PayCly Blog

Everything that you Need to Know About Forex Trading Merchant Account

Forex trading is known as foreign currency exchange. It is a business activity that runs 24/7 because of the global market's timing. According to a report from the Imarc group, the global forex market size was US$ 753.2 billion in 2022, which is expected to reach US$ 1,143.2 billion by 2028 with a compound annual growth rate of 7% between 2023 and 2028. But as we know, forex trading is a business that is conducted online, which means a forex trader needs a merchant account to accept online payments. So this article is going to be forex special because you will get here everything that needs to be known about forex trading and forex trading merchant account.

What is forex trading?

Forex trading is the systematic exchange of one currency for another at a predetermined exchange rate. It operates through a network of online brokers, traders, banks, and other financial organizations. It enables the transmission of funds using a variety of credit instruments, such as bank drafts, foreign currency bills, telephone transfers, etc. The forex market runs nonstop 24/7 for 5.5 days a week.

Which type of merchant account is required for forex trading?

Forex trading is considered a high-risk business by financial institutions, banks, and payment processors. This is why a forex merchant or trader needs a high-risk merchant account.

Why is forex trading considered a high-risk business?

Forex trading is classified as a high-risk business by banks, payment processors, and financial institutions. Because it fulfills the criteria for being a high-risk business. These are some of the characteristics that contribute to a business being labeled high-risk. A high chargeback ratio and refund rate, the bad credit history of the business, the unregulated business market, and the risk of fraudulent activities are some of the traits that are responsible for a business being listed as high risk.

Of these traits, forex trading has many, such as:

High chargeback ratio

Usually, the chargeback rate must be under 1% of the sales, but in the forex industry, the chargeback is higher. Because the traders who lose money mostly try to dispute specific transactions by issuing chargebacks. The forex industry also has a risk of a chargeback from investors who may have lost money.

Unregulated business market

As we all know, forex trading is a global activity. And there are no such rules that show that one country has jurisdiction over another country's currencies. Banks and payment processors face a big problem due to this. With the need for more regulation, there is just one way to regulate the industry. By running only licensed trading platforms. But it is a problem in itself to regulate all the trading platforms running across the globe; this is why forex is labeled as a high-risk business.

Risk of fraudulent activities

Fraudulent activities are always a risk in every business. But because forex is a market that runs only on liquid assets, there is always a threat of illegal and fraudulent activities such as fraudulent transactions and money laundering. Money laundering is the most concerning aspect of forex because the past has so many impactful examples of it.

Due to these reasons, forex trading is considered a high-risk business, and payment processors and banks label it as such, which eventually makes it difficult for a forex merchant to find a merchant account service provider that can provide a forex trading merchant account.

How to select a suitable merchant account provider for a forex trading merchant account?

Before selecting a merchant account service provider for forex trading. A forex merchant has to keep in mind some points, and those points are given here:

  • The very first and obvious thing is to check whether the platform to which a merchant is approaching or is thinking of approaching provides services for such a high-risk business or not. Because most payment processors deny giving a merchant account to high-risk merchants.
  • The next thing a forex merchant has to keep in mind is that the merchant account provider’s platform must have some kind of tools and features for data security and fraud management.
  • Because forex is a global trade, it becomes quite obvious for a merchant to accept different currencies. So if a forex trader is selecting a platform for a merchant account, then the trader has to confirm whether the platform supports various different currencies or not.
  • Forex is a business that involves global participants, and due to this, a unique but tricky situation comes up while making payments. Because not every kind of payment method is used in every country and not every method is supported. So it is good for a forex merchant to have a merchant account on a platform that supports all the major payment methods for making payments.

So these are a few of those important points that a forex trader must keep in mind before selecting a merchant account provider for services.

Why is PayCly the best option as a forex trading merchant account provider?

Paycly is a payment gateway, credit card processor, and merchant account service provider, especially for high-risk ones. This Singapore-based service provider is an exceptional platform in Southeast Asia for high-risk merchant accounts such as forex trading. Why Paycly is said to be the best forex merchant solutions provider, here are some reasons for it.

  • First of all, it is a high-risk merchant account provider, so it is a specialty of its to provide business accounts to businesses that are running in high-risk and unregulated industries, and it is proficient in its work.
  • The second thing is that PayCly has wide global coverage in 150 plus countries and currency support for up to 100 plus currencies, which makes it perfect for the global nature of the forex business.
  • Paycly is a PCI DSS Level 1 compliant platform, which ensures data security. In addition, it has a proactive fraud management team to identify and eradicate any suspicious activity before it becomes a problem.
  • Apart from these things, it has awesome tools for making a merchant’s life easy, such as a powerful dashboard to get all the required information in a fraction of a second. It provides direct payment links as an alternative to the lack of other payment methods, and the best thing is that it provides instant approval for a high-risk merchant account.

If you also want a high-risk merchant account for forex trading or any other high-risk business. Then you are just a few steps away from getting one. Just follow the below-given procedure, and you will instantly open a high-risk merchant account with paycly.

How can a Paycly Merchant account be opened?

Follow these instructions to sign up for a high-risk company account on Paycly.

  • Check out the Paycly website.
  • Next, click in the page’s top-right corner to choose "Apply Now."
  • The registration form will then appear on the screen.
  • Completely fill out that form with all the necessary details.
  • Then, you must select "Submit" on the following page.

You can quickly establish a high-risk business account with Paycly by following this procedure.


So this was a long, brief introduction to a forex trading merchant account. We hope, as a reader or forex merchant, it was a value-added article for you. And don’t forget to try Paycly if you need a high-risk merchant account.

Enquiry Now