The forex market has seen considerable growth over the last few years. One of the main reasons behind this growth has been the improvement in internet speeds and technologies. As more and more people come online with reliable and fast internet connections, the interest in online forex trading increases. A growing number of affiliate programs has contributed to the growth of the online trading industry. This of course has increased the need for reliable forex affiliate software.
This increase in affiliate programs isn’t unique to the financial markets. However, with more people using the internet for income opportunities, affiliate programs are now available in almost every niche online.
Affiliates typically get paid in one of two ways:
- CPL – Cost Per Lead: In the CPL model, affiliates receive commissions for every lead they refer.
- CPA – Cost Per Action: In the CPA model, affiliates receive a commission for a pre-defined action their referrals take.
Of course, there are other models, but CPL and CPA are the most widespread.
Most forex and CFD brokers tend to offer CPA terms to their affiliates. You pay your affiliates a commission after their referrals make a First Time Deposit or FTD under the CPA model.
After a referral has made the FTD, the forex broker affiliate earns the agreed CPA commission.
The growth in the number of forex affiliate marketing programs over the last few years pushes these CPA commissions ever higher. These CPA levels are, of course, good news for affiliates. They publish their broker reviews on many online publications, including review sites, blogs, foreign exchange forums, and social media.
Increased competition in the industry is pushing the cost of client acquisition higher. At the same time, conversion rates are lower, and affiliate commission structures are at record highs.
Despite these commission structures, an affiliate program has become almost essential for brokers of all sizes. Don’t forget your affiliates work on a pure performance basis. They won’t receive commissions if their referrals don’t make FTDs. On the other hand, as a broker, you pay your marketing expenses regardless of your results.
Using Google Adwords, for example, means paying for your campaigns if they perform well or not. On the other hand, affiliate marketing is a pure performance scheme. So adding a program can make the difference between forex brokers seeing great and mediocre results.
Another partnership type commonly used in the finance markets is the idea of an IB or Introducing Broker.
The Introducing broker maintains a direct relationship with a client or clients but relies on a broker to execute transactions. IBs refer their clients to a particular broker’s trading platform and receive a fee for the trading volume they introduce.
While IBs and affiliates have a different relationship with their brokers, they both have specific requirements such as the following:
- A wide range of marketing materials
- A professional affiliate manager
- Access to a suitable affiliate software to track and manage their results
You must understand the features potential affiliates will look for to get the best results from your forex affiliate software.
Some of the critical features of any forex affiliate software are listed below:
- Ability to set multiple commission schemes
- Real-time reporting
- Full back office for referral management
- Multiple tiers and sub-tiers
- Accurate tracking capability
- Flexible payouts
- Multiple payout methods
- Redirect speed
- One of the biggest expenses your affiliates have will be their marketing costs. If your affiliate system doesn’t have the right features, your affiliates won’t see the best returns for their marketing spending. In this case, you’ll soon see a fall in the number of affiliates actively promoting your brokerage.
Our Partner Management plugin allows you to set as many commission schemes and levels as you need. These can vary according to your set parameters, such as the number of referrals, deposits, or trade volume.
This feature allows you to fine-tune your program to the precise requirements of your affiliates and IBs. This means you can set the precise specifications successful affiliates and IBs want before they signup to promote your brokerage.
Real-time reporting is another area where the Plugit solution ticks all the boxes. Our reporting module has advanced features, and through the integration with MT4 and MT5, it can also handle portfolio analysis.
Successful affiliates and introducing brokers know the value of accurate reporting. You’ll never miss a beat with the intelligent automation in our Partner Management module, and neither will your affiliates and IBs.
Many of your partners will refer other affiliates and IBs to your brokerage. Managing these referrals can get complicated.
Our software does all this in a very intuitive user interface with an absolute minimum of fuss and bother.
We built the referral management features to be easy to use, accurate and effective. Plus, we’re always there to answer any questions you might have.
Managing multiple tiers is simple when you have the right tool for the job.
The Plugit approach makes sure you have the best tool for what you need to do. Our advanced segmentation features allow you to set as many tiers or sub-tiers as your program calls for.
Accurate tracking is another necessity for successful affiliate campaigns. An adage goes, “if you don’t track, you waste half your marketing budget. The problem is you don’t know which half.”
Our Partner Automation addresses these issues and is an elegant and precise solution for accurately tracking affiliate marketing campaigns.
We don’t believe in a cookie-cutter approach in anything we do, which also applies to affiliate payout solutions.
We’ve partnered with some of the biggest payment processors in our industry. This gives you a range of secure, safe, and convenient payment options for your program.
Our Partner Management solution lets you offer your affiliate timely payouts via multiple methods for the very best in flexibility.
The Partner Management plugin from Plugit fits seamlessly into your MT4 or MT5-based brokerage. Running on Microsoft Azure secure cloud infrastructure means not only are your systems safe, but they’ll be fast as well. Your affiliates will appreciate the redirect speeds.
One of the biggest pain-point for any marketing campaign is a slow redirect. However, with the Plugit approach, slow redirects won’t be an issue.
It pays to do your homework well in advance. Connecting your systems to a forex affiliate software takes time and resources. Moving from an existing system to a new one takes even more time and resources and can mean downtime.
Keep in mind your affiliates will have active campaigns running. Downtime means they could be paying for marketing campaigns that won’t bring results.
Choosing the best forex affiliate software for your brokerage will make the difference between success and failure for your affiliate program. With the increase in client acquisition costs, a successful affiliate program is essential to your success.
Why not take the time to schedule a demo with one of our onboarding experts? We’ll walk you through all the features and show you exactly what we can do for your operations.
We’ve helped dozens of brokers achieve their goals. So why not make your brokerage the next success story?