Forex Merchant Account – Processing payments on the Forex market
Processing payments on the Forex market
Forex traders or traders in the Forex market buy and sell various currencies on the world currency exchanges.
Known as the Forex market, it is an online platform on which global trading of all world currencies takes place. It is the largest and most liquid market with a daily trading volume of more than $5 trillion.
The market offers the opportunity to exchange one currency for another and is open 24 hours a day, 5 days a week on various trading platforms.
Brokers who accept payments from this trader need the services of a Forex trading account.
Before the advent of the Internet, the foreign exchange market was the prerogative of international banks, wealthy individuals and investment companies.
Today, Forex trading is available to retail traders around the world. These traders can access the trading platform with the help of one of the online brokers and trade currency without leaving home.
When trading on the Forex market, traders simultaneously sell one currency and buy another.
Currency pairs (for example, euro/US dollar) represent goods that are being sold and goods that are being bought.
In the euro/dollar example, the euro is bought and the US dollar is sold. Retailers usually want to profit from the difference in currency prices.
They don’t want to accept the actual delivery of the currency. This is why Forex trading accounts are considered high-risk.
The growth of the Forex market was driven by several factors, but accessibility and technology played a leading role.
Internet speed in residential areas has become higher and cheaper. Retailers can now open accounts for as little as $50 or $100 and trade dozens of currencies from their smartphone, tablet or laptop.
Forex Trading Merchant Account: What is it?
A Forex trading account is a bank account that allows a trader or a trading program to receive payments from customers using a credit or debit card in a foreign currency.
This type of account is popular in online stores or any company that does business with non-local customers.
Types of trading accounts
There are two types of trading accounts, depending on whether you use a bank card for online payments.:
Trading accounts
It was created in order to take part in the race for a debit card using a printer or the term Force. They are launched by owners of offline stores.
Seller’s online account
It was created to accept payments from customers’ bank accounts without using bank cards. It is used by owners of online stores, forex brokers, various social networks, dating sites, online casinos, cryptocurrency exchanges, etc. Such trading accounts are most in demand.
Payment Specification
Companies with a good reputation are more likely to be approved by currency payment operators.
Because it is easy for them to check their income and financial qualifications. An accurate transaction history can significantly increase the likelihood of business approval.
License status
The license status indicates whether the seller has received permission from a financial authority, financial supervision authority or other regulatory authority. Currency traders do not have the right to open trading accounts on the Forex market if they do not have the appropriate license.
Are Forex Merchant Account considered high-risk?
For various reasons, payment processing in the Forex market belongs to the category of high-risk transactions. Unlike other industries, online Forex traders, as a rule, must have a license, and if they do not have one, then this becomes a “gray zone”.
Payment processing by brokers requires a high average amount and transaction volume, most transactions regularly exceed $2,500, and monthly trading volumes can regularly reach 7 digits.
The higher the transaction volume, the higher the probability of a refund. Unlike other industries, brokers, as a rule, do not have large volumes accompanied by high amounts of deposits.
Over the past 20 years, there has been a struggle for anonymous financial transactions. Brokerage firms and banks need to collect documents (to know the client), which allows you to check who the trader pretends to be.
The information about the trader must match the information stored by the broker, and the information about the bank account associated with the trader is checked against various government lists of terrorists.
If a bank or processing center makes a mistake, you may lose your trading license, as you risk contributing to money laundering.
Forex is an international business with online traders and brokerage firms in many countries and jurisdictions. Brokerage activity permitted in one country may not be considered permitted in another.
Similarly, traders may be located in countries where Forex trading is prohibited. At the same time, the broker’s license does not specify whether it is legal or illegal to open a trading account for traders in this country.
This burden falls on the shoulders of transaction processing service providers and banks. They have the task of blocking trade operations in certain countries and constantly analyzing new laws and regulations for countries around the world.
Credit card processing in the Forex market
Our network of processing companies allows traders to accept payments using professional trading accounts.
Wellcoiex, which offers the lowest rates, quick payouts and easy account approval, has proven itself well among traders working in the Forex market.
- Lowest rates: regardless of monthly throughput.
- No monthly volume limit: there is no need to reject traders’ requests for exceeding the monthly volume limit.
- High trading limits: Large traders can easily make large amounts of deposits.
- Anti-Fraud: Use a set of anti-fraud tools to minimize fraud.
- Easy approval: Invoices are usually approved within 72 hours.
- Easy Integration: Fast and uncomplicated integration with gateways.
Forex Payment Trading Solution
The processor gateway is an important part of the services for working with trading accounts in the Forex market. You can save development time by working with processors that provide payment gateways that can be integrated into most shopping carts.
Adjacent payment gateways can be configured at various points. The Wellcoinex Forex payment service has become a market leader by providing free and above-ground payment service services.
Forex Trader Requirements for Forex Merchant Accounts
Several documents are required to approve and configure trading services for a broker. After processing the document, approval takes 1-2 days.
- Filling out the application
- Identity card (passport)
- Corporate documents
- Utility bill (address confirmation)
- Screenshot of domain registration (check the ownership of the domain).
Providing a full application to the underwriter will help increase the approval time for payment processing services.
As with other types of financial products, banking organizations need to know who they are working with in order to prevent the risk of illegal activities, including money laundering and terrorism.
After a quick check of the financial performance and corporate history of the forex business, most underwriters can approve payment processing brokerage services within a few days and provide trading account services to forex brokers.
Open a Forex trader’s checking account today
We invite companies that are looking for processors to provide solutions for Forex trading accounts to brokers anywhere in the world to apply for payment processing services.
Our simple application process allows the brokerage firm to get approval and accept the payment within a few days.
Our company must fill out a simple application form and provide several supporting documents. Our Forex trading underwriters usually review the app within 24 hours and leave feedback.
Contact one of the experts in the field of binary options and the Forex payment system to open a Forex trading account today.
Proposal to create a trade account of Welcoinex
We have been working in the financial services market for many years. By contacting us, you are guaranteed to receive high-quality products with many advantages:
- High reliability.
- The ability to integrate with any site.
- A solution for everyone. We will help you create a trading account, even if you sell custom crafts only a few times a month.
- Work with high-risk traders: Forex, gambling, alcohol, drugs, tobacco, weapons, gambling, bookmakers, etc.
- We offer unique products, including accepting payments using cryptocurrency (cryptoprocessing).
- Global reach. We will develop solutions for accepting payments from cards of all banks in the world.
- There is no chargeback.
- All inclusive. Full turnkey development. After our work, you can immediately accept an online payment.
Our solutions work successfully in 180 countries around the world for hundreds of companies. For us, trading is a thoroughly studied area of financial services, in which our experts are world-class professionals.