Forex trading is one of the industries that, thanks to the fact that it can function entirely online — has hardly felt the negative effects of the lockdown introduced in most countries affected by the epidemic. Many brokers — in the current situation — even report record revenues. However, there are regions where traders still prefer the traditional, personal form of contact with Brokers. So how do you rearrange your business so that it can continue to thrive in extremely limited personal contact options?
Small brokers, especially those operating locally in Africa or Asia, understand the value of personal relationships and focus on acquiring clients or partners (e.g. IBs) through meetings in the form of training or seminars. Such cyclical, weekly meetings allow building a community around the Broker based on a very stable foundation which is credibility. Such a community guarantees not only a stable base of active traders but is also the basis for building a multi-level customer network by converting the best traders into Introducing Brokers.
This is the most popular way of generating leads in real life, allowing everyone (even people who have not previously dealt with the forex industry) to obtain the knowledge and skills (under the guidance of an experienced expert) necessary to invest in forex.
How do you meet when the gatherings are not allowed?
The prohibition of physical contacts does not mean that you cannot meet. There are many free social platforms and messengers on the Internet where you can create groups and conduct ongoing communication with your clients as well as online training.
Members of your community will still be able to see you with a video camera and chat with you during a pre-scheduled live stream. At the same time, all those who normally could not reach a stationary meeting will be able to participate in such online training. You can also record the entire training and share it as a video to be played at any time. Such previously prepared training is also a good starting point for creating an e-book, even for people with a poor internet connection.
Remember, also, that despite the ban on advertising of non-licensed FX brokerage activities, advertising of training or other educational materials is absolutely allowed and will help you to directly (though on-line) reach people who you can later convert into your Broker’s clients.
Also, all types of forex competitions can be easily transferred to the online world. You can consider 2 variants dedicated to experienced and novice investors:
Demo account contest — the reward may be the money deposited to the real trading account of the winner, and the condition for its withdrawal may be obtaining adequate turnover. This way will increase the conversion from demo accounts and in fact, it can be a completely cost-free solution for the broker. The bonuses added to the real account can work the same way. If the demo client moves to a real account — the broker will deposit, e.g. $ 25 on his real account, which, however, can be withdrawn only after making the required turnover.
Real account competition — here the reward should be much more valuable, however, customers are investing their own cash and so the broker does not incur high costs. This won’t attract as many new clients but will significantly increase the Broker’s turnover.
If you’ve organized similar activities through word-of-mouth so far, you’ll be amazed at how much your reach will increase thanks to the use of the internet. The current situation is not only a problem for Brokers, it equally affects investors and requires adjustment from both sides, so you can be calm about new and regular customers — they also have no other alternative.
Check how to take full advantage of online customer acquisition opportunities. Download our Guide for brokers: Marketing TIPs.
The biggest problem arises when deposits are also placed in the traditional way, i.e. in cash. There are many e-wallets and payment processors on the internet where you can register and verify your account without leaving your home. And sending money transfers is very easy and guarantees immediate account funding. The condition is, however, that you have a credit card.
Many clients used to making cash deposits with their Broker are currently deprived of the opportunity to trade, primarily because they do not know the alternative. Despite the ubiquitous lockdown, stores and other service points still operate, and most of them probably sell prepaid cards. Check what solutions are most popular in your region and offer your clients to use online payments to your e-wallet address, in fact, it is a much faster and safer solution than cash payments, and also guarantees a comparable degree of anonymity. If this solution proves to be insufficient for your current clients, you can be sure that increasing your online activity will allow you to attract many new clients and grow your forex brokerage business either way.
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