Any one interested? or got the experience? I google it little bit, it seems quite easy and doesn't cost a lot. Right now trading 15 - 20 handles per day in EURUSD. Looking to play bigger size and hire some people to trade in other pairs.
I assume you mean 15-20 lots? 15-20 lots per day is peanuts in the fx market. What do you hope to gain from starting your own brokerage firm, from a traders point of view?
The right question to ask is whether that is leveraged or with zero leverage. If that's with zero leverage and you can do plenty more, that's more than enough to get started and draw in players.
Client minimum: 1MM My opinion is that the brokerage theme is low class, just nickel and diming low funded traders. The way to do it is to open a club, like a cigar club theme with a hue of currency trading. Nice thick leather chairs and couches, thick hard wood tables, discreet flat screens tracking all the major currency pairs. With a nice view, looking over a courtyard bustling with traffic for people watching or hidden away at a rural country club (open to suggestions). Ultra high class lounge where wealthy people could and would want to hang out. For fees, instead of nickel and diming them, we'd charge them a management fee based on the size of their account regardless of how much leverage they use. The thing about a brokerage, is you're dealing with people losing money, bad energy. On top of that, even if you have a strong lead trader they are following, every one is trading through the same platform and that could lead to problems. If you have a club, you can have clients all trading size on different platform, winning and not skewing the markets. Here's how it works. The client has their account balance verified, they pay their dues, they're in. Monday through Friday they are welcome and encouraged to come to the club during the day (USA time) to re-position their account. For something at this level, we'd need a dress code. Of course if they wanted to wear a hoodie or pajamas, they could do so from their house of a cafe down the street. This offer is open to almost anyone who has a couple MM in an account to fund this. If one lets me manage the account for a short span, we'd use capital from trading gains instead of it coming directly out of pocket.
I always wonder what do you need to do in order to open your own forex brokerage firm. Surely it is a long process
In order to do this, you need good preparation, both in terms of basic knowledge and in terms of financial capabilities.
Are you planning to start you own brokerage business? If yes , i will suggest you start it with Mobius Trader 7 which is whitelabel solution and have more pre-included features as compared to other trading platform The features are CRM, Trader's Room, IB rea, PAMM system, and PSP which is available at relatively low cost in forex market (All in One Pakcage) I have got promotional mail one of the company named Finovace Uk and they are providing First Month Free Subscription You can search about it on goolge