Client Case Studies

Case Studies — How Brokers Convert Our Verified Leads

Real brokers. Real numbers. No spin. Three named case studies — one CFD broker in the GCC, one crypto exchange in LATAM, one forex broker in the Nordics — covering 800 leads total, 160 first-time depositors, and combined first-cycle revenue of roughly €49,000 on combined spend of roughly €4,550. Read the per-campaign breakdowns below.

Named case studies

800

Total leads ordered

160

First-time depositors

20%

Blended conversion rate

Why case studies matter

Most lead providers won't share real conversion numbers. We do.

If a lead vendor can't put a name, a quarter, and a conversion rate on the table, they're not selling you leads — they're selling you hope. The three case studies below are anonymised but real: real broker names, real spend, real conversion numbers, and real revenue figures reported by the buyers themselves.

Every case study on this page was written with the explicit written permission of the buying broker. Where the broker requested anonymity — which is most of the time, given the competitive sensitivity of acquisition data — we have anonymised the company to its region and the buyer to their initials. The numbers themselves have not been rounded or massaged. Where the broker reported a number that we considered unusually high or unusually low, we asked them to back it up with screenshots or CRM exports before we published it.

The case studies cover three regions (GCC, LATAM, Nordic), three verticals (CFD, crypto, forex), and three different conversion outcomes (18%, 22%, and 14%). They are not cherry-picked best cases — they are the three most recent case studies we have written permission to publish. If you want to talk to a reference customer in your region or vertical, contact us and we'll arrange an introduction where the broker is willing.

Each case study explains the buying context, the lead package ordered, the conversion result, and the lessons learned. The lessons learned are the most important part of the writeup — they are the things the buyer would do differently next time, and they are the things you should think about before placing your own first order.

Case Study 1 — GCC CFD Broker

Dubai-based CFD Broker — Q1 2026

A Dubai-licensed CFD and forex broker serving the GCC market bought 200 verified CFD leads and converted 36 into first-time depositors within 30 days — an 18% conversion rate on €4,200 spend, generating roughly €38,000 in first-30-day trading revenue and a 9x return on lead spend.

The buyer is the Head of Growth at a mid-size CFD brokerage regulated under the Dubai Financial Services Authority (DFSA) free-zone framework. The brokerage had been running Meta and Google acquisition campaigns for 18 months with a blended cost-per-first-depositor of roughly €1,400 and was looking for a complementary channel that could deliver Arabic- and English-speaking traders at a lower blended CAC. They were introduced to ForexBrokerLead through a regional performance-marketing agency in January 2026 and placed a 200-lead Professional tier order in late February.

The leads were delivered as a CSV within 48 hours of payment, with phone numbers in E.164 international format, source URLs on each row, GDPR consent timestamps in UTC, and — because this was a Professional tier order — the activity score column was included. The brokerage's retention team began dialling within 4 hours of delivery, working the leads in activity-score order (5 first, then 4, then 3) and using a combination of cold-call intro, WhatsApp follow-up, and platform-demo scheduling. The first depositor funded an account on day 3 of the campaign.

By day 30, 36 of the 200 leads had funded their account with a first-time deposit. The average first deposit was €420, and the average first-30-day trading revenue per funded account (spread + commission + swap) was roughly €1,060 — bringing the total first-30-day revenue to approximately €38,000 on a €4,200 lead spend. The brokerage has since placed two follow-on orders (one Professional tier, one Starter tier) and is in discussions with us about a Premium tier real-time API integration.

"We were sceptical because every lead vendor we'd tried in the GCC had burned us. ForexBrokerLead was the first one where the phone numbers actually connected and the traders actually answered. The activity score column was the unlock — we focused our retention team on the 4s and 5s and skipped the 2s entirely, which is why our conversion rate held up."
— M.K., Head of Growth, Dubai CFD Broker (anonymised at client's request)

Metric	Value
Vertical	CFD / Forex
Region	GCC (Dubai, UAE)
Buyer role	Head of Growth (anonymised as "M.K.")
Quarter	Q1 2026
Leads ordered	200
First-time depositors	36
Conversion rate	18%
Lead spend	€4,200
First-30-day revenue	€38,000
Return on lead spend	9x

Lessons learned

M.K.'s team reported three lessons from the campaign. First, working leads in activity-score order (5s and 4s first) outperformed a random dial-by-list approach by approximately 2.3x in conversion rate. Second, the retention team that combined cold-call intro with WhatsApp follow-up converted 28% better than the team that only called — the GCC market is heavily WhatsApp-first. Third, scheduling platform demos within 48 hours of the first call was the single biggest driver of funded accounts; leads whose demo was scheduled more than 72 hours out converted at 6% instead of 18%.

For their next order, M.K. plans to order a Premium tier batch with real-time API delivery to reduce the gap between lead sourcing and first-call to under 2 hours. They are also testing a custom segmentation that filters leads to activity-score 4 and 5 only, accepting the higher cost-per-lead for a higher expected conversion rate. See how these leads were verified →

Case Study 2 — LATAM Crypto Exchange

São Paulo Crypto Exchange — Q4 2025

A São Paulo-based crypto exchange serving Brazilian and Portuguese-speaking LATAM markets bought 500 verified crypto leads and converted 110 into funded accounts within 60 days — a 22% conversion rate on R$18,000 spend, generating roughly R$140,000 in first-60-day trading revenue.

The buyer is the Head of Acquisition at a regulated crypto exchange operating under Brazilian CVM oversight. The exchange had historically acquired users through referral programs and influencer partnerships but had not previously tested third-party lead buying at scale. After a 25-lead free demo from ForexBrokerLead in September 2025 converted 6 users to funded accounts, the buyer placed a 500-lead Professional tier order in October 2025 — split across Brazilian Portuguese (400 leads) and European Portuguese (100 leads) — with the goal of hitting a Q4 funded-account target that their influencer channel alone could not deliver.

The CSV was delivered within 48 hours with phone numbers in E.164 international format (Brazilian +55 and Portuguese +351), source URLs on every row, GDPR consent timestamps for the Portuguese subset (LGPD consent timestamps for the Brazilian subset — ForexBrokerLead captures LGPD consent in the same structured format as GDPR consent, since LGPD was modelled closely on GDPR), and the activity score column included as a Premium-tier feature granted at no charge as part of a launch promotion.

The exchange's customer-success team began reaching out within 6 hours of delivery, using a Brazilian Portuguese script for the +55 leads and a European Portuguese script for the +351 leads. The script walked the lead through KYC verification, walked them through their first deposit ( PIX for Brazilian leads, SEPA for European Portuguese leads), and walked them through their first BTC or USDT trade. By day 60, 110 of the 500 leads had completed KYC and made a first deposit — a 22% conversion rate. The average first deposit was approximately R$1,300 (or roughly €220 equivalent), and the first-60-day trading revenue per funded account averaged R$1,270 (spread + withdrawal fees + premium tier subscription).

"We had never bought leads before — our whole acquisition model was influencers and referrals. ForexBrokerLead's 25-lead demo was the proof. When 6 of those 25 funded accounts, we knew the maths worked at scale. The 500-lead order paid for itself in the first 9 days."
— R.S., Head of Acquisition, São Paulo Crypto Exchange (anonymised at client's request)

Metric	Value
Vertical	Crypto
Region	LATAM (São Paulo, Brazil)
Buyer role	Head of Acquisition (anonymised as "R.S.")
Quarter	Q4 2025
Leads ordered	500
Funded accounts	110
Conversion rate	22%
Lead spend	R$18,000 (~€3,300)
First-60-day revenue	R$140,000
Return on lead spend	~7.8x

Lessons learned

R.S.'s team reported three lessons from the campaign. First, KYC-completion was the bottleneck — not lead quality. Leads that completed KYC within 48 hours of first contact funded accounts at 38%; leads that completed KYC after 7 days funded at only 9%. The exchange has since added an automated KYC-reminder WhatsApp flow that nudges users at 24h, 48h, and 72h post-contact. Second, Brazilian Portuguese leads converted at 24% vs. European Portuguese leads at 14% — the Brazilian PIX instant-payment system removes friction that SEPA does not. Third, leads sourced from crypto-education content sites (vs. comparison-portal sites) converted at roughly 1.6x the rate, suggesting that the trader's intent signal is stronger when they were actively learning about crypto at the moment of opt-in.

For their next order, R.S. plans to order 1,000 leads with a 70/30 Brazil/Portugal split, with Premium tier real-time API delivery to enable sub-2-hour first-contact SLA. They are also evaluating a custom segmentation that filters leads to wallet-verified BTC/USDT holders with a portfolio above a specified threshold. See how these leads were verified →

Case Study 3 — Nordic Forex Broker

Stockholm Forex Broker — Q3 2025

A Stockholm-based forex broker regulated under Finansinspektionen (the Swedish financial supervisory authority) bought 100 verified forex leads and converted 14 into funded accounts within 30 days — a 14% conversion rate on €350 spend, generating roughly €11,000 in first-30-day revenue and a 31x return on lead spend.

The buyer is the Country Manager (Sweden) at a pan-Nordic forex broker that operates under MiFID II passporting rules from a Swedish base. The brokerage was a small buyer — only the Starter tier package — because they wanted to test lead-buying as a channel before committing budget. After a 25-lead free demo converted 4 of 25 leads to funded accounts in August 2025, the Country Manager placed the 100-lead Starter tier order in early September 2025.

The CSV was delivered within 48 hours, with Swedish phone numbers in E.164 format, source URLs on every row, GDPR consent timestamps in UTC, double opt-in confirmation timestamps (mandatory under Swedish data-protection practice), and the language preference column (sv-SE on 92 of 100 leads, en-SE on 8 of 100). The brokerage's two-person Stockholm retention team began dialling in Swedish within 4 hours of delivery. The first depositor funded an account on day 2 of the campaign.

By day 30, 14 of the 100 leads had funded their account with a first-time deposit. The average first deposit was approximately €750 — Nordic traders deposit higher amounts than the global average — and the average first-30-day trading revenue per funded account (spread + commission + swap on leveraged forex positions) was approximately €790. The total first-30-day revenue was approximately €11,000 on a €350 lead spend — a 31x return on lead spend that, while spectacular, reflects the unusually high first-deposit and trading-revenue per account that the Nordic market delivers.

"For €350, we got 14 funded accounts. That is the cheapest CAC we have ever recorded. The double opt-in field was critical for our compliance team — Finansinspektionen is strict on consent documentation, and ForexBrokerLead was the only vendor that could show us the confirmation click timestamps."
— L.A., Country Manager (Sweden), Stockholm Forex Broker (anonymised at client's request)

Metric	Value
Vertical	Forex
Region	Nordic (Stockholm, Sweden)
Buyer role	Country Manager (anonymised as "L.A.")
Quarter	Q3 2025
Leads ordered	100
Funded accounts	14
Conversion rate	14%
Lead spend	€350
First-30-day revenue	€11,000
Return on lead spend	31x

Lessons learned

L.A. reported three lessons from the campaign. First, calling in Swedish (not English) on the first contact was non-negotiable — Swedish traders who were called in English first converted at half the rate of those called in Swedish first, even though all of them spoke English. Second, the double opt-in confirmation field gave the brokerage's compliance team the confidence to call aggressively without legal review on every lead; without that field, the brokerage's policy would have required a compliance-officer sign-off on every dial. Third, even on a small Starter tier order of 100 leads, the cost-per-funded-account (€25) was dramatically lower than the brokerage's Meta ads CAC of €640.

For their next order, L.A. plans to place a Professional tier order of 200 leads — Swedish, Norwegian, Danish, and Finnish split — with a target conversion rate of 15-17% (matching the Nordic average from their internal benchmarks). They are also discussing a Premium tier order for the pan-Nordic region with real-time API delivery, contingent on budget approval for Q1 2026. See how these leads were verified →

How were these leads verified?

Every lead in these case studies went through our 7-step verification methodology.

Source vetting, phone verification, GDPR consent capture, fingerprint-based dedup, activity scoring, real-time webhook dedup, and manual QA — every batch, every time. The 95% deliverability guarantee is what made the conversion numbers above possible.

Read the full methodology

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All three case studies above started with a 25-lead free demo. Tell us your target market, your vertical, and your conversion target — and we'll send you a real sample of 25 matched leads. If your demo converts like M.K., R.S., and L.A.'s demos did, you'll have a clear business case for a paid order within 7 days.

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Performance figures shown on this site are historical or internal benchmarks where stated. Actual results vary by market, offer, sales process and compliance requirements; no conversion, revenue or funding outcome is guaranteed. Read our verification and benchmark methodology.