The Bahamas has long served as a hub for asset managers from the United States and Europe. The island's strong, democratic government is home to several of the biggest financial corporations in the world. The Bahamas are still an attractive offshore location for forex as it does not impose an income or capital gains tax. The Bahamas is a desirable location for getting financial services licenses that grant the owner global access due to its extensive banking facilities and membership in the British Commonwealth.
The Bahamas are a perfect destination for forex business promoters. The Securities Commission of the Bahamas (SCB) provides registration under the Securities Industry Act, which includes all forex-related businesses. Numerous renowned forex brokers hold licenses in the Bahamas, and the licensure is accepted globally. Additionally, getting a license is a quick and inexpensive process that only takes a few days to complete.
The forex business is considered high-risk for several reasons, and unfortunately, banks and other financial organizations do not provide merchant accounts to forex brokers. However, there is no need to worry because PayCly is the best payment service provider (PSP) among those who offer forex payment processing to forex brokers. We offer you all necessary payment options, such as a forex payment gateway, forex merchant accounts, offshore merchant accounts, etc.
What is a Forex Merchant Account, and why are they considered High-Risk?
Forex stands for foreign exchange; in this over-the-counter market, one country's currency is exchanged for the currency of another. It usually happens in pairs of two currencies, such as USD and EUR. Exchanges (sale or purchase) are performed in retail online forex trading to profit from currency fluctuations. With day-to-day trades crossing $7.5 trillion, the foreign exchange market is the world's largest and most liquid market.
Similar to a business bank account, a forex merchant account allows a company to accept, hold, and withdraw the money that traders pay you. A forex payment gateway, on the other hand, is a piece of software that enables online transactions by transferring payment details between entities such as the card company, the acquirer, and the issuer.
You can accept payments online using a variety of payment methods, including credit cards, crypto, wire transfers, bank transfers, and more, with the help of an acquirer (a business that handles foreign exchange payments). By incorporating a merchant account and an online foreign exchange payment gateway into your application or website, an acquirer enables you to accept multicurrency payments that foster your company's globalization. The following list includes a few key elements that make a forex business high-risk.
Although choosing a payment partner for your forex business is difficult, we will help you understand the essential elements a PSP must offer. The following is a list of the specifications a merchant account for forex trading must possess.
Why should you choose PayCly?
While we won't brag here, it's true that our "five fingers" approach, which starts with understanding a merchant's needs, has helped us become the finest foreign payment processor in the Bahamas. Second, our group suggests the ideal remedy. Thirdly, we develop a specially tailored product for you and then incorporate it into your business. Finally, increase your revenue. Our payment solutions include cutting-edge security measures and chargeback prevention strategies. In the Bahamas, we also provide the lowest MDR and service fees. We give your traders more than 100 payment options and 150 different currencies, enabling them to trade more and more.
We prioritize the security of our merchants' payments; therefore, we employ cutting-edge technology like artificial intelligence and machine learning to fight fraud. Our top-notch security system also includes tokenization, SSL, SET, PCI-DSS level-1 compliance, 3D secure authentication, and other advanced security components. Additionally, we provide access to our forex payment gateway and merchant accounts to both regulated and unregulated forex merchants. Further, we designate a dedicated support manager, so you can contact her immediately if a payment problem occurs. Moreover, we provide you with a fast payout (payment settlement). You can gain a number of advantages by selecting us as your payment partner, some of which are listed below:
The Bahamas is a tax-free jurisdiction that grants licenses and registration to nearly all high-risk firms. Forex brokers who want to launch their own forex trading firms can simply obtain a forex broker's license in the Bahamas. After receiving the license, you must integrate a payment processor with your forex trading platform. At this point, you need the finest PSP because accepting payments is the root of any business. We compared several well-known payment processors and concluded that PayCly is the best choice. PayCly offers you customized payment services as per your requirements and also provides you with the safest and fastest payment environment. PayCly is what you all require; please visit us at paycly.com for more information.
Frequently Asked Questions (FAQ)
What are PCI DSS compliances?
The Payment Card Industry Data Security Standard (PCI DSS), a set of standards, is administered and managed by the Payment Card Industry Security Standards Council (PCI SSC), an independent organization founded by Visa, MasterCard, American Express, Discover, and JCB. PCI DSS compliance is mandatory for a firm that receives, stores or sends credit card data to protect client card information.
The highest level of certification provided by PCI-SSC for the security of payment information is PCI-DSS Level 1, and PayCly complies with it.
Does PayCly provide Forex Merchant Accounts to New Forex Brokers?
Yes, without a doubt, we assist business owners in expanding in this enormous industry by providing them with high-risk forex trading merchant accounts and other payment methods. We also give them access to an international payment gateway to help them grow internationally.
What other Payment Solutions does PayCly provide?
We are the most well-known provider of high-risk merchant accounts in more than 150 countries. For FX brokers, we offer the best merchant accounts and payment processors. Additionally, we provide companies with the best offshore merchant accounts and credit card processing. Using our experience, we have developed a few special merchant accounts with high-risk and sector-specific features.