The increasing popularity of white label services means that the barrier to entry for new forex start-ups has never been lower. With enough capital, knowledge, and determination, you can be up and trading within a few short weeks. Although success is never guaranteed, there are plenty of opportunities to be successful. However, you must differentiate your brokerage from the thousands of others if you want to acquire new customers.
When you partner with an excellent MT4 white label provider, it is tempting to think that they have all the bases covered and that they will provide you with a well laid out plan. All you will have to do is follow it to succeed, right? While that is undoubtedly true, your brokerage is one client among many for that white label provider. Ultimately, only you can turn your budding venture into a successful firm.
The truth is anyone can buy a trading platform. Anyone can stick their logo on it, create a standard website and be up and running in no time. The longevity of your business will come through proper planning and innovation. While in reality, one white-label platform is identical to another, the brokerages that survive are the ones that can think differently. They continually innovate and provide a better service to their clients. Fresh products and services are the keys to thriving among fierce competition.
Before you embark on your journey, there are a few questions you can ask yourself to figure out how your brokerage is going to be different from the carbon copies.
- What will be different about my business?
- How can I stand out from the competition?
- What are my strengths and weaknesses?
- Where can I provide value?
- On what trends can I capitalise?
- Without reinventing the wheel, what is wrong about my industry, and how can I improve it?
Another effective way of improving your mindset is to imagine you are sitting down with a potential customer and think about what you could tell them to persuade them to join your brokerage. Can you tell that person why you are the better choice than some of the more prominent, better-known brokerages out there. You should develop a clear pitch that lets your clients know quickly, who you are and how you can provide them with value.
Do not worry if you have not got all the nuts and bolts worked out entirely. For the most part, success is built on a solid foundation. You can give you and your brokerage a head start by partnering with a white label MT4 solutions provider who also provides the other necessary functions a brokerage needs to operate, like the trader’s room, CRM, and payment gateways. Your brokerage is a system that needs to run smoothly as one machine. Once you have this solid base and you are doing the basics well, meeting your current customer’s needs and providing excellent service, then you can invest in other products and services that really make you stand out.
You should not be looking to simply compete, you should be looking to win at every stage.