Learn How to become a Forex Broker in Africa or how to start a forex broker company in Africa. If you are a forex trader am sure you have at one time asked yourself if there was a way of becoming a forex broker. Well, in this post, I am going to share with you the complete steps to become a forex broker, what it takes and how to get started.
What is a Forex Broker?
A forex broker is a company that has a platform that allows us to sell and buy currencies online. So we do not need to visit a bank and buy physical dollars today and exchange those dollars to Kwacha or Rands the following day because, with a forex broker, it is fast and secure, you only focus on your profits and charts.
What is the difference between MetaTrader and a forex broker?
A lot of people especially forex beginners, usually fail to understand the difference between these two. I have already explained what a forex broker is above, so what is MetaTrader?
MetaTrader is not a forex broker, it is a forex trading software that almost all brokers use and recommend their users to use. You can download MetaTrader and login to any broker of your choice. Some forex brokers like IQOPTION do not use MetaTrader, they have their own trading platform which makes it easy for new forex traders.
How to become a forex broker
- Create a website – The first thing you will need is a website, this will allow users to create accounts, create metatrader login details, deposit and withdraw money. The cost of this can depend on which company you hire.
- Register your company – your company will need to comply with your countriy’s regulation and laws by registering your company and acquiring required licenses.
- PAMM solution – This is the Percentage allocation management module. This is a software, can also be integrated into MetaTrader. It can allow people you like you to connect multiple client’s accounts to your MetaTrader and trade on their behalf without loging into their accounts. This is not neccessary but it is cool.
- Payment Gateways – A payment gateway is a service that allows websites like my store to accept online payments like Visa, crypto and mobile money.
- and lastly, Forex and crypto liquidity from a trusted partner.
This is not something you can start in day or with little capital. The capital needed to become a forex broker can be compared to that capital needed to open commercial bank. I hope you learned something from this, if you did, please share it to your friends, maybe we can have a new better forex brokers of our own.