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How to choose the best affiliate marketing trading program
Who needs extra income
Recent history has shown that relying on one source of income is not the best of ideas. The pandemic has caused many companies and industries to downsize, putting many people out of employment.
The question is, what becomes of people who no lost their jobs and have no hope of finding another soon? Considering this unpleasant reality, don’t you think it will be wise to get a side hustle and have passive income sources?
Are you thinking of stock trading affiliate programs?
You probably didn’t’ know that there are opportunities in affiliate marketing in day trading. As you may already know, having an alternative source of income doesn’t mean starting another business from scratch. The idea is to find a way of complementing your current source of income and giving yourself more financial security.
And what other way to make extra bucks than affiliate marketing? In this case, affiliate marketing from day trading sites.
What is affiliate marketing?
Affiliate marketing involves recommending and selling products/services on behalf of an organization (as an affiliate) and earning commission for every successful sale.
The idea is to find a trending product or in-demand service and share it on social media platforms or websites. Usually, you will be given a unique link (known as an affiliate link) that will be used to track every sale you make. Affiliate marketing is performance-based, and if you go about it correctly, it can net you a decent income. And all you have to do is share or refer a product or service.
How does affiliate marketing work?
To join an affiliate marketing program, there are simple steps you can follow.
Step 1. Find a profitable affiliate program and join
Step 2. Choose the product or service you want to promote
Step 3. Obtain an affiliate link for the offer you want to promote
Step 4. Share your affiliate link on your social media platforms, blogs, and websites
Step 5. Collect commission on every successful sale made through your link.
There you have it. Simple and straightforward. However, you should have it at the back of your mind that different affiliate programs offer different commission rates. If you grasp all we just discussed about affiliate marketing, it becomes effortless to figure out what affiliate marketing is in the financial markets.
Online stock trading affiliate programs
The financial markets offer plenty of opportunities, and you don’t have to trade to take a fair share of the market.
You can get involved by promoting the services of brokerage companies on your social media network pages like YouTube channel, email list, website, or blog, among several other avenues where you can get people to take a specific action like signing up with the broker.
If you can get people to complete the required task, the firm will pay commission for your services.
Another way would be to become partners with stock trading education websites. Where users pay a membership to get access to courses and chatrooms, these are also great sources to look into when researching affiliate programs. Because the members are very loyal and love to learn about stocks which means they have higher chances of renewing their memberships.
So, if you a stock trader or an enthusiast who has a network of followers who will be interested in learning to trade stocks or have a broker manage their stock portfolio, you can dabble into online stock trading affiliate programs.
Because of the high competition in the financial markets, you will come across different websites that offer stock trading affiliate programs. And the chances are that they will engulf you with different options.
Choosing the right stock trading affiliate program
While dealing with brokers or discussing affiliate marketing programs, you should bear in mind that the main difference between stock trading affiliate programs is the commission they offer. The commission schemes can be classified into five broad groups.
If you understand what each of the groups offers and their payout scheme, you are sure to make the right choice of a trading affiliate program. Here is a quick rundown before we touch on the five categories of affiliate marketing for stock trading programs.
- Revenue sharing
- Cost per action (CPA)
- Cost per lead (CPL)
- Signs ups
As the name implies, a revenue-sharing payout scheme is an agreement where the brokerage company pays an agreed percentage of their revenue with the marketer. For instance, if a trader chooses an affiliate marketing product from the broker’s offer, signs up with them, and starts trading, you (the affiliate) will be paid commission for the trader’s activities.
Suppose the firm is offering 20% commission and the trader puts in $500 in the first month of trading, you will get $100 as commission while the broker retains $400.
What that means is that the more the trader trades, the more money you will get as an affiliate. To make such agreements a good source of passive income, you can go all out and get more clients to trade with the broker. And even encourage them to invest big. Think about it. The bigger the trading amount, the more money you will make.
20% of $500 is $100 while 20% of an account with $1000 is $200. The bigger the amount the trader puts into his account, the bigger the brokerage company’s revenue will get, and you know what that means for you – bigger commission.
Get the trader to execute more traders and ramp up your earnings
However, you must bear in mind that the broker won’t pay a commission if the trader only funds the account and doesn’t execute trades. In such situations, the broker may only pay a portion of income gotten from spreads or may not decide not to pay a dime depending on the terms of the agreement you signed with them.
The downside to these kinds of the agreement for affiliates is that the number of traders you bring often define what you will get a commission. So, it would be best to put in more work to onboard as many traders as possible.
Another disadvantage is that you may not receive full commission. If you bring ten people and only seven go on to find their accounts and trade on them, you will only get a commission for the seven active traders. So, it would help if you had more people who will open a trading account with the broker and be consistent in trading the account.
Cost per action (CPA)
If you are familiar with online marketing, you must have heard about the cost per action or CPA for short. Without boring you with the technicalities, the affiliate gets paid a flat rate commission for every step the trader takes.
Some of these actions could be depositing a certain amount in their trading accounts, logging specific trades over time, or trading a particular lot size for a specified number of trades.
Cost per lead (CPL)
This payment scheme is similar to its cost-per-action scheme. Like CPA, the broker only makes one single payment and rating future revenues. As the name implies, the broker only pays commission if you can get traders to open a trading account or sign up with them. Other brokerage firms will require that the trader verifies their email address or phone number.
You will agree that this payment affiliate program trading payment scheme is easier to fulfill than the previous ones we mentioned earlier — revenue sharing and cost per action.
The hybrid payout scheme.
The hybrid payout scheme comprises a combination of the other categories we have discussed so far. It could be a combination of revenue sharing, CPL, and CPA. That way, you can get a commission when a trader opens an account, verifies email and phone number, and funds the account. You will also get commission parts of revenues the company receives from the trader.
Last but not least.
The very last option we will discuss refers to stock trading education websites. Most stock educational or stock chatroom websites offer some kind of commission for referrals. For example, if you the affiliate marketer become a partner and refer traders to their site. You as the referral can make a commission for every person who signup as a member for that site. Most stock education websites offer a flat commission fee that might range from 10% to 20% of the cost of the membership. Meaning for every signup, you the affiliate partner can make a commission for that signup.
Now, very few sites offer residual pay on memberships, that is when a member renews their membership, the affiliate partner still gets a commission for that membership. And will continue to do for the life the account stays open. When researching for sites to advertise for, you want to find sites that provide good quality content but also provides you with the top referral fees and also with residuals.
Which stock trader affiliate program is the best?
One of the best trading affiliate programs you should consider is the day trader chatroom affiliate program. All you have to do is direct traffic to the platform and start earning in no time.
You can earn a 20% commission for getting traders to sign up using your referral link and get an additional 20% every time your referrals renew their membership. The beauty of this referral link is that they create “60 days cookies”, where you still get a commission for leads that come back to sign up after clicking weeks earlier.
In this world, almost everyone needs a side hustle or gig where they can make additional income. Affiliate programs are a great option because they require no investment of your part, only time. Stock trading affiliate programs tend to be the best option because of their high commission rates but also because some will actually give the chance to make extra commissions via residuals.
If you would like to find out more about our very own affiliate partnership program, click here.
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