5 Types of Forex Businesses and How to Start Them

The Forex market is full of possibilities when it comes to making money. You don’t have to trade yourself in order to make a profit out of the trillions of dollars which are being traded daily. You can develop your own Forex-based business. Experience in the field of trading is going to help you, but it’s not mandatory.

There are many types of foreign exchange trading which can be monetized. The five main categories of businesses based on Forex are trading, coaching, signal service, software design and brokerage. Each of them can be started from your own home and developed later. While some of these involve a substantial initial cost, others can be started with as little as $100.

Forex trading

If you know how to trade currencies you can make a business out of it. Hedge fund owners and managers are going to look for you to grow their funds and you can also work on your own trading account to make a decent profit.

Being a trader comes with the demand to always stay informed on the latest trends, because what is true today might be false tomorrow in this domain. Forex trading is a great way to make money, as long as you know how to do it and it comes with the benefit of working from home.

Forex trading coach

Trading on a mt4 platform is not something very user-friendly, so teaching other people how to trade can easily be turned into a coaching business. You can publish your own courses on a dedicated platform, offer your coaching services online or become a freelance Forex coach.

Many traders need help to implement a new trading method or system, so counseling them can earn you a good paycheck at the end of the day. You can also do this from the comfort of your own home, via skype or establish a physical office where you can meet with your customers.

Forex signal service

If you know how to trade or work with an amazing trader you can set up a Forex signal service. You will own the master trading account which is connected to other accounts, those of your customers. Each time you trade your clients will receive the trades in their accounts. The signals can be sent via email or SMS and can also be automated. When you manage such a business you are the manager of your client’s trading accounts and their money. In order for this business to work you need to have a high quality signal system.

Forex trading software

A programmer can also reap a lot of benefits from the Forex market by developing the software needed to trade currencies. You can also help people set up their robots and trading tools. One of the best paid branches in this domain is the MetaTrader software developing market where programmers can actually make a fortune by creating the trading robots.

Forex brokerage business

This type of business involves the biggest investment, but its potential is huge. However, you need to invest a lot of money and time in recruiting the staff and promoting your services.