Retail brokers have consistently seen Latin America (LATAM) as a highly lucrative jurisdiction with a large potential client base. However, the region presents a wide range of challenges and barriers to entry for incoming brokers.
Unlike Europe, LATAM does not operate as a bloc, but rather with diverse regulations, demographics, and opportunities. Many brokers have arrived in the region looking to replicate their existing business, only to fail and close up shop.
Why Most Brokers Fail in LATAM
To understand why brokers have historically had difficulty in LATAM is to focus on the region itself. Many countries here operate through known contacts, personnel, or country managers. These sorts of contacts are seldom established overnight.
Additionally, even large brokers arriving from abroad have had difficulty making their mark on the LATAM market. This mainly has to do with shortcomings in marketing efforts, which often do not properly cater to the existing demographics.
“Although we speak the same language there are notorious cultural differences between countries in LATAM. To settle successfully in this region, you need to understand this is a process that will take a while to give results. We specialize in shortening that process”, explained Sebastián Rivas, co-Founder and Managing Partner at Latam Forex Solutions.
With no formal forex Regulation policing the continent, each country instead relies on different means of compliance. While the LATAM market is far from mature, there is however strong potential to do business and have success.
Of course, this higher ceiling is tempered by challenges in diversity and market penetration.
Many brokers have fallen for the same types of mistakes and largely fail to approach the region as an entirely autonomous segment of the industry, which requires a more nuanced strategy.
Setting Yourself Up for Success in the Region
These challenges can seem daunting for incoming brokers, though there are a number of resources available. Relying on proven contacts in the region is the first step to success.
Whether you are looking to enter the LATAM market or are looking to improve your existing business, using the right personnel can ensure you have the inside track in doing business locally.
Latam Forex Solutions has established itself in the region as the go-to intermediary that can outsource your business and execute a successful marketing campaign. The company knows its audience and has over a decade of on-the-ground experience.
In a market that’s defined by who you now and one common language, the margin for failure is high. Latam Forex Solutions is skilled at getting you set up long-term, with proven success in hiring country managers, focusing on education for clients, fostering sales, and building relationships.
Latam Forex Solutions is run by co-Founders and Managing Partners, Federico Jelen and Sebastián Rivas. The two individuals are well known in the LATAM market for their proficiency in the region and relationship management.
Both men are no stranger to the institutional and retail financial sector, having worked in senior positions in the forex space for almost a decade.
What can Latam Forex Solutions Do for You?
The company’s marketing strategy is specifically curated for LATAM, making it an ideal intermediary for new brokers looking to make a splash in the region.
Indeed, retail forex brokers have looked beyond Europe given the tightening of regulations over the past few years. This has led to an uptick in new interest in LATAM, making the right personnel and strategy more important than ever before.
See what Latam Forex Solutions can do for you and learn more about what the company can do to promote and kick-start your business in the region.
The company is proficient in lowering entry costs and optimizing your time through strategic agreements and a flexible marketing approach.
Don’t leave anything up to chance. Rely on the experts to complete your footprint in the LATAM market with representative offices acting on your behalf.
“Our outsourced solution is unique in the LATAM market. We detected there was a clear niche with FX brokers willing to install themselves in LATAM, but had no experience nor know-how on the ground, losing sizable time and money”, reiterated Mr. Jelen.
Latam Forex Solutions specializes in three unique BPO packages, providing educators, online resources and webinars, live trading, and expert sales staff.
If you want to learn more about services that are available and get a personalized offer for your business, contact partners@latamforexsolutions.com