forex affiliate programs offer one or more of the following commission models:
Cost Per Acquisition (CPA): Affiliates earn a fixed one-time payment every time a trader completes an action using their unique tracking ID. This could be opening an account, depositing a certain amount, or placing a set number of trades. Pay-Per-Click and Pay-Per-Lead affiliate models come under CPA.
Revenue Share (RevShare): Affiliates earn a fixed percentage of the broker’s revenue generated by your referred traders.
Hybrid: Most affiliate programs let you combine CPA and RevShare. You will receive a small payment when a trader completes an action and a set percentage of the broker’s revenue.
Consider your long-term financial goals to choose the best forex affiliate program.
- Payment Terms
Once you’ve thoroughly understood your broker’s commission model, confirm how you’ll receive all your payments. Many affiliate programs let you choose the payment frequency. Depending on your long-term financial goals, you can get paid weekly, bi-weekly, or monthly.
Make sure the affiliate program uses reputable payment methods, such as PayPal, wire transfer, or crypto. Thoroughly assess the transparency of your broker’s payment guidelines so you don’t end up facing deductions.
- Affiliate Support and Resources
Partnering with a broker that offers a favourable commission model isn’t enough. Assess what kind of support and resources a broker provides. Most reputable affiliate programs offer a dedicated manager, ready to answer all your questions and help execute marketing strategies.
Affiliate programs also provide a range of marketing materials, such as:
- Banners
- Email templates
- Landing pages
- Marketing copy
These tools will not only save time but also help align your marketing efforts with the vision of the affiliate program. Lastly, make sure the broker provides 24/7 technical support via email, chat, and phone.
- Compatibility and Ethics
The forex affiliate market is heavily saturated, which makes standing out difficult. As a forex affiliate, you need to prioritise your audience’s needs and preferences. Make sure the broker’s services are compatible with your niche.
Moreover, make sure the ethical considerations of the affiliate program align with yours. If a program is asking you to promote misleading information or use aggressive marketing tactics, you might want to rethink the partnership.
