The foreign exchange market is the largest financial market in the world and has been around for many years. Many people are now using forex trading to earn extra income, contributing to the sector’s rapid growth.
Amidst the surge of people trying out forex trading, it’s no surprise that fx affiliate programs are increasingly becoming popular. These fx affiliate programs present lucrative opportunities for internet marketers to earn while increasing the awareness of the best brokers to use for trading.
If you have been thinking of a way to earn an income online from the growing forex market, then you’re probably looking for the ultimate forex affiliate programs list. Given all the different options available, choosing a program may be quite the task.
Well, this article delves into all the details about some things to look for in the forex affiliate programs list and why you should join one. But first, let’s define what forex affiliate programs are.
What Are FX Affiliate Programs?
Using forex affiliate programs is a popular marketing strategy amongst many brokers in the forex world. These programs make it easier for brokers to build their brand and get more people on board while creating extra income for the affiliates.
FX referral programs entail recommending online forex trading platforms and brokers to prospective traders. Affiliates can use various tools and channels for advertising the broker, including banners and links, which have unique trackers. Whenever the referral clicks on any of these, tracking begins, and the referral is credited to the affiliate based on the prospect’s action. In most cases, depositing trading funds with the broker and starting to trade.
In any forex affiliate program, there will usually be four key parties involved:
- The merchant (brand/advertiser)- this is the product or service provider. In fx affiliate marketing, this would be the online broker.
- FX affiliate network- usually, the merchant will enlist the help of an organization to manage the affiliate program. The network will provide the necessary tools and technology for marketing and tracking performance. Additionally, the network also handles affiliate payments.
Although you could choose to be an affiliate marketer without joining a network and opting to work with multiple individual fx affiliate programs, you may find things a bit more challenging for you. Joining a network makes it easier to find merchants and takes a load off the affiliate.
- Affiliate marketers- these are people who join the fx affiliate program to market the merchant’s services and earn commissions from them. The forex affiliate program or network provides affiliates with marketing materials, such as banners, landing pages, and links.
- Consumers (traders) – finally, these are people who buy the advertised products through the affiliates. Unless the marketer mentions it, the consumer will, in most cases, not know anything about the entire affiliate process.
Undoubtedly, referral programs in the forex world are increasing by the day and curating the ultimate forex affiliate programs list is quite the task. There’s no one-size-fits-all when it comes to this, and you only need to find a program that works for you.
That said, how do you settle for a program? How do you pick the right one? Keep reading for some insightful information.
How To Choose The Best Affiliate Programs For Forex
Let’s face it; the first thing you will check when working through the forex affiliate program list is the commissions and how much you could expect to earn, as you should. After all, if the commissions being offered aren’t ideal for you, there’s no point in exploring it any further.
However, besides the referral fee, you need to check several other factors too. It would be best if you considered the affiliate network’s reputation, as well as the broker’s. Other factors to consider include the affiliate structure and available marketing tools.
We’ll delve into all these details in a bit. But first, what options do you have when picking a referral program?
Types of Forex Affiliate Earnings Models
As we’ve mentioned above, the amount of commission offered will, most likely, be the first factor that you consider. Therefore, it helps to know the different types of earnings or commission types available. Ideally, the forex affiliate programs should cater to your unique business requirements. Algo-Affiliates offers various commission plans to satisfy both merchant and affiliate needs.
- Forex CPA
Cost per Acquisition programs are also called Cost per Action programs. As the name suggests, these programs require that the prospective client takes some type of action so that the affiliate earns their commissions. In most cases, the required action is depositing funds with a forex broker and starting to trade. Usually, the CPA commissions vary depending on the country the trader comes from. In some cases, the referral fee could go as high as $500 for a qualified prospect.
- Forex CPL
If you have a sizable amount of traffic, you might want to consider a Cost per Lead (CPL) earnings model. Unlike CPA programs that require the prospect to deposit funds, with this model referrals simply need to sign up with the online broker. This option doesn’t require that your referrals be active traders. As long as they register for an account with the broker you’re advertising, you’ll be credited your referral fee. Just bear in mind that CPL commissions are substantially lower than CPA, but you will usually have more volume.
- Sub-affiliate commissions
If you know other forex affiliate marketers that you could recruit, sub-affiliate programs may be the way to go for you. Sub-affiliates are the referred affiliates, and when they start earning from their referrals, a percentage of the earnings is credited to the Master affiliate. If you have several sub-affiliates under you, you have a higher chance of making a significant passive income from it.
- Revenue share
For this option, the affiliate earns a percentage of the total generated revenue from the referred clients. Usually, the program pays the commissions monthly, and the percentage ranges between 5%-20%. What is especially important to understand with this earnings model is how the forex affiliate program calculates the revenue generated, so 10% with one program could turn out to be a lot more than a program that offers 20% but deducts various fees from the revenue first.
Now that you’re aware of the different programs based on commissions, what other factors should you consider?
Broker onboarding experience
As an affiliate, you should ensure that the forex brokers you recommend are ideal for your referrals. The more difficult the signup process for your referrals, the fewer conversions you will have and the less commission you will earn. You should do some due diligence about the broker and find out how easy it is for your referrals to sign up for an account and use it. The ideal forex broker should be user-friendly and have an efficient customer support team in place. They should also offer a demo account so that newbie traders can have a feel of the entire system before committing to trading for real money. Bear in mind these are powerful selling points when you are marketing the forex broker.
As an affiliate, you are primarily concerned with advertising the broker. It would be best if you didn’t have to spend your time coming up with the advertising materials. A reputable fx referral program will offer different materials that you can use to market their products. These include banners, pop-up ads, landing pages, and email templates. Different programs will have unique offers, so it’s best to shop around first before settling for any. Ensure that what they are offering works for you too.
You should check out the broker’s reputation before recommending it to your audience. Besides not bringing in any revenue, it could also affect your reputation and, therefore, your business. It would be best to only promote a reputable company. Check if the broker is regulated and that they comply with the laws in place. Also, check that they aren’t associated with any scam reports in the past. An excellent place to begin would be checking their online reviews. Find out what other users have to say. Some bonus points for the broker include industry awards and whether they’ve been featured positively in the industry news.
Like any savvy businessperson, you’ll undoubtedly want to track your ROI performance over time. Check that the referral program offers several efficient methods for you to check this. All good forex affiliate programs will provide you with a dashboard that offers detailed insight into your affiliate account. It should offer reports and analytics with 24/7 access. In the world of performance marketing, accurate and timely data is imperative for success.
Even if the forex affiliate program has a great system, it’s best to check out the customer support in place. A good affiliate program will allocate you an affiliate manager whose role is to assist you and help you succeed. Having someone you can turn to is essential.
Which is the best forex affiliate program?
Determining the best forex affiliate program is not simple and boils down to your needs. You need to view your relationship with the forex affiliate program like a business partnership. This means both parties need to be able to work together and benefit. There are clearly some forex affiliate programs and networks that stand out from the crowd and Algo-Affiliates happens to be one of them.
How do forex affiliates make money?
Forex affiliates make money through commissions received in return for referring new customers to a forex broker. The referrals are tracked using various technologies and when the referral takes a particular action with the broker, such as depositing and trading, it qualifies the affiliate to receive the commission.
How much can you earn as a forex affiliate?
There is no definitive answer to this question. The more referrals you send, the more the earnings potential. CPA amounts can range from $150-$500 or more, depending on the quality of traffic. Some affiliates make just a few hundred dollars per month and others make 6 figures per month. The more traffic you have and the more effort you put into your campaigns and optimization, the great the potential.
How do I become a forex affiliate?
Your first step is to build your knowledge of the forex market, how it works, who the stakeholders are, and more. If you are brand new to affiliate marketing, you should also gain knowledge about affiliate marketing, the types of marketing channels and techniques, and more. Like setting up any new business, doing your research, understanding the market and the pros and cons is essential. Then, investigate forex affiliate programs and gain a solid understanding of each and create a shortlist of the ones that interest you. With all this knowledge, it is then time to develop a business plan and strategy, so you have a clear idea of all the tasks you need to accomplish. You will then need to sign up with the various programs or networks and start turning your plan into a reality. The more organized you are, the greater your chances of success.
Join Algo-Affiliates for the Ultimate Forex Affiliate Program
Working through the forex affiliate programs list is quite time-consuming. And the best part is that you don’t really have to do that. All you have to do is join a top-notch affiliate network.
Algo-Affiliates is a leading affiliate network for crypto and forex products, that gives you access to hundreds of multilingual offers. The dedicated team is committed to delivering the best possible results. If you’d like to partner with Algo-Affiliates, contact us here, and we will get back to you!