Surely not everyone here understands the concept of IB, whether an old trader or a new trader, but also knows little about the function of IB, so everyone, please join us to learn about IB, its benefits and income from this job.
What is IB?
IB stands for introducing broker, also known as financial broker, in the forex market, IB is a forex broker, the responsibility is to find, introduce investors to open accounts at the broker you register, thereby receiving brokerage commissions from the brokers.
A forex IB can also be considered a person who has knowledge in the forex trading market, has experienced about broker’s products, registered as an IB and is responsible for finding clients for the broker and receiving commissions.
Currently, not only the world has IB forex, but the Vietnamese market also has many people with knowledge of forex trading who have actively become IB forex, and the main income is not only investment transactions but also commissions due to customers’ referrals to open accounts.
What is MIB?
When you are an IB and become professional, have a fixed monthly client base and manage your client groups to trade and support trade orders. Then, MIB is an upgraded version of IB, or called Master Introducing broker, ie managing the group of IBs below and their customers.
To become a MIB is not only a professional forex broker with investment knowledge and the ability to find clients, but you also have to be able to manage a network of junior IBs. Of course, becoming a MIB will be more professional, and the income will be much higher than that of an IB. Therefore, instead of becoming an investor, many people choose to become IB or MIB to earn their own income.
How does IB work?
The job of an IB is no different from an investor, but you will have an additional responsibility of finding customers and assisting them in opening accounts, using the software and will probably support the trading process, market analysis.
How IB works is as follows
First of all, the trader will open an IB account on an exchange, and the trader will be given a referral link for IB.
Next, become an IB and then approach customers and promote the services of that exchange broker. Broker support tools for IBs are banners, facebook covers, booklets to advertise the brand to investors, social networking tools are the most accessible.
Last but not least, when you find a potential customer, a customer opens a trading account on the exchange, IB will receive a commission paid by the broker. The more new customers IB have, opening accounts, trading, and depositing, the more commissions they will receive.
Benefits of becoming an IB
When you become a forex IB, you not only receive more commissions but also enjoy many benefits from your broker, some of the outstanding benefits to mention are:
- Receive brokerage commission based on the number of customers participating in opening an account
- Diversified choice of commission program, the better the referral work, the higher the IB commission
- Transparent commission payment, IB account return commission, support multiple withdrawal gateways
- There will be a dedicated customer service team for IB in Vietnamese
- For reputable exchange brokers, providing advertising data, advertising website channels to find customers convenient for you to work, safe and secure personal data.
The more potential customers can be developed for the exchange, the more beneficial IB will be, can be called as “the most favorite child” and is considered to increase the commission and help to solve the problems first.
Conditions to become an IB
For the introducing broker profession, it does not require any strict conditions, the important thing is the experience of convincing customers and understanding about forex and trading platforms to register for cooperation. After that, you can already be an IB.
Regardless of age, degree, gender, it is still possible to become an IB Forex as long as everyone has the following qualities, the brokers will quickly accept the IB link for you and start work at any time.
- Communication skills and persuasion ability, understanding customer psychology to open trading accounts.
- Being an active and bold person. Having ability to seek for customers, makes a lot of contact and convinces investors to come.
- Having knowledge of the forex market, from which investors will have more confidence in IB.
In short, becoming an IB is not difficult, you need to know about forex trading, have market analysis knowledge, and have some persuasion skills to be eligible to be a forex IB.
How much does IB forex earn?
The income of an introducing broker cannot confirm a lot of money or a little money, but it depends on many factors. Examples are as follows:
????If you have great forex experience and good convincing ability, then making a lot of money from IB profession is more than 80% already, and 20% depends on the brokers you choose to cooperate with. The more reputable the broker, the higher your earning potential is. Why? Because customers trust the exchange broker, trust you, invest in, you will get commissions.
The Nature of IB
???? But on the contrary, if you are missing many qualities of an IB, it is very difficult to find commissions from the brokers, Some IBs earn tens of millions per month thanks to the number of customers who recharge, but there are IBs who have a poor income of only a few million or even no money from this profession.
???? So your income depends on your agility, confidence and knowledge, reaching customers and convincing them to invest. Thus, the more money the customer deposits, the Broker will deduct the bonus commission for you. That is all about the income mechanism of a forex IB.
How is commission calculated for IB?
The commission will be deducted by the brokers from the customer deposit amount divided by each IB, each broker will have a different bonus policy, but usually it will be
+ Fixed fee usually for IB per customer
+ Receive an extra part of the Spread or commission collected by the exchange from customers
+ Extra bonus for IB reaching the target each month in terms of number of customers, deposit or exceeding trading volume
How to apply to become an IB
???? To become an IB, you just need to find a reputable exchange in the market, then contact and register to become an IB.
???? The floor will send you an ID number and a referral link and marketing tools to attract customers, the rest is up to your performance.
???? Important to maintain IB job, everyone should find an exchange with cheap transaction fees, fast deposit and withdrawal and maximum customer support. This way, you will retain potential investors to help you have more income.
The hidden corner of IB forex profession
Actually, related to forex, it is also a form of luck, IB profession is not luxurious or good, some IBs in the profession also share the hidden corners that they have to change their faces.
+ There are times when customers ask to borrow money to invest, they also struggle. If the IBs don’t lend, they lose customers, when they lend, they might lose both money and customers, source from traderviet forum.
Lend money to customers to play and lose IB’s customers
+ Besides, there was also a case where a customer lost in forex and brought her husband, a police officer, to claim the burned deposit, but then the matter was resolved when the police husband understood the problem.
Therefore, every profession has its downside, on the surface you think IB is quite easy, easy to make money, but awkward situations like that still happen often, and as an IB, it is up to you to choose to do this profession or not, we only share the information for everyone to know more.
Specifically, a few experiences you need to have to help yourself become a good IB
+ Build your own channel to provide information to customers, tips for effective forex investment and attract potential customers.
+ Build a community of traders and interact a lot to gain more experience and exchange, including possibly customers you can reach.
+ Create your personal brand and make customers have a different view than others in the same industry, so if you are a professional forex investment expert, your brand will also reach customers. Sometimes even when you are doing nothing, someone will automatically come to you.
Everyone should note, if you do not have solid forex experience and knowledge, the steps and profession of IB forex are extremely difficult, and at the same time, there are also risk cases for customers. Because currently in the Vietnamese market, many people do not have investment expertise but still identify themselves as IBs and then look for customers, specifically, they do not last long in the market.
Does forex investment need to hire an IB?
In the Vietnamese market, there are two basic types of IB forex that an investor should be interested in learning before hiring them to advise and monitor their investments.
First: the IBs have no knowledge, mainly they just make customers for the brokers and support deposit and withdrawal, entice you to deposit money into the playing floor, that IB will have a commission. If you hire these IBs, then I think it’s more reasonable for you to research the market yourself, it won’t be troublesome to interact with them because they really don’t help people.
Second is a real forex IB, have market knowledge and in the process of your investment, they will support you to trade with technical analysis and signals. They are both helping you and them to make money.
However, nowadays, professional IBs are few, IBs mainly earn commissions, so choosing to follow IB is not essential. You can learn to invest in forex from Youtube channels with real markets, or an acquaintance with investment knowledge will be more profitable according to following an IB, a fake IB can make your account burn faster than you thought.
Therefore, if you are a “wet-footed” investor entering the forex market, then equip yourself with knowledge, then familiarize yourself with trading, look for a professional IB to invest together. And it is not really necessary to have an IB with you because you can learn about the exchange yourself.
Above is information about IB forex, our share about this profession and the income, commission, experience to become a professional IB, earn money. Hopefully, it will help people gain more knowledge when entering the financial investment market and gain experience for themselves when deciding to invest.