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  • Closed Thread
    Results 1 to 7 of 7

    Thread: What does it take to become a forex broker?

    1. #1
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      Default What does it take to become a forex broker?

      I think forex brokerage is a very lucrative business but something tells me it will be very expensive to set up. Can anybody who has verse knowledge tell me what it takes to set up a brokerage business. I really want information on how to be come a forex trader.

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      You need very hard work and much money to start a brokering site. Start with programming your own site or hire someone to do for you. You need to be good in forex yourself or find suitable and professional brokers for you, at best more. For them you need to pay money too. Buy advertising to increase the popularity of your broker site, earn with it and get members. At least you need to register legally in a country and you need to pay taxes. The authories will control you everytime.

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    3. #3
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      You are right about it being expensive. I was just having a discussion with someone about this tonight.

      You need to have a start-up capital of several tens of millions USD if you plan to register it properly offshore. In US it's really costly.

      Then you need licence for a platform, employees, offices. The website is the least of your concerns

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      This is not all because you need to secure your website of any hackers and internet dangers. This is not easy because you are needing a DDOS protection for your website is combination with affordable and security hosting.

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      Patience,Hardwork,Focus & Dedication!!
      If you have these three and you never stop trying.Then one day you will become a successful trader.And need to study lot of thing,knowledge is power.
      IntraQuotes.com

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    6. #6
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      This is not all because you need to secure your website of any hackers and internet dangers. This is not easy because you are needing a DDOS protection for your website is combination with affordable and security hosting.
      Website has been mentioned already. Plus this is one of the cheapest things you need. Even DDOS protection is cheap nowadays.

      Patience,Hardwork,Focus & Dedication!!
      If you have these three and you never stop trying.Then one day you will become a successful trader.And need to study lot of thing,knowledge is power.
      Many people ask by mistake how can they become a forex broker when they mean a forex trader. This is not one of those cases. pmann actually asked about the brokerage industry. Read posts carefully next time.

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    7. #7
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      Expensive is an understatement, i presume that it will run into millions. You will need to invest large sums of money, employ staff members, open a big website, register your company. This will cost more than you can imagine.

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