Even though times are tough, making extra income is a little easier than you might think.
Lockdown measures have caused a ripple effect that has touched people from all walks of life. The tourism sector, for example, has ground to a halt for now, leaving many employees on reduced salaries and others jobless.
Other services deemed non-essential are in the same boat, and financial uncertainty is more widespread than it has been in decades. But even when it seems like you can’t see the wood for the trees, there is opportunity to be found if you seek it out.
Referral income is a recognised income generator among successful Introducing Brokers (IBs), and there’s no time like the present to capitalise on this moneymaking opportunity that’s quickly gaining momentum.
IBs are essentially agents for trading companies. And legitimate trading companies, like CM Trading educate people in trading forex and commodities, providing a safe environment and guidance that teaches people to trade successfully. Anyone can become an introducer – making this a valuable opportunity for stay at home parents, corporate people on temporary time hours, small business owners and more.
In a nutshell, the IB uses their network to refer people to the broker and earns commission every time someone in their network trades – forever. The person who is referred can make money trading, and the referrer makes commission off that money. So, the more people an IB refers and the more those people trade, the more the IB will earn.
Becoming an IB and earning a passive income requires very little work and no financial investment from you. It’s all about who you know and how you connect with people. Here are three ways you can use referrals to mitigate the effects of lockdown on your income.
- Use Your website
No matter what you do for a living, you can use your existing business connections and resources as leverage to generate referral income. If you have a website, you can earn by simply putting a banner up somewhere on your page.
Anyone who clicks on the banner and signs up to trade can then generate ongoing passive income for you. Doing this is essentially the same as monetising a blog, in that, the more clicks you generate, the more you’ll make.
The primary difference between referral to a broker and monetising, though, is that as a referrer, you get paid on an ongoing basis, not just once off.
2. Use your social media pages
Social media was booming before lockdown. Now, following COVID-19 social distancing measures, it’s even bigger. People who weren’t that interested in using social media before have suddenly started engaging out of necessity, and for those staying at home, more hours every day are spent browsing Facebook, Instagram, Twitter, Tiktok and more.
Social media influencers have more power than politicians when it comes to thought leadership. This makes the online social environment ideal for referrals. Whether you have 200 followers/friends on your social media channel of choice, or one million, referrals cost you nothing. Why not use your network to potentially make some extra money?
3. Talk to your family and friends
Understandably, many are reluctant to introduce family or friends to business opportunities that could be too good to be true. These are people whose trust is important, and we don’t want to damage that by suggesting that they invest in something that isn’t above board.
With trading referrals, it is entirely up to the person trading how much they choose to invest. And their money is never in the hands of any third party who could potentially run away with it. They control their own outcomes by “playing” the markets.
As an IB, you are potentially offering the network of people you refer an opportunity to learn how to trade. This is a skill that they can use for their own good, and a reputable trader will always ensure that they trade responsibly.
So, with a broker referral (provided you have done your research and the broker is reputable), you can rest assured that you are not involved in a pyramid scheme or a scam. Trading is a legitimate income-generation tool, and so is referral.
“There is no try. There is only do.” ― John Green, The Fault in Our Stars
“This is a strange and tumultuous time for millions of people who feel trapped in a cycle of financial insecurity and uncertainty. But if history has taught us anything about the nature of humanity, it is that we are resilient and resourceful.
We will overcome the challenges of this time, not only as a people, but in our individual capacities as thinkers, entrepreneurs and survivalists. Opportunity does exist, even in darker times. All we need to do is try and we will find it”, says Daniel Kibel, CEO of CM Trading.
CMTrading offers forex professionals, educators, social media influencers, businesses and fund managers several opportunities to make an income through referrals; and provides a safe, regulated trading environment for both inexperienced and established traders.
To start your journey with CM Trading, sign up today!