Brokerage Models

White Label vs Grey Label Which Model Fits Your Brokerage?

Two paths to launching a forex brokerage on MetaTrader 5 — each with different levels of branding control, cost, and infrastructure independence. This guide covers everything you need to make the right choice.

Understanding the Two Models

Both white label and grey label solutions let you operate as a broker on MetaTrader 5 without a full server license — but the similarities end there.

What Is a White Label?

A white label solution gives the broker complete branding control over the trading platform. The broker operates under their own company name, server identity, and domain. Clients see only the broker's brand throughout the WebTrader, mobile apps, and CRM. The broker typically receives a dedicated trader group on the MT5 server, custom symbol configurations, and independent risk management tools.

White labels are suited for brokers who want to build a recognizable brand, own the client relationship entirely, and have the budget for a more comprehensive setup. The broker handles their own marketing, compliance, and client acquisition while the provider manages the MT5 infrastructure.

Learn more about FXUP's MT5 white label solution.

What Is a Grey Label?

A grey label solution offers a faster, lower-cost entry into brokerage operations with partial branding. The broker can apply their logo and some visual customization, but the underlying platform and server identity may still reference the provider. Grey labels share more infrastructure with the provider and other grey label brokers on the same setup.

Grey labels are designed for brokers who want to test the market quickly, operate as introducing brokers (IBs) transitioning to full brokerage, or start with a smaller client base before investing in a full white label. The provider often handles more of the operational burden.

Explore FXUP's MT5 grey label offering.

White Label vs Grey Label: Side-by-Side Comparison

A detailed breakdown across every factor that impacts your brokerage decision.

Factor White Label Grey Label
Branding Control Full — your brand everywhere Partial — provider elements may be visible
Server Identity Dedicated server name under your brand Shared server name with provider branding
Setup Cost $3,000 – $10,000+ $0 – $2,000
Monthly Cost $1,500 – $5,000 $500 – $2,000
Time to Market 2 – 6 weeks 1 – 2 weeks
Symbol Configuration Custom symbols and spreads Predefined symbols from provider
Risk Management Independent risk controls Provider-managed risk settings
WebTrader/Mobile Apps Fully branded custom apps Shared or lightly branded apps
CRM Integration Dedicated CRM under your domain Shared CRM or limited access
Customization Depth High — custom workflows, plugins, integrations Low — standard configuration only
Target Audience Established or well-funded brokerages Startups, IBs, market testers
Client Ownership Full — clients are yours Shared — provider retains some visibility
Scalability High — grow independently Limited — tied to provider capacity

Pros and Cons of Each Model

An honest assessment to help you weigh the trade-offs.

White Label Advantages

  • Complete brand ownership builds trust and credibility
  • Full control over spreads, symbols, and trading conditions
  • Independent risk management and client data
  • Custom WebTrader, CRM, and mobile apps under your domain
  • Greater differentiation from competitors
  • Scalable — no ceiling on growth

White Label Drawbacks

  • Higher upfront and monthly costs
  • Longer setup time (2-6 weeks)
  • Requires more operational involvement from the broker
  • Greater responsibility for compliance and client management

Grey Label Advantages

  • Low barrier to entry — minimal upfront investment
  • Fastest time to market (as little as 1 week)
  • Provider handles most operational complexity
  • Ideal for testing demand before committing fully
  • Lower financial risk if the venture does not scale

Grey Label Drawbacks

  • Limited branding — provider identity may be visible
  • Less control over trading conditions and symbols
  • Shared infrastructure limits customization
  • Harder to build long-term brand equity
  • Client data shared with or accessible to the provider

When to Choose Each Model

Matching the right solution to your business stage and goals.

Testing a Market

If you are entering a new region or asset class and want to validate demand before heavy investment, start with a grey label. The low cost and fast deployment let you test with real clients and real market conditions.

Launching a Brand

If you have secured funding, obtained a license, and plan to build a recognized brokerage brand, go directly to a white label. Full branding from day one establishes credibility with traders and partners.

IB Transition

If you are an introducing broker ready to operate independently, a grey label is the natural first step. It lets you maintain client relationships while building operational experience before a full white label upgrade.

Scaling Up

If you have outgrown your grey label and need custom trading conditions, dedicated apps, and full brand control, it is time to upgrade to a white label. This is the path to long-term competitiveness.

What You Get with Each Solution at FXUP

Concrete deliverables for both models, so you know exactly what to expect.

FXUP White Label Includes

  • Fully branded WebTrader built with Flutter
  • Native iOS and Android mobile trading apps
  • Complete broker CRM with client management
  • Custom domain and SSL configuration
  • Dedicated MT5 trader group with custom symbols
  • Independent spread and commission settings
  • Real-time MT5 Web API integration via Go backend
  • Liquidity bridge configuration and support
  • Ongoing technical support and platform updates

Full MT5 white label details →

FXUP Grey Label Includes

  • Branded login page and basic visual customization
  • Access to shared WebTrader platform
  • MT5 account management through provider CRM
  • Pre-configured symbol list with competitive spreads
  • Client onboarding and KYC workflow
  • Standard reporting and analytics
  • Technical support during business hours
  • Upgrade path to full white label when ready

Full MT5 grey label details →

Frequently Asked Questions

Common questions about choosing between white label and grey label brokerage models.

What is the difference between a white label and a grey label in forex? +
A white label provides full branding control — your company name, logo, and domain appear throughout the platform, and clients interact exclusively with your brand. A grey label offers partial branding where some elements of the provider's platform remain visible, and the broker has less control over customization. White labels offer deeper infrastructure access, while grey labels trade control for speed and lower cost.
Is a grey label cheaper than a white label? +
Yes, grey label solutions are typically cheaper. Setup fees are lower or waived entirely, and monthly costs can be 40-60% less than a full white label. This is because grey labels share more infrastructure and require less customization. However, the cost savings come with reduced branding control and less differentiation from other brokers using the same provider.
Can I upgrade from a grey label to a white label? +
Yes, most providers offer an upgrade path from grey label to white label. This typically involves additional setup for branding customization, dedicated server resources, and potentially a new trader group configuration. The transition process varies by provider but usually takes 2-4 weeks. Contact FXUP to discuss upgrading your grey label to a full white label.
Do clients know I am using a white label or grey label? +
With a white label, clients should not be able to tell — everything is fully branded under your company. With a grey label, some provider elements may be visible, such as the server name in MT5 or shared platform branding. Sophisticated traders may recognize a grey label setup, which could affect perceived credibility.
Which option is better for a startup brokerage? +
For most startup brokerages, a grey label is a practical starting point. It offers lower upfront costs, faster deployment (often under 2 weeks), and lets you validate your business model before committing to a full white label. Once you have proven demand and revenue, upgrading to a white label gives you full brand control and infrastructure independence.
Do I need a forex license for a white label or grey label? +
Regulatory requirements depend on your jurisdiction, not the label type. Both white label and grey label brokers typically need appropriate financial services licenses to operate legally. Some jurisdictions allow introducing broker models under a grey label without a full broker license, but this varies. Always consult a regulatory specialist for your specific market. Reach out to FXUP to discuss regulatory considerations.

Not Sure Which Model Is Right for You?

Talk to FXUP's team. We will help you evaluate your goals, budget, and timeline to recommend the best path — whether that is starting with a grey label or going straight to a full white label.

Talk to Our Team Explore White Label