The forex market is huge and anyone can easily step into it since it has a low barrier to enter. When an individual becomes a forex trader and wants to make a name in this industry, the first thing the person does is look for a good broker. They can either go with firms that develop their own forex trading platform or start with the ones who use white label solutions. These brokers are known as white label brokers. If you want to start a broker yourself, then white label solution providers can be useful for you as it makes your work easier.
Here is everything you need to know about forex trading white label in India.
What is a white label broker?
Before we get into what a white label broker is, you need to know what a white label is. Simply speaking, it is an agreement to market the trading platform of another broker as your own. It is perfect for those that are aiming to set up a forex or cryptocurrency broker to establish own brand in the trading industry. With a white label, the technology provider or broker offers the whole solution including the trading platform and back-office support while the company can have its own brand. A white label makes it easy for you to launch a brokerage business with less expenses because you get help in all areas, including the latest technology, website development, legal aspects, and marketing programs.
So, a white label is broking firm licensed by the bog forex brokers in order to run it in its own name, take up trading requests from traders, and get them executed on the platform of the main broker. This way, a white label firm operates independently but it can utilize the systems of the main broker.
A white label broker is a bit more advanced than an introducing broker. In fact, a white label brokerage firm itself is a small forex broking firm. It operates with its own customers, outreach campaigns, support functions, and risks, except for one factor. They require access to the server of the primary forex broker and back-office support in order to carry out trading activities. Moreover, white label brokers earn according to the trading volume obtained from their users. The terms and conditions between them and their users are separate and independent from the primary brokers. The operations are also autonomous when it comes to white label brokerage.
Why Some Brokers Use White Label Solutions
There are many brokers who prefer developing their own technology because it provides them with the benefit of being completely unique from their competitors. However, others understand the benefits of working with white labels providers and these are not only limited to the brokers but also their clients. Instead of spending all their energy and time on maintenance and marketing, they go for white label because of the following reasons:
- Primary benefits
A white label trading forex platform solution is great for new brokers because they offer customised features at a reasonable price. Some of the benefits they offer are –
- Branded and customised platform
- Support for 24 hours
- Seamless incorporation of advanced technology
- Marketing toolkits
- Education and training
- Ability to reach providers
- Ability to provide clients with a “sub white label”
- Brilliant customer service
These primary benefits are making a lot of brokers consider white label solutions these days.
- Training and support
Renowned trading platform providers offer training sessions for traders. It may be over video tutorials, webinars, voice calls or video calls but it orients the user on the service ultimately so they can use the features, as well as the back-office. If a trader faces any issues after this, they can contact the support services easily.
- Time and money
It is essential to consider how much you want to spend for using a platform. You may be charged monthly or you may have to pay just once. Another thing to check is if there would be any extra expenses for implementation, maintenance, or support. You also need to consider how long it would take to run, because time is money.
- Technology
The platform you choose selects the technology. To be successful in trading, the technology of the forex program must be quick and effective. It should be responsive and you should be able to use it on any device easily. Besides, while considering a prospect, do not miss to check the platforms they support. If it works on smartphones, do they have both android and iOS versions?
- Marketing tools
Brokers also get the benefit of taking care of their marketing needs from white label institutions. They assess the marketing help they are getting before choosing it. It is important to check if they would help host the website of the brokerage firm. These are important matters that make a difference.
Top White Label Broker Platforms
Are there white label brokers in India? The answer to this is no, there are not. However, there are white label brokers that accept Indian clients.
Here are some of the best white label broker platforms that provide brokerage firms with white label solutions –
- Interactive Brokers
Headquartered in Greenwich, Connecticut, Interactive Brokers makes it easy for brokers to customise the IBKR Trader Workstation (TWS) platform to display their company logo and information. Brokers can market their brand on TWS with a link to their website, contact information, and etc. Visit Interactive Brokers to know more.
- SAXO Group
SAXO Group offers outsourced multi-asset trading and investment infrastructure in its white label services for brokers, banks, fintechs, wealth managers, and insurance companies with an undisclosed end-client operating model. The company is headquartered in Denmark. Visit Saxo Bank to know more.
- Qinox
Focused on the forex industry, Qinox Tech is an established technology company in the UK with headquarter in London. The company has over a decade of experience in FinTech, white label service and consultation. Qinox fulfils the unique needs of its clients with its smart and proven solutions. Visit Qinox to know more.
- KeySoft
With its strong knowledge and experience in the forex industry, KeySoft uses its extensive libraries in order to develop specialised software. As one of the plugin providers for the MetaTrader platforms, the company is popular for its multi-account management software “MeTAfx MAM”. It also offers an innovative smart hedger with the capability of controlling the trading risk and reducing operating costs, while its white label service provides the most extensive functionalities in the market. Visit KeySoft to know more.
- TradeToolsFX
TradeToolsFX is a popular B2B services provider that creates applications, plugins, and solutions for any size and type of broker. The company offers services and products for every kind of financial services. The company offers its services in technology, call centre, payment processing, technical support, and leads. Visit TradeToolsFX to know more.
- Dukascopy
Dukascopy Bank is a leading name in the forex exchange industry. Founded in 2004 and regulated by Europe EEA MiFID and FINMA, the Swiss company specialises in Spot forex and offers advanced technological trading solutions to traders. Visit Dukascopy to know more.
- Sucden Financial
Founded in 1973, Sucden Financial has a proven track record of more than 45 years in financial markets. It is one of the leading soft commodity trading organisations in the world. The company remains fully independent in its day-to-day trading operations. Visit Sucden Financial to know more.
You may want to consider getting into a white label partnership with one of these service providers to capture the market in India and be a step ahead in the competition.