Starting a Forex Brokerage comes with a rather overwhelming to-do list right at the start. You will need:
hosting, risk management, and a lot more red tape than is usually foreseen.
However, with some knowledge and experience, you will surely be off to a good start and ahead of the competition.
But Step 1 is actually naming the company. And after 15 years in business I’ve got to say – a lot of Forex Brokers’ names are mixed up in my head and only a handful really stand out. I won’t name any names here but you’ll know when you hear them. So let’s make your new name in a way that it attracts attention.
There is a general consensus on how companies are named, however Brokerage Firms do not fit all of those categories and generally fall into one of the following:
– Acronymic names: (XTB)
– Composite names such as QuickTrade and BlackBull
– Abstract (CAWADA)
– FX Brokers’ names generally do not contain clues as to who the founder is (such as Dell or Disney). But some IBs, Signal Providers, or Money Managers may.
– Same goes for where they are located (Mauritius Trade). We are in a global business, let’s keep it as such.
The name may include what you do, but don’t make it too generic: (Easy Trade, Interactive Brokers)
– Avoid naming similar to other brands FXCM / FXEM
Once you have an idea:
– Say it out loud, have someone hear it. Listen to your company name spoken by someone with a foreign accent.
– Make sure it doesn’t mean anything negative or offensive in another language.
– Check the same with its acronym.
Finally, check if it’s available. The registration country will likely have a search portal that will let you search the existing naming database.
Now let’s use the Internet a little bit, let’s look into two specific Google searches: Instant Domain Search and Company Name Suggestions AI
Just like that, we come up with a handful of names right from the internet within minutes.
And To recap:
- Choose a memorable and relatively simple name. As I mentioned earlier, many names are easily forgettable. They can also be too similar to other names in the industry or too complicated.
- Ensure that the name is easy to pronounce and not too hard to spell. If it sounds odd to you or your business partners, chances are it’ll sound odd to others as well!
- Focus on who your target audience is. You can be culturally specific here. For example, the color red is considered lucky in many Asian countries whereas it can be seen as a color of financial loss in other places. This goes with what I was saying earlier about making sure your chosen name has no negative connotations.
- Consider the overall look and feel of your brand. What emotions do you want to convey? Later, when you’re thinking about creating your logo, your name and logo will have to match, too.
- Look to other successful Brokerages for inspiration, just don’t copy them!
With our help and guidance, you will be able to quickly gain a solid client base and develop an excellent reputation.
Kenmore Design has representation worldwide and we are looking forward to seeing more of you in 2022!
Check out namelix.com type in some keywords: FX MARKETS PRO
Get started with a demo now!