Ever wanted to know what really goes on behind closed doors at a Forex Broker?
Well in today’s special episode with a veteran in the Fx brokerage space, we bring on Anish Lal, one of the directors at BlackBull Markets to find out:
1) How to setup your own Forex Broker
2) The difference between A and B book brokers and how to spot them
3) Spreads, slippage and black swan events
4) Forex brokers and their relationship to prop firms and…
… a bunch more useful insight into an industry you should know much more about!
And remember, BlackBull sponsor the show, so if you’re wanting to open an account with them, click this exclusive link and you’ll get a 100% deposit bonus on your first deposit up to $1000 on MT4 or MT5 accounts.
Podcast Interview
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Interview Link
Website – BlackBull.com
Anish Opens Up on Brokers Creating Prop Firms
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Key Lessons
[09:34] Brokers, even though they’re carrying a huge element of risk, depending on how you run your business, they can be quite a profitable machine.
[12:59] Not only do you have to consider what is an acceptable company that you can incorporate with MetaQuotes, but your payment providers and your banking relationships is the next most important thing.
[15:50] Look at where you want to incorporate your business. It has to be a respectable place and you’ve got to look at what regulatory requirements are needed for that country you’re incorporating in.
[17:16] The reason why payment processors, banking relations, banking partners won’t work with you if you’re registered in a very boutique location is because of the AML strengths of that particular country.
[17:47] Low-cost setup generally means registering offshore.
[33:46] The broker startup space has a lot of scams as well. So, it’s important to note that especially in the unregulated space.
[42:08] The B-Book model can be more profit potentially but huge amount of risk and could put you out of business straight away if you don’t have enough capital.
[67:00] What the prop firms are actually inadvertently doing is creating good trade habits for a whole new generation of traders.
