How to make money in forex without actually trading? Many novice traders ask this question and wonder if they can make money from forex. The reason behind this question is that forex trading, in general, is hard to master. Therefore, they resort to alternative ways of making money without actually leaving the field.
Forex jargon is vast and you need to wrap your head around many things in order to make profit. The problem, then, relies on the amount of time needed to master the basic skills of trading. Nonetheless, people don’t have enough patience to wait. They are looking for the fastest and easiest way of making money without effort.
The good news is that there are multiple ways of making money from forex without actually trading. We will state many and you choose the most compatible to you. Each method depends on the amount of money required, the skill to master, and the time frame to profit.
How to make money in forex without actually trading?
Make money via Forex Affiliate Programs
One of the best ways to make money from forex is through affiliate programs. Currently, the volume traded in forex each day is about 7,5 trillion dollars. Forex trading is appealing in the sense that it offers easy conditions to enter. Therefore, a lot of traders resort to it to get rich quickly.
Traditionally, you need a lot of money to start an investment; often an office, employees, a product, and a marketing plan. Therefore, many people lack motivation when they want to start a business.
Forex solved this mystery. All what you need to start is $100. This amount can’t make you rich in forex, but at least, it will give you an idea about your skills. If you succeed, you can invest more. If not, you jump back.
As a result, forex solved the mystery of incertitude when it comes to starting a business. It allows you to test your success without any remarkable risk.
This advantage makes forex one of the leading businesses on the net. Similarly, it made promoting forex brokers a profitable nitch for marketers.
If you have some basic skills in forex, you can make money easily by promoting forex brokers. In this case, you don’t need to invest with the broker, you can only read what has been written about them so that to check if they are reliable to your clients.
However, when you start making money, you can open an account to test their services yourself. This is very important to make sure that you refer your clients to the best brokers.
1. How to make money in forex via affiliate program?
Affiliate program is one of the best ways to make money from forex without actually trading. You refer clients to your favourite proker, and the proker pays you a commission for that. The commissions vary from one broker to another.
Some brokers pay via CPA program; which means that when you refer a client, they pay you a fixed amount of money. Other prefer to pay you based on the volume traded by your clients.
The awesome thing about affiliate marketing is that your clients don’t pay anything to you. Your commissions are paid by the profit made by the broker. Therefore, you don’t have any conflict of interest with your clients.
Generally, this is the how to make money from affiliate program, the question now is what are the tools to use in order to refer clients.
2. Platform to use for Affiliate program
In fact, there are many tools that you can use to make money from the affiliate program. However, we will focus only on the top 4. These are selected based on our experience and the experience of some brokers that we promote. The tools are classified according to their easiness, conversion rates, time frame, and skills required.
If you wonder how to make money in forex without actually trading? Youtube is the best ever platform. Open a channel and start reviewing brokers directly while you are recording. This method is more credible since followers can see what you are reviewing and make decisions based on that.
When it comes to conversion rates, youtube is the best. If you built trust with your audience, there is a chance that many will click on your links.
Youtube offers you a platform full of potential visitors. You need only to post quality videos and post regularly to rank higher.
This method requires some recording skills. The average time needed can range between 1 to 3 months to start getting benefits. You can shortener the duration by using advertising.
Facebook is the easiest way that anyone can use. It doesn’t require recording skills or SEO or whatever.
Facebook occupies the second position because anyone can create a facebook page and start promoting. In addition, its results are immediate. That is to say, when you start advertising, people will open accounts with your favourite broker.
another advantage of Facebook ads is its cheap price.
Nonetheless, facebook conversion rates are low in comparison to youtube and blogs. In addition, there is high competition since many marketers use this platform.
This method requires some skills on facebook ads that you can learn from youtube.
Instagram is the 3rd best way to start getting clients for your affiliate links. Instagram works well because it is a visual platform and drives good quality traffic to your broker.
In addition, It is somehow easy to get followers and doesn’t require high editing skills to start. If you work hard, you can get up to 50 followers per day.
the shortcoming of instagram is that you need to promote only one broker. Instagram doesn’t allow you to put links on post. Only one link in the bio. You need to have a big account to do that.
With Instagram, you can start referring clients from the first month. In addition, like facebook, it is easy to use and doesn’t require special skills to learn.
Concerning conversion rates, Instagram is better than facebook but not equal to blogs and youtube.
As far as conversion rates are concerned, Blog is the second after youtube. However, it is the best ever if we take into account the number of visitors and the general referred clients.
To establish a blog, you need a lot of skills. First, you need to establish your blog or outsource someone to do it for you. Second, you need to learn SEO skills to rank it. Third, you need to have knowledge about forex trading so that you can write good quality articles.
In addition, the time frame is generally long and you need at least 1 year to start seeing remarkable results. Concerning competition, It is really high as facebook.
Nonetheless, if you can overcome the previous shortcomings, a blog is a really good way to make money in forex without actually trading. though it is hard, it worths it.
How to make money in forex via copy trading
If you ask how to make money in forex without actually trading? for sure copy trading is an alternative way.
Copy trading enables both experienced and new traders to take part in the forex markets. Copy trading gives you the opportunity to copy experienced traders with proven track records.
This form of trading offers a unique solution for people who wish to make money from forex without actually trading.
For this reason, many brokers offer the possibility of copy trading. There are multiple platforms which offer copy trading with different variations. Ultimately, traders should choose what’s best for them.
The list below shows the best copy trading brokers.
|Broker||Bonus||Min Deposit||Leverage||Review||Open Account|
|200% up to $5000||$200||600:1||Review||Visit Broker|
|$200 free bonus||$100||up to 400:1||Review||Visit Broker|
|Up to 150% Deposit Bonus||$10||up to 2000:1||Review||Visit Broker|
|$10||Varies from Europe to other countries||Review||Visit Broker|
|up to $5,000||$5||up to 888:1||Review||Visit Broker|
*Trading bonus are not eligible for clients registered under Trading Point of Financial Instruments Ltd and Trading Point of Financial Instruments UK Ltd
How to make money in forex by being a forex broker
Forex brokers connect sellers to buyers in the financial market. Traditionally, when computers were just in Star Trek, brokers need just a pencil, paper, and phone. they call the dealers in big banks to execute their orders. Nowadays, as technological inventions invaded the world, brokers can give traders access to the market without even moving a mouse.
What you need to become a forex broker
The procedures are different from one country to another. However, there are some general rules applicable in all countries.
- Registration of the company in a given country
- Get a license. Some countries have restrictions concerning forex trading. Therefore, you need to get a regulation certificate for these countries. For example, in USA, you need the Security and Exchange Commission (SEC) license.
- Opening a bank account.
- .Preparation of legal documents, including dealing manuals & agreements, anti-money laundering policies, conflict of interest policies etc.
- Pay registration fees and meet minimum capital requirements for opening a brokerage business.
- Find liquidity providers. The liquidity provider is the bank that deliver you a certain volume, on a monthly basis, that your clients can trade.
Creating a forex broker requires serious amount of money. Therefore, if you are a businessman, you may think of doing some investment in this field.
Indeed, can you make money in forex without actually trading?
The answer is yes. You can make money from forex without actually trading in three ways. The first one is by promoting forex brokers and getting commissions out of that. The second is by copy trading, which many brokers offer to help traders. And finally, the third method is by creating a brokerage company. This method requires more skills and big investment.
Written by: Aghraraou Mimoun