One of the best ways to earn money in the forex market is by becoming an IB (introducing broker). As an IB, you will have the potential of earning unlimited income passively. So in this blog post, we’re going to about how to become an introducing broker?
In the simplest explanation in forex trading, Introducing Broker or IB is an individual or organization that bridges clients (aspiring forex traders) to forex brokers like XM. Your job as an IB is to promote your preferred forex broker and help them get new clients, and in return, you will be rewarded.
Your rewards depend on the forex broker that you're going to promote. In most cases, you will be earning a commission every time your referrals are making a trade, that's why there's a potential of earning unlimited because there's no limit on how many clients you can refer to that particular broker where you signup as an IB.
In the Philippines, the most popular forex broker is XM, and I even personally promote them so I would suggest that if you're planning to become an IB, just choose XM. I will share with you the whole process of how to become XM's introducing broker.
Once you become one of XM's introducing brokers in the Philippines, they will give you a dedicated manager that will help you to get started and answer all your questions about the program via email or phone call.
Aside from that, you can easily withdraw your profits and commission using GCash, which is for me an additional point why I choose XM. Other brokers out there, don't have GCash as one of the options on their payment method.
1. Signup Or Create An IB Account
The very first step is to create an IB account. If you’re also planning to do forex trading, make sure you create both accounts: a trading account and an introducing broker account, and please make sure to use the same account information like email, phone number, etc. so that XM will be able to sync your trading and IB account.
After you signup for an IB account, the next step is to verify your account. You need to submit one proof of identity and one proof of address. Once your account is successfully verified by the XM validation team, you can start promoting XM to aspiring forex traders.
You will be given a unique referral link inside your dashboard, and that’s what you need to use for your promotions. There are a lot of marketing materials inside your XM IB account that you can use, and that is where you can also view your IB analytics and earnings.
2. Learn How To Promote XM
If you don’t know how to create a website and do search engine stuff, then the easiest thing you can do to promote XM is through creating YouTube videos. You can start by creating tutorials on how to get started on forex trading or just simply create a quick review about XM forex broker.
It’s still important that you have experienced forex trading yourself because how can you teach people what to do if you don’t even try it yourself. So I would suggest that you should only apply as an IB after you have personally experienced trading foreign currencies.
A lot of aspiring Forex traders are usually learning forex trading through YouTube videos, so if you can create a video for YouTube, that would be a huge advantage as an IB and refer unlimited potential clients to XM.