What an IB should look for in a broker

With no shortage of brokers seeking to expand the number of introducing brokers they work with, competition to find the right relationship can, at times, be nothing short of intense. However, whilst it might be easy to be lured in by headline rebate figures or lavish sign-up incentives, IBs who are wanting to build or maintain a meaningful relationship with their clients would be well advised to take a closer look at how the broker can help them achieve their long-term ambitions.

John Murphy, Chief Revenue Officer at Scope Markets lists his five top tips when it comes to ensuring IBs make meaningful and informed decisions in the longer term.

• Know the broker. This might sound obvious, but when you’re approached by a broker seeking to build an IB relationship, run through the following checklist.

1. When and where were they founded??
2. Do you know any of the senior management team??
3. What's the corporate and regulatory structure? Are there known industry professionals involved and do they have a constructive relationship with regulators??

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• Additional resources. What will the broker provide you with to help you onboard and retain your clients? Are there any educational or trading tools available that will mean your clients feel they are getting a better value proposition by working with you?
• Ongoing support. Do you get a dedicated point of contact or are you just a number? What does the broker promise in terms of supporting you when it comes to understanding market evolution and changing habits amongst traders? After all they should have visibility of a far bigger market than you do, so a regular briefing note, or seminar-type presentation can be instrumental in ensuring you retain a competitive advantage.?
• Track record. What’s the word on the street when it comes to reliability, both for account support and speed of payments? Without a responsive partner, you risk finding that your hard-won clients will drift off to another IB who can provide the assistance they need. And you want to ensure your broker has a solid reputation for paying out rebates in line with the agreed terms.
• Flexibility. Technology means that IBs no longer have to settle for a one-size-fits-all solution from their broker. Ask about the ability to sculpt pricing to match individual client needs, ensuring you can correctly maximise the value you’re bringing to the trading proposition. And can your partner offer bespoke trading conditions and promotional events or trading competitions to help you engage with your audience??

Scope Markers group of companies was founded in 2014 and is a global retail brokerage arm under the ownership of Rostro Group. Licensed in six different jurisdictions, Scope Markets is a diversified, multi-asset financial services brand, serving a global customer base from over 200 countries. Having access to Rostro’s universe of financial products and its ecosystem of financial expertise & service, Scope Markets can offer an unprecedented level of flexibility and customization to each bespoke partner deal.

Whether an educator, YouTube coach, signal provider, or a host of a review site you will find that Scope Markets can tailor any partner deal to the trading conditions and requirements you need to achieve the next level of growth for your business. ?

To find out more about how Scope Markets already works with Introducing Brokers via our global reach of regulated entities, visit our website or contact the partners team at [email protected]

Stay tuned for our next issue, and join us on this journey to unlock new potentials and drive your business forward. Together, let’s expand horizons and achieve greater success.

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