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Critical Mistakes to avoid while setting up your Forex and Crypto Brokerage

Needless to say, the startup stage of any firm is the most crucial phase of the business. The startup stage is what goes on to define how successful the company will become in its future. In the case of a Forex brokerage startup, this phase can indeed be very confusing keeping in mind the various avenues you can take for expanding your business. How do you position your brand? Which demographic do you target? Do you opt for a Brokerage turnkey solution or go for tailor-made complicated software? This is just the tip of the iceberg when it comes to the various considerations youu2019ll be having in your mind and it is inevitable that some of these decisions might not go according to plan. So, to make things easier for you, here is a list of the common mistakes you can avoid in your Forex and Crypto Brokerage Startup

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Critical Mistakes to avoid while setting up your Forex and Crypto Brokerage

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  1. In any business, the startup stage is what goes on to define how successful the company will become in its future. In the case of a brokerage startup, this phase can indeed be very confusing keeping in mind the various avenues you can take for expanding your business. Why is the startup stage of your brokerage business pivotal?

  2. How do you position your brand? Which demographic do you target? Do you opt for a Brokerage turnkey solution or go for tailor-made complicated softwares? What are some of the puzzling decisions you might have to take?

  3. The decisions you take when it comes to your brokerage’s startup phase is what will make or break your company. It is highly likely that you will make mistakes in your beginning stages. These mistakes can lead to several detrimental effects. What is the impact of those decisions?

  4. MISTAKES YOU CAN AVOID IN YOUR FOREX AND CRYPTO STARTUP Here are some valuable considerations to keep in mind.

  5. Mistake 1 Not Differentiating Your Brand Identity • Before you start a Forex Broker firm or a Crypto broker firm, it is crucial that you think of your brand’s identity. • The FX and Crypto markets are heavily saturated with a lot of players and it seems like all of them offer the same types of solutions. • Not only that, a majority of them use brand/domain names with ultra-common words like “Forex” or “Brokerage” in them, making it even harder to differentiate.

  6. Mistake 1 • So, it is very vital that you spend the extra hours coming up with a compelling brand identity with a unique name and a set of strong USPs. • It’s absolutely okay to spend a little extra for the initial marketing as it will go on to make a big difference in the future. • Some of the critical components would be the maximum leverage that you offer, customer support in local languages, trader education team, brand ambassador programs, social trading leaderboard, ease of payment deposits and withdrawals and many more.

  7. Mistake 2 Using Over-Complicated Technology • FX technology for brokers is expanding rapidly as is the field of Crypto technology for brokers. • A very common mistake made by start-up firms is using the most advanced tools and softwares for your clients without having the necessary technical know-how • If it ever comes to the situation where your client is faced with trouble while working and you are unable to solve their problems, good luck sustaining your business.

  8. Mistake 2 • During the startup stage of your brokerage, it is better to opt for simple technology which you are well versed with. • Forex broker turnkey solutions and Crypto brokerage turnkey solutions make more sense in this stage due to their simplicity of use.

  9. Mistake 3 Trying to imitate established firm’s strategies • Newer firms very often make the mistake of directly copying the strategies of more established and successful firms in an attempt to make rapid progress. • What they don’t keep in mind is that those firms generate much larger revenues and hence can afford to spend a lot more than what you can. • Trying to copy their strategies directly can very well affect your spends in a big way and can even take you into losses.

  10. Mistake 4 Not Adopting an Appropriate Risk Management Method • This is one of the more overlooked aspects on this list. • As a startup there is a very high possibility that you might not make the correct decision when it comes to risk management methods. • Being a newer entrant in the market, you may be tempted to offer liquidity for your traders by yourself.

  11. Mistake 4 • This might turn out to be a risky decision as you will most likely not have enough generated revenue to use in the event of a crisis. • Utilizing your trader’s investments in these situations is a big no! • Hence it is best suggested that in these situations you opt for a standalone liquidity provider who can take care of these risks for a fee.

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