Did you know trading isn’t the only way to make money from the markets? In fact, there’s something you can do without having to know lot about trading at all. Thanks to referrals, it’s possible to earn money just by helping other people get started on their own trading journey.
What is a Forex affiliate?
In very simple terms, an affiliate partners with a broker and refers people to them. When the referred person becomes a client with the broker, the broker pays a commission to the affiliate. Easy!
In essence, it’s a form of marketing, where you will be using your communication channels (for example putting an ad on your website) to help the broker reach more potential clients. To say thank you for introducing some new business, the broker rewards you with a commission payment.
How much money can you make as an affiliate?
The amount of money you’re able to make as an affiliate is the first thing most will people think of, so let’s tackle that straight away.
In short, the amount you can earn depends on the number of referrals you can convert. Now, there’s an important difference between simply getting someone to click an ad on your website which sends them to the broker, versus someone who clicks your ad then actually becomes a qualified client with the broker. You’ll need to check the terms of any referral agreement, but chances are you won’t get any commission just from getting clicks – it’s only when the person signs up with the broker that you’ll get paid your fee.
So, with that basic understanding, how much can you actually earn? Well, that’s going to depend on the terms the broker is offering. At Axi, we use a tiered structure where you receive a basic fee of $300 when a referral becomes a qualified client (essentially someone who opens a trading account and starts trading), but this goes up quickly as you refer more clients; our top tier affiliates (those referring 50+ clients a month) earn somewhere around $700 per client!
In addition to this, you also have the option of becoming what’s known as a Master Affiliate. This is a situation where someone who you’ve referred, subsequently starts referring their own clients, thereby becoming a “Sub-Affiliate” of yours. An Axi Master Affiliate (in this case, you) will receive a 10% commission on whatever the Sub-Affiliate earns, which can make for a nice bonus!
What makes a good affiliate program?
Apart from paying out high commission rates, there are several key things to look out for when you’re considering becoming an affiliate. Here are some of areas worth your consideration:
Who can be an affiliate?
Because affiliate marketing is based around referral numbers, there’s no strict requirement for you to know the intricacies of trading itself – all you’re really doing is sending people to the broker where they can pick up the conversation with the potential client. In that regard, anyone can be an affiliate. That said, not all affiliates are created equal.
For example, if you’re running a blog dedicated to Forex trading, we could reasonably assume that your readers would be engaged in the subject, therefore trust your knowledge. As an affiliate, this would give you a degree of influence and advantage when it comes to recommending which broker you refer your readers to.
If, however, you ran an online business in an unrelated field – let’s say delivering flowers – and started referring your traffic to a Forex broker, your existing audience is likely to be less engaged from the outset. That doesn’t necessarily mean you can’t get referrals (people who trade FX can also like flowers!), but it might limit the number of referrals you would reasonably convert due to different target audiences.
Regardless of your core business, it’s important to consider how you would make the most effective use of the referral methods you have at your disposal. Some affiliates might only have one potential channel with which to make referrals (e.g. a website displaying static ads), while others may have multiple communication channels and contact points (e.g. website, email newsletter, social media, etc).
Whatever channels you use, it’s important to remember that affiliate marketing is a numbers game; the more conversions you can make, the more you will earn. So, choose the affiliate partner that has a message that resonates with your audience and gives you the resources to help you succeed.
Learn more about becoming an Axi Affiliate at www.axiaffiliates.com, or contact us at email@example.com.
Forex trading robots use computer algorithms to help determine the best price at which you should buy or sell a currency pair. Learn about EAs here.