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White label is the term used for a product manufactured or produced by one company and then packaged and offered by another company under a different brand name.
Both get benefits where the manufacturer can just concentrate on making the product or service with the focus on cost savings, while the marketer can just focus on marketing and selling the service or product.
White label is now being integrated to Forex in order to fill in the niche created in the present financial and economic landscape. Forex is an open opportunity for new companies to grow and tap into the possibilities offered in this environment.
Success is very possible and achievable due to the high demand, market profitability and a wide enough room for a variety of different products to coexist whether it’s in the technology or the services sector.
In the case of Forex trading, white labeling is simply a practice where one firm buys another firm's product and then markets it as its own brand. This is used for trading platforms, software and other services offered by brokers.
It’s becoming very popular in the sense that Forex white labeling benefits both the product seller and the buyer (also the marketer).
Product-makers gain additional income for selling their platforms and software, without having to enter the marketing business at all and without worrying about advertising their products directly to traders.
The brokers can save the time and the cost of developing a new product as they don’t have to enter the software development business.
Instead, they can fully focus on attracting new clients. To achieve this they can request the product-maker to customize the product to look like it was produced by them. In most cases, it is cheaper and more efficient to buy rather than develop new software that can easily convince existing clients to stay with the broker and attract new clients.
The possibility of white labeling your trading platform and technology depends on how you can identify your target market and choosing the platform and technology that can meet the demands of the target market.
To choose the best trading platform and technology, factors such as cost and implementation time have to be considered. Investing in a white label solution shouldn’t be too costly but it should be the top product to be used as a selling point to clients.
Securing a fast and reliable technological execution with the intention for accuracy and stability of the product will be a priority for any serious Forex company. The chosen product should also be adaptable and supported with any given platform, such as mobile devices.
The developer and seller of the product needs to provide continuous training and updates about the product in order for the brokers to meet the demands of the brokerage business.
Clients want assurance that they are trading in a transparent and honest environment without having to worry about possible manipulation against them.
It is important that the provider will be able to extend help directly and comprehensively to ensure maximum benefits for all parties involved and to foster the partnership in the true meaning.
Choosing a white label partner is crucial in the sense that you need to have someone who will be the right partner for the beginning. Some companies may just merely focus on white labeling their products rather than establishing themselves as full-time brokers.
To conclude, in most situations, white labeling is a valuable strategy that benefits all involved parties and allows them to focus on a specific segment of the product development and the product distribution phases.
As the economic landscape has developed over the past decades, more and more companies are opting for outsourcing business activities and white-labeling products as they have realized all the benefits in terms of profits and time that operating in this way brings.
