An affiliate program is broadly defined as an agreement in which a business pays another business or individual a commission for directing traffic or sales their way.
Within the world of forex trading, this relationship features a forex broker and a forex affiliate, with the latter referring clients to brokers, traders, and trading platforms.
The referral process is successful when a potential trader clicks on a link or banner provided by an affiliate, before going on to register for a trading account with the broker.
5 benefits of affiliate programs
Once you have your unique affiliate link, you are almost ready to start adding it to your content. Below are some steps in optimising your website and making the most of affiliate links:
- Performance tracking
- Marketing tools
- Commission structures
- Tailored support
- Strong partnerships
Most brokers offer affiliate programs that provide real-time performance tracking. This level of transparency means that affiliates are able to keep a close eye on their commissions on a daily and weekly basis.
In order to help increase traffic and market exposure to clients, brokers will offer marketing support and expertise free of charge. This can involve promotional tools, educational resources, and marketing materials.
There are many pay-out methods offered by brokers that affiliates can benefit from as part of partnering with them, including cost per acquisition, revenue share, hybrid plans, among others.
Personalised support is also a key feature of a good affiliate program. This can include a dedicated account manager from minute one, as well as support features on a 1-on-1 basis.
Partnering with an established and successful broker will lead to a potentially long-lasting and profitable relationship going forward. Choosing a trusted, regulated broker offering innovative trading platforms could enable an affiliate to increase their commissions.
Choosing a suitable affiliate program
It is important to conduct extensive research on not just the affiliate programs on offer, but also the forex broker behind it. In what is a highly competitive marketplace, it can seem an arduous task selecting a suitable broker.
However, by formulating a plan of action, in terms of finding out more about and comparing certain brokers, it will become easier to make the right decision for you. The first broker you come across is not necessarily the best one.
Setting out your priorities is a vitally important part of the research process. Obviously, the primary consideration is a financial one, but this is not the only factor in the decision-making process. See below a number of other important points to consider.
- Finding a reputable broker
- Trusting the account manager
- Commission schemes offered
- Marketing tools offered
- Analyse the terms and conditions
By focusing on some of the tips provided above, you will ensure that you have conducted a thorough and proper research of the brokers on the market before choosing an affiliate program to go with. Preparation is everything, and it will save time later on, as you will be fully informed of all the details, from the small print to the more publicised benefits.
Disclaimer: This information is not considered as investment advice or an investment recommendation, but is instead a marketing communication