How to Choose the Best Affiliate Program
*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.
While finance is traditionally considered a lucrative sector, not every endeavor will be successful just on the basis of it being involved in the financial markets. However, this high-stakes, highly competitive world keeps growing, and one of the ways you can get in on the action is by becoming a Forex Affiliate Marketeer. Whether you are a seasoned Forex Affiliate or just on the lookout for a new source of income, it is crucial to select your affiliation program wisely. The program and broker you choose to promote can literally make or break your venture. There is no lack of options, and sometimes a small difference can have a big impact on your success. This is why in this article we will go through the steps and factors to consider before you make your decision.
Steps to Decision Making
When choosing an Affiliate program, although the first thing that comes to mind is the profitability, it should never be the only factor. Indeed, the relationship and trust with the brokerage are equally valuable.
The Account Manager
From agreements, to following up on sales and ensuring terms and conditions are honored. Therefore, finding a reliable account manager is as important as finding the right broker. Make sure you connect and can develop a positive relationship with them.
The Broker’s Reputation
Perhaps one of the most important points to look at when choosing your Affiliate program is the broker you are linking your name to. You certainly don’t want to taint your own reputation and leave clients with a negative impression of the services you offer. This kind of spot on a brand tends to stick and can harm your long term success. Therefore, practice due diligence, and investigate the broker’s reputation. Make sure to attach yourself to trustworthy and reliable business partners.
The trading platform of the broker is another important factor worth looking into carefully. The fact of the matter is, it does not matter how much commission is offered if the product is not top-quality. You must be confident of the platform you are promoting. The broker should provide a wide range of financial instruments through the trading platform. This includes CFDs on currency pairs, indices, commodities, bonds, and cryptocurrencies. Your clients should be able to manage multi-asset trades and portfolios from any device.
The Onboarding Process
Bringing in new business is great. However, it is less great if the onboarding process of your clients is anything less than smooth. If your leads are put off by a non-user friendly system and give up halfway through, you are losing business. So take a good look at the broker’s customer interface and test it out before you start working with them.
Marketing and Support
The success rate of your Forex Affiliate venture is highly determined by your ability to have a solid marketing plan. Thus, your website, social platforms, and any other channel you use must have engaging and relevant content. The aim is to get people to visit your site, but also stay long enough to decide to sign up and start trading. It is a challenging task to manage all that by yourself. So, it is worth knowing beforehand if the broker will do everything they can to support your efforts in bringing them new business. This means providing marketing materials, templates, and guidance when needed.
Support occurs at varying levels, and the broker’s duty is to be ready for any questions or issues that may arise. This is valid for you and your sign ups. Make sure they are easy to contact and offer knowledgeable and helpful support in several languages.
Tracking Your Returns
As an Affiliate you need to be able to track your ROI in a transparent and straightforward manner. This is vital to keep your performance in check, analyze the effectiveness of your activities and plan your next marketing moves. So look for a broker that offers peace of mind in that respect and appreciates the effort to monitor the quality of leads you are sending their way.
A Look at The Program’s Main Features
Let’s take a closer look at some aspects of a Forex Affiliate program you must be aware of.
The structure and method of payment can differ greatly from one broker to another, and from one program to another. However, the compensation usually falls into the four categories listed below. Get to know which one matches your needs and what your broker is offering.
- Revenue Sharing
- Cost per Action (CPA)
- Cost per Lead (CPL)
In every marketeer’s mind, the commission amount holds the most important place. Looking for the highest amount is surely good. Just keep in mind all the other factors that can affect your success.
There are usually two types of commissions, flat and recurring ones. This means you either get a one-time fee for a new client, or a recurring fee that you receive every time your client trades.
Find out the technicalities of the payment. There are many ways to get paid, and it’s good to know what to expect. Whether its via a bank transfer, PayPal, or a check. And if you have a recurring commission, figure out whether it is paid every month or quarter.
So you are bringing in new clients to the broker and tracking your performance. But the reality is more complex. The leads you get can decide to start trading immediately or put a pin in it and come back a few months or weeks later. How long will the cookie be stored on the visitor’s device? In other words, how long after a first visit will you still be able to claim the lead as your own.
The Best Fit
Every Forex Affiliate Marketeer has a certain flair and style to conducting their business. But one of the most daunting aspects of this job is to select the best broker and the right Affiliate program. As these choices will likely have tremendous impact on profitability. However, it is not the best you must be looking for, rather the right one for you. There isn’t a one-size-fits-all affiliate program out there. Instead, you will find a range of options and different payment structures. Therefore, once your inquire on how the program works, consider your own goals and strategies and make sure they all fit well together.
Want to Earn More with OspreyFx?
At OspreyFX we are continuously looking for new ways to allow our traders to take their trading to new levels. By joining our Affiliate program, you will benefit from uncapped weekly payouts for commission generated over $10 and a dedicated Affiliate Account Manager to help you every step of the way. Better yet, signing up couldn’t be easier and you won’t incur a set-up fee.
Already an Affiliate with another broker? We are sure we can compete with your current broker’s offering, why not compare your commission and see for yourself.