According to leading forex affiliate program eToro Partners, Forex is “the largest, most exciting and most profitable trading market in the world.”
Those are three big claims, and only one of them is provable. And, hey, you’d expect that from a company that makes its money in the forex market.
But looking at all these claims in closer detail shows that eToro’s talk isn’t just boasting; there are some incredibly opportunities in forex affiliate marketing that gaming affiliates should know.
Getting started
Your experience as a casino or poker affiliate is going to make it all that much easier to start a forex affiliate plan.
“When you’re starting out as a Forex affiliate it’s important to try out a variety of different marketing channels, and to keep testing and analyzing the results you’re getting from the banners, landing pages and content which you’re using,” eToro explains.
The company also advises leveraging marketing methods you’re already using to pick up new forex customer: “Forex customers can be recruited through campaigns which feature online business opportunities, new ways to earn money, gambling and gaming as well as many other keywords.”
Like any affiliate program you promote, you’ll get better results if you create unique site content to go along with the marketing materials. Think of creating unique blog posts or articles about forex educational, successful poker players in the forex market, and especially content that explains in simple terms to your site visitors just what forex trading is.
Explaining how it works
If there’s a disadvantage forex marketers may have to deal with, it’s that this type of trading is largely unknown and, when known, misunderstood by the general public. It can seem confusing — people perfectly comfortable with playing poker online may balk at speculating on international finance.
But it’s really not that simple, and, as a forex affiliate, the better you can communicate that message to your visitors, the more likely you’ll have success as a forex affiliate. In fact, if you’re a forex-focused affiliate particularly good at explaining the process to your visitors, you could be extremely well positioned to take a lead in the forex affiliate marketplace while it’s still relatively young.
Forex affiliate marketing works by letting traders exchange currencies, making money off the daily fluctuations in the worldwide exchange rates. As in typical stock trading, buyers make money by acquiring currencies with rising values; sellers make money by selling a currency that will fall in value over a specific time period.
But this is all potential forex traders really need to know:
- Currencies are quoted in pairs, to be traded against each other. The first is called the “base currency”. The second is the “counter currency”. For example, USD/AUD means U.S. dollars traded against Australian dollars.
- A quote increases when the base currency rises in value against the counter currency.
And when it comes to trading with currencies, two simultaneous exchanges are always taking place during any one given transaction. “If a currency is bought, then another currency is always sold,” eToro explains.
Further benefits
Let’s break that down: It’s a speculative market, with two transactions for every purchase. In addition to that, it’s global and it’s 24/7 — the action doesn’t stop when the bell shuts down Wall Street.
It’s really that easy. It’s a simple language that, when learned, can become a powerful (and fun) way to make money online.
Combine that with how little competition is in the forex online affiliate world: “The Forex affiliate market of today is where the gambling affiliate market was 6-7 years ago,” eToro says. “Not yet too crowded but growing at an incredible pace.”
Best of all, it’s incredibly easy to get started — many reputable, renowned affiliate programs exist, such as CAP Listed Programs like eToro Partners or Forex Affiliate.
Final marketing facts
Some final facts to consider as you begin your forex affiliate marketing plan:
- The average Forex trader is a male aged 25-45, generally with disposable income
- Value for a targeted online campaign is around $800 a month, although it’s not rare to find traders worth $50,000 to $100,000.
- A successful online campaign has an average conversion rate of 8-10% but can easily cross the 15% mark.
- In European and English speaking countries, an average conversion rate (lead to deposit) of 5% can be expected “with any kind of marketing channel”.
- Asian countries like China, Malaysia, Thailand and Indonesia have lower conversion rates due to a higher fraud quota. As an online affiliate, if you operate in these countries, be aware of that risk.