The forex market is the largest financial market in the world, with daily trading volumes of $6.6 trillion in 2019. If the forex market is this lucrative, it’s only safe to assume that forex affiliate marketing is, too.
While being an affiliate marketer is indeed a lucrative endeavour, it’s not always a walk in the park. For those that already have an online presence to fall back on, delving into forex affiliate marketing may be more straightforward. Those that are starting out from scratch will have to forge their own path – it’s certainly harder, but it’s not impossible and, more often than not, completely worth it.
Below we look at the general forex affiliate marketing landscape and provide the first steps to becoming a forex affiliate marketer.
What is affiliate marketing?
Let’s begin by doing a little recap of what affiliate marketing is.
In simple terms, affiliate marketing is promoting a product or a service on another business’ platform. If the promotion results in a purchase, the affiliate earns a commission. Therefore, a forex affiliate marketer would be someone who would direct traffic to a forex broker’s site and trading platform. The forex affiliate marketer would earn a commission for every click-through, registration, or deposit, depending on the agreed-upon terms.
Your chances of making decent income as a forex affiliate marketer increase significantly if you are prepared to dedicate some and time and effort to the endeavour. Here are the first steps that can help you achieve that.
Become an Authority in the Specific Field
Your job as an affiliate marketer is to push and advocate for the product that you are promoting. This is not so different from traditional advertising, except for one part. As an affiliate, you offer your opinions on the products you promote and encourage your audience to take specific actions. Now, for your audience to follow your encouragement and take the actions you’re proposing, they have to trust you. This is why you must have a trustworthy voice that is helpful and honest. To become an authority in the forex field, you can be someone who offers solid financial advice, gives forex training, explains finance and economics, etc.
1. Review Forex Brokers, Trading Products, and Platforms
Writing reviews and ranking forex and any trading-related products and services is a very effective method of becoming a forex affiliate marketer. Giving your opinions to an online audience that is searching for the right answers is a big step in becoming a trustworthy voice. Once your audience is accustomed to reading your reviews, comparisons, and ideas, you can start promoting or endorsing certain forex brokers. It’s essential to ease your audience into it, ensuring that it doesn’t feel pushy or unnatural to them.
2. Build a Mailing List
Having a ready list full of contact information is pretty much a must in digital advertising these days. Even if your list only has a couple of hundred emails, it’s perfect. Having an already established line of communication with your audience is a huge advantage. You can use that line of communication to secure more conversions and, of course, make a profit. One of the easiest ways to get a mailing list is by offering free high-quality content that is only available if people subscribe or sign up by entering their contact details.
If you liked this article and completed the first steps towards becoming a forex affiliate marketer, stay tuned for Part Two, where we will look at signing up, the best ways to promote brokers, and others.