In Africa, online trading is booming. The pandemic has spurred the expansion of Forex. Nigeria has the vastest community of traders. Over 200,000 of its residents are actively involved in the currency exchange. Joining them is not the only way to make money. You could also establish your own brokerage company. Here are the basics of launching a Forex business.

Learn About Licences

Traders are wary of Forex scams - they do not trust companies without a licence. Nigeria-based businesses may register in different jurisdictions. These are divided into regulated, unregulated and semi-regulated.

If you are looking for the cheapest and quickest option, consider an unregulated location like Saint Vincent and the Grenadines or the Marshall Islands. In such areas, there are no stringent requirements for brokerages. On the downside, their licences do not allow you to work in the biggest markets like the European Union. Relations with banks may not be smooth either.

Only large companies can afford to register in a regulated area like Cyprus or the United Kingdom. A licence obtained in an EU member state allows you to operate in the region. If you intend to serve Nigerian clients only, stick to the basic option. Regulated licences are difficult to acquire. The process takes around half a year and costs over $100,000.

Find a White Label Provider

White label developers create Forex trading software that may be used under any brand. Basically, you pay for a ready-made solution. Usually, brokers are charged a monthly fee, and costs may also depend on the turnover, which is less preferable.

White label solutions are used in many other industries. For instance, you may have seen sports betting websites with similar features. The client company buys the right to use the system under its own brand, while the provider ensures support, hosting, and maintenance. It is the easiest way to enter the brokerage industry, a convenient shortcut.

It is vital to guarantee smooth operation for all clients. Technical interruptions are detrimental to your company's image. Traders are looking for efficient and reliable platforms that allow them to automate trades.

Create Educational Resources

Offer plenty of educational content to boost your image. Your clients will want to learn about all popular Forex trading strategies, risk management tips and other insights. Top brokers provide a range of materials, including tutorials, guides, articles, and links to third-party sources.

As you will also register demo accounts for beginners, work on your introductory section. The articles must be professional and well-written. Help your clientele build their trading skills and ensure support. The Forex market is active around the clock five full days a week. As a result, traders should be able to work and get professional assistance whenever they like.

Include Different Payment Systems

Provide a wide range of methods to maximize convenience for every client. Often, brokers are unable to accept payments through popular methods like credit cards or e-wallets directly. The best solution is to involve a payment aggregator.

PRAXIS Cashier is a great example. It connects you to 300 different payment service providers, offering 1,000+ methods in total. The aggregator should be integrated with your CRM (customer relationship management system) or Client Office.

Software: Unique or Generic?

Many brokers offer standard terminals like MT4, and there is nothing shameful about it. Millions of traders prefer such popular systems due to their efficiency and versatility. You do not have to invest in software development from the get-go.

Your clients will also be able to trade across platforms, as the systems have different versions. There are desktop terminals, web-based traders and mobile apps for tablets and smartphones. All popular OS are supported.

Using generic platforms is a good start. The key is to ensure uninterrupted operation and support to all users. Afterwards, as your company accumulates profit, you may think of building your own trading terminal.

For example, the Forextime broker has an impressive app called FXTM Trader. Designed for Android and iOS, it gives access to over 250 instruments. Users may buy and sell currencies, stocks and derivatives — all from the same app. Such software products are spectacular, but you can still build a popular company with standard solutions.