The forex industry presents exciting opportunities for the creative, risk-taking entrepreneur. Modern technology has made trading – and launching a new brokerage – more accessible than ever.
CurrentDesk partner Shift Markets provides starting brokerages a launch package including customizable exchange software, licensing and regulation compliance, and 24-hour technical support. We recently got in touch with David Ramirez, a Sales Manager at Shift, to provide us with an expert insider perspective on starting a Forex brokerage.
Can you tell us about Shift and your experience in starting Forex brokers?
Shift Markets has been around since 2009. Headquartered in New York but we have a presence in Europe and Asia. We specialize in providing full turnkey solutions for those looking to set up a Forex broker, Crypto Exchange, Token Issuance platform and/or solutions when it comes to licensing and legal setups. Throughout the years we have understood the importance of having a foundation and structure to get started. This means having the legal entity created, website design, logos, client portal, CRM and configuration of the broker properly done. We cover all this along with 24/5.5 technical support.
Do you work with both regulated and unregulated brokerages?
Yes we do. Depending on the requirements of the starting broker we can provide guidance from our in house legal counsel of what route is best for you to explore. We also have regulatory frameworks baked into the platform to make setup simple.
What trends are you seeing in the new forex brokerage space?
We have noticed that the growth of social media has helped starting brokers expand quicker than traditional methods of advertising. Also, growth of different asset classes like Crypto has made the CFD market more appealing for those looking to trade a dynamic market that is available through our FX offering. We are also seeing exponential growth in fiat-backed stablecoins, which has some very exciting implications for digital forex trading.
What are some common pitfalls new brokers need to avoid?
The one thing we notice that hurts starting brokers is lack of support from their service provider. For example, processing withdrawals on time and managing the expectations of clients. If they send inquiries to the new broker, they have to respond promptly to the client. When your brokerage is just starting out, communication is a key part of building trust with your customers.
Any considerations on how to make brokers more efficient?
Understanding the landscape of the markets and what products are traded in their target markets. Exploring different payment methods for their clients and expanding to other markets. Digital fiat currencies (fiat-backed stablecoins) are also promising to be much more efficient ways to trade FX.
It’s an exciting time to launch your own forex brokerage, and CurrentDesk and Shift Markets are here to lend you all the expertise, industry knowledge and technology you need to build a thriving forex business.
For further reading see our top 10 list of needs for starting your own forex broker, or reach out to Shift to chat with their Forex broker startup experts.
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