FX, forex, or foreign exchange, is the trading of foreign currencies on an online platform. Forex trading is the biggest business market in the world in terms of liquidity and daily trading volume, with a whopping total of 7.5 trillion US dollars. London and New York are the two biggest trading hubs, respectively, for forex trading in the world. But Singapore, Japan, and Hong Kong in the top 5 show the dominance of Asia (especially Southeast Asia and the Asia-Pacific region) in the fx market. Singapore is the third largest forex trading center in the world. Influenced by its neighbor Singapore, Malaysia also has a decent daily fx trading turnover of US$ 17.98 billion. Forex is said to be the best profit-making business, but it is also one of the riskiest businesses. This is why forex traders struggle to get a new forex trading merchant account to accept payments. But if you want a forex merchant account without any inconvenience, and that too with customized services. Then read down to get all of your answers.
Hardships for a fx trader to get the forex trading merchant account
Forex trading is listed as a high-risk business by banks and financial institutions. Thus, most merchant account providers refuse to provide their services to a forex trader, and there are some reasons for it.
- Forex trading is one of those businesses known for high chargeback rates. And because of this higher chargeback ratio, a bank does not want to take a risk ( because chargebacks are the bank's responsibility) by providing a business account to a forex merchant.
- Because fx trading is a business that is operated remotely via online platforms, it is not possible to check the legitimacy of the invested funds. As a result, the risk of fraud and money laundering compelled banks to deny a forex trading merchant account.
- Forex is not a business industry that has a governing body or has anything like universal rules and regulations, not to mention the dos and don’ts. Every region or country has its own set of regulations to follow. This is why, to stay away from regulatory risks, a bank denies merchant accounts to forex merchants.
- Cybersecurity concerns are another factor that banks consider when denying forex merchant solutions. As we know, there is no central figure to operate the forex market, and it lacks rules and regulations related to data security. Because of this, forex becomes a vulnerable business in terms of data security.
- Another reason why banks refuse to provide a forex trading merchant account is that forex is a volatile market. The market volatility of this business makes banks underconfident in the
- A perfect forex merchant account provider must handle the higher ratio of chargebacks without imposing any extra charges on a forex merchant for them.
- In forex trading, a merchant needs an account provider that can manage a high volume of daily transactions without slowing down the payment settlement procedure. Because in forex trading, a merchant is involved in a lot of transactions on a daily basis.
- Because forex trading is always in the sights of hackers and online scammers. A merchant account provider must have enough security arrangements to safeguard its client's data. And for this, a merchant account provider must comply with PCI DSS, the highest standard of data security.
- A merchant account provider can not be the perfect forex trading merchant account provider. Until it is ready to accept and manage the market volatility risk associated with forex trading.
Why is PayCly the best in the business?
PayCly, one of the finest high-risk merchant accounts and payment gateway providers in Southeast Asia, is a specialized high-risk account provider that is perfect for forex traders to get a business account. Here are the grounds for it:
- PayCly has a large banking network to provide a forex trading merchant account with the best possible charges. Because of this vast network, it has a very competitive and transparent fee structure without any hidden charges.
- Unlike other account providers, PayCly takes all the responsibility for the chargebacks, irrespective of the risk related to the forex trading market.
- PayCly doesn’t hesitate to provide a forex trading merchant account because of compliance reasons according to the regulations of a particular market. It complies with every regulation for forex trading to provide merchant accounts.
- To safeguard the sensitive data of their clients and their client’s customers, PayCly complies with the PCI DSS (highest standard for data security) and has an SSL certification.
- With a PayCly forex merchant account, a merchant can easily accept payments in more than 100 currencies.
Add-ons with the PayCly forex trading merchant account
- To accept payment from every possible manner 100 plus payment methods along with the regional payment options.
- Support for more than 100 currencies to accept payment from anywhere in the world.
- A global network of 150 countries for business opportunities in new places.
- Fraud monitoring with AI and machine learning and a team to supervise all the activities.
- A unique merchant ID for ease of identification and data handling.
- Instant approval for the merchant account with the least number of required documents.
To set up a merchant account a forex trader has to follow these suggestions.
By following these instructions, you can open a high-risk merchant account on PayCly quickly.
- Visit the homepage of the website.
- Click in the top-right corner of the screen to pick "Apply Now" after that.
- The enrollment document will then be displayed on the device.
- Completely fill out that form with all the necessary data.
- On the subsequent screen, you must then click "Submit."
By following these steps, you can easily open a high-risk merchant account on PayCly.
- Two ID proofs, such as a driving license or passport, along with the photocopy
- Business address proof
- Business owner’s address proof
- A canceled check
- Company EIN documents
- Three to six months of financial statements
- Articles of incorporation
PayCly has established itself as the best high-risk merchant account provider in Southeast Asia. Because it works outside of its comfort zone and pushes its limits to provide better services for its clients. If you go through this article, then you will easily understand these words. Because PayCly has taken that extra risk, which other business account providers refuse to take while providing the forex merchant account to a forex trader. Along with sharing the risk factor of the business of its clients, it tries to provide the services with the best possible charges, and for this reason, it does not charge any kind of extra cost in the name of special services and does not have any hidden charges in any kind of service offered. Because of these small but important factors, PayCly has become the best forex merchant account provider in Southeast Asia.