Yes, forex trading can be difficult, but mainly because people are too emotional about money. There are simple price action strategies that are profitable long term, but people simply break strategy rules when they get few losing trades in a row…
But this thread is not about trading…it is about forex affiliate programs, which is a risk free way to make money from forex, because you do not risk your own money. It´s same like promoting any casino.
I am affiliate of InstaForex Broker and here is my experience.
Yes, you can make a nice income..I referred my first trader and he started to trade in about 3 days after registration. My commission from his trades was about $30-65 daily. I admit that not all traders will bring you that kind of income, some will trade smaller accounts (mini or micro lots). Fact is that your commissions are 1.5 pips/trade (which is $15 for standrad lot size, $1.5 for mini lot size…), so your commissions depends on trade size of your referrals. Fantastic thing about this program is that I could withdraw my commission after 1st day, you can do it daily if you wish. They have many withdrawal options like bank wire, moneybookers, paypal, webmoney….or you can order their mastercard debit card.
They are huge broker with many awards and client base over 500,000 traders. New clients get 40% bonus on each deposit. They run many contests like: win cash or win Porsche Cayenne contest, win Lotus Evora etc…so there are good possibilities to attract new traders.
Promoting and referring is not easy, because it is a very competitive niche, but it is same with casinos, I guess.
However, you do not need a lot of referrals to profit from forex.
Just an example:
You refer 10 traders. They trade mini lot size, so you get $1.5 /trade. Traders can do 2-3 trades daily, so one trader can earn you $90 x 10 traders = $900/month…or if they trade standard lot size, you would earn $9,000/month.
This affiliate program is 2 tier, so you can refer other affiliates to earn more.
And yes, if you can trade yourself, you can join their ForexCopy program, build your reputation and earn commissions from trades of your followers that will autocopy your own trades. Or you can refer people that will follow signals of better traders.
So answer tho this topic question: Is Forex a good niche? is YES.
If you take it seriously, treat it like your business, work to refer traders, than this niche can be very rewarding.
If you refer couple of good consistent traders that will trade profitable for many years and increasing their lot sizes, you can have a very luxurious passive growing income.
Visit InstaForex to see more