Affiliate programs are among the popular methods of earning money in trading without risking one’s own capital in the Nigerian finance markets.
This strategy does not require affiliates to directly engage in forex trading or make any upfront deposits while offering a good opportunity to earn passive income.
This article will explore the top affiliate programs for Forex brokers in Nigeria and how to choose the best one for you.
Forex Affiliate Programs: What are They?
Many Forex brokers have their own affiliate programs to attract new traders without spending a high amount on traditional marketing campaigns.
In this structure, a user, often called an ‘affiliate,’ is given a unique promotional link which can be shared to others for the purpose of earning a reward.
The affiliate automatically receives a commission whenever a new user signs up using their link, while some are also entitled to receive a certain percentage from their recruit’s deposit, depending on the agreement.
In a nutshell, a Forex affiliate program operates in a networking-like recruitment where one earns a commission every time they successfully bring in a new user into a platform.
While affiliate programs present an opportunity to earn passive income, achieving substantial returns requires consistent dedication and strategic marketing efforts.
Top Affiliate Programs in Nigeria in 2024
If you are keen to learn more about the top affiliate programs in Nigeria, keep reading until the end of the article for valuable information.
Traders Union has evaluated Forex brokers with affiliate programs in Nigeria and shortlisted ones with the highest payouts and easiest to deal with.
First on the list is RoboForex, Traders Union’s best Forex broker for two years in a row during the TU Rankings. The broker offers its affiliates a revenue share that goes up to 70% and partners can advertise their affiliate links in their preferred social media platform.
Next on the list is XM Group, offering its partners with a $25 commission per lot. Meanwhile, IC Markets came in third place with its up to 50% affiliate commission.
Bybit’s 10% to 30% sale commission has also made the cut, alongside Exness where partners can earn up to $1,850 per every active client and $45 for every new user registration.
Traders Union has favored AAFX’s 25% commission and FundedNext’s 15% commission for straightforward affiliate program seekers.
Completing the roster are BitGet with its 50% transaction fee rebate, Fidelcrest with its 15% sales commission, and IQCent’s 20% deposit commission.
Earning potential in any of these affiliate programs is immense if you know how to use the right strategy and campaign.
How to Choose the Best Affiliate Program in Nigeria
Despite their enticing offers, it is worth noting that the best affiliate program depends on personal goals and marketing strategies.
In general, choosing the right affiliate program can be summarized in four simple steps:
- Engage only with reputable Forex brokers. Before engaging with any broker, check for license, regulatory record, and safety history. Affiliates generally put their credibility on the line the moment they share their links – make sure to engage only with trustworthy platforms.
- Research into the program’s past results. Go through trading forums, search results, and reviews to know other people’s past experiences with your target affiliate program. Were the payouts consistent? Are the broker’s conversion rates favorable? These are just some of the questions to ask before signing up for any agreement.
- Check the availability of marketing tools. Some platforms give out free marketing tools and campaign materials for their affiliates and these will certainly make the process easier. These materials can be easily included in marketing campaigns to directly show users how to participate.
- Look into the quality of customer service. One can easily know the quality of a platform with how it handles conflicts, answers questions, and resolves issues.
More Ways to Make Money from Forex
Aside from affiliate programs, a growing number of brokers in Nigeria are embracing no-deposit bonuses which offer bonuses and credits simply for creating a new account.
This eliminates the initial financial barrier which often discourages traders in Nigeria from participating in Forex trading. In addition, this allows traders to experiment with the market and refine their strategies before committing their own funds.
Another good way to make money from Forex without initial capital is by participating in Forex contests and competitions. These events present good opportunities for risk-free trading, offering enticing prizes that add an element of excitement to the learning process.
While these strategies open up Forex trading opportunities without initial investment, it is crucial to exercise caution and conduct thorough research before diving into any platform or contest. Carefully evaluating terms and conditions, understanding the market, and adopting risk management practices are key to success.
This article was written by Richard Best who has written articles on a variety of financial and investment topics.