Belarus’s forex market accelerated its growth in 2016, after the enactment of the presidential Act “On the Over-the-Counter Forex Market Operation.” The legislation provided a green light for businesses seeking ways of how to start a brokerage business. Today, the community ranks Belarus as one of the most attractive countries in which to establish a foreign exchange brokerage company.
What are the essential measures for operating a Belarussian brokerage firm in accordance with all applicable laws and regulations? The following is a step-by-step instruction.
Step 1: Establish a Business in Belarus
Only licensed firms are permitted to provide brokerage services in the Belorussian market. The registration of your business is a necessary step prior to submitting your application to the local financial authority. The following phases comprise the business registration process:
1. Prepare the necessary documentation and submit your application (online submitting is available as well).
2. Open a business account with one of Belorussia’s banks.
3. Within two days, applicants get their state registration certificate.
Because the state registration authority distributes the information to all institutions, company owners may skip to the second stage.
Step 2: Obtain a Brokerage Services License
How to start your own brokerage company in Belarus? Without a license, it is difficult to access the market. The following documents are required for the procedure:
- confirmation of a company’s business plan;
- confirmation of registered capital in the amount of 200 000 BLR (equivalent to $81 000); confirmation of the managing board’s experience;
- confirmation of the shareholders’ business reputation;
- confirmation of the head and managing board’s qualifications and business reputation.
It is the responsibility of the Belarusian national bank to provide brokerage licenses to enterprises operating in the country. Within 30 business days after submitting your application, you will get a response. Deposits to the national Forex center’s guarantee fund must be made within three days of your application being accepted. All in all, we’ve raised $55 000 thus far.
The providing of weekly, monthly, or quarterly financial reports on a company’s financial position necessitates the acquisition of a brokerage services license. Neither the Belarusian Central Bank nor the National Forex Center has yet received the information.
The National Foreign Exchange Center (NFEC) and a brokerage firm must come to an agreement before any regulation can be enforced. For services rendered, businesses are supposed to pay the NFC 2500 BLR (about $1 000).
Step 3: Connect a Trading Platform and External Connectors
While there is limited competition in the Belarusian Forex market, company owners must concentrate on the functioning of their brokerage firm after they have completed all legal requirements. The Belorussian Central Bank’s list of approved entities currently includes 21 legal entities. If you want to get into the sector, you’ll need to be mindful of the approaching threat from competitors.
Most highly regarded brokerage companies provide their customers with the most functional and effective trading platforms (MetaTrader 4/5) – they are the most well-known trading platforms available on the market today. The majority of guides, instructional videos, and tutorials are generated specifically for the platforms. In addition to trading platforms, you must integrate trustworthy payment processors, KYC tools, and liquidity providers, among other things, in order to ensure consumers that their orders will be promptly executed.
B2Prime, a component of the B2Broker network, is Belarus’ sole licensed Prime of Prime liquidity provider. It is part of the B2Broker system. B2Prime PoP liquidity gives traders access to one of the world’s largest liquidity pools in foreign exchange.
Step 4: Recruit Your First Traders
While you’re away from legal and technical concerns, focus on your marketing approach. Create a profile of a trader representative of your target audience to determine which user groups your strategy is aimed at. The marketing plan should be multi-channel in nature.
White Label Model for Brokerage Firms
The steps outlined above are neither simple nor enjoyable for newbies. Numerous hazards exist; this is why beginning brokers choose the turnkey solution, which involves launching a brokerage firm using the White Label concept.
For instance, B2Prime provides an ideal solution to the question of how to start a Forex business. Business owners get a fully functional corporation with a Belorussian license, access to popular trading platforms (MT4 or MT5), and access to deep liquidity pools. Additionally, the solution incorporates a technologically advanced and unique CRM system, as well as other services deemed to be the greatest Forex market choices. The WL model saves you money and provides you with a profitable business. B2Prime offers 24-hour technical assistance to assist you in resolving any issues.