Forex affiliate marketing can be a lucrative endeavor, but it requires a lot of skill and persistence. For those hoping to break into this area, there are a number of barriers in place including finding the right affiliate program with the right tools.
We spoke with David Bily, Founder of Moneta Markets about these barriers and the complexities of forex affiliate marketing.
AI: What do you think are the biggest barriers for individuals looking to start a forex affiliate site, and how do you think that these can be overcome?
DB: There are a number of distinct barriers that forex affiliates face, and one of the largest is choosing the right broker. It’s imperative for an affiliate to choose a broker, or brokers with an established track record. That not only means a reputation as a reliable broker when it comes to payouts, but one that offers the affiliate’s clients a transparent and stable trading experience. It really pays to do the research beforehand instead of just going for the brokers with the highest CPA. While Moneta is a new brokerage, it’s backed by Vantage International Group which has a long-held reputation as one of the best partnership brokers, which helps instill the confidence that affiliates are getting what they expect from a reliable, trusted broker.
Another barrier is one that’s often overlooked, and that’s the clients onboarding experience. All too often clients are lost half way through the account application process, whether it’s a UX issue, or unclear instructions as to the verification documentation clients get frustrated when it’s not a simple and quick process, which results in a lost lead for an affiliate. The onboarding process with Moneta Markets overcomes this largely due to the WebTrader platform, where everything a client needs to open an account, upload their verification documentation, fund their account and start trading is all in one place. And, clear concise instructions as to what’s required as well as a range of video tutorials remove any confusion when it comes to what’s required from a client to get their account up and running really make a big difference to the conversion rate of an affiliate’s leads.
AI: What’s particularly unique about a forex affiliate program compared to, say, sports betting?
DB: First and foremost, the forex market isn’t seasonal. Every sport has a limited window of time each year, whereas the forex market never sleeps, all year round. And, typically the CPA rates are much more attractive. Typically, sports betting affiliate programs from $10 to $50 CPA, as opposed to Moneta Markets’ affiliates who can earn up to $800 CPA. There’s quite a negative stigma with sports betting when it comes to gambling and addiction. And, from a marketing perspective there are significant restrictions with where and how sports betting products can be advertised, which can really impact the earning potential of an affiliate business.
Whereas with trading financial markets, it’s seen as a viable source of income. The forex industry itself appeals to an extremely broad demographic of clients, who want to supplement their income or take steps towards additional income streams, which makes it an attractive industry for affiliates because of the sheer volume of potential referrals they can access.
AI: Have you seen an update in people looking to give forex brokering a try during the pandemic?
DB: Since the pandemic started shutting down cities and countries, we have noticed quite a significant increase in the volume of clients we’re onboarding, and there are a few contributing factors for the increased interest we’re seeing at Moneta Markets. As touched on before, people are looking for additional income streams due to the effect covid has had on their capacity for work, whether due work-from-home restrictions, or the broader economic effects the pandemic has had on business. Additionally, the effects of covid have embedded a distinct uncertainty in people regarding job security and with no real end in sight, the interest in supplementing income through methods people really had no exposure to before has really skyrocketed. People are wanting more control over their financial future as opposed to solely depending on an employer or third party as their sole source of income.
AI: How will affiliates and partners help to leverage the growth of Moneta Markets over the next 12 months and beyond, and how will you help them to grow?
DB: Our partners are a significant pillar of growth for us, and when developing Moneta Markets we worked closely with a significant number of partners, whether affiliates, IBs, or revenue share partners, in additional to a number of traders as to how we can breakdown the barriers that clients, and in turn partners experience. In liaising with partners and traders throughout the whole process we’ve continually optimised the onboarding and trading experience which benefits clients, partners and of course us as a business.
Another major factor that contributes to the growth of our partners’ business as well as ours, is to deliver value to clients. Trading is a journey, and it’s in our best interest to retain the clients that we onboard. That’s why we offer a huge range of educational resources to our clients, from a very novice level up to quite an advanced level. We also offer a number of trading tools for our clients, including forex signals, a suite of financial news resources. As Moneta Markets continues to grow we’ll work closely with our partners and clients to ensure that we meet and exceed their expectations on an ongoing basis.
AI: What will appeal to affiliates about Moneta Markets, compared to similar products on the market?
DB: There are two key factors that separate Moneta Markets from other brokers when it comes to partnerships. The first being the programs on offer. By offering one of the most rewarding affiliate partner programs that can be tailored to suit the particular needs of an affiliate. As part of the Vantage Group of brands, we have well over a thousand active affiliates and pay out in excess of $2,000,000 monthly to our affiliate network, so new partners can have the confidence that they’re joining a group of brands with an established reputation within the industry.
Second, is the Moneta Markets point of difference. The forex market is completely saturated with brokers offering the exact same product with little point of difference, namely market access that’s restricted to using the MT4 and MT5 platforms which have simply failed to keep up with an industry that’s rapidly evolving. The majority of forex brokers have a separate trading platform, account application, and client portal, and this is not only clunky, but it’s hard work to keep the process streamlined for clients.
With Moneta Markets we have integrated every component of the clients’ journey into an all-in-one trading platform. Without the need to install or download any additional software, we have created a purely web-based broker platform that provides a seamless solution to manage onboarding, funds management, charting, trading, customer support desk, and more.
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