The term Forex is an abbreviation of foreign exchange. It’s also referred to as FX trading or currency market. In simple words, Forex or foreign exchange means the exchange of foreign currency. When a nation’s currency is exchanged into another nation’s currency in an established marketplace, that marketplace is called the forex market. There might be a question in your mind why it happens? Why would someone exchange the currency? The answer is demand, value and acceptance. Suppose a Motswana went to visit some European country. Now he wants to purchase some item; in what currency, a European shopkeeper will accept the payment? In Pula? No, the shopkeeper will accept the payment in euros. So where will he get the euros? The answer is Forex Market. He will have to exchange Pula for the Euro before visiting Europe.
Similarly, various nations' governments exchange other nations' currencies for foreign trade. FYI, being the most stable currency in the world, USD is the most exchanged currency on one side. You know, the forex market is the world's largest and most liquid market, with daily trade of $6.6 trillion. Earlier, the forex exchange was limited to banks and financial institutions; later, it was open to individuals. The rise of the internet and digital awareness plays a significant role in expanding retail forex trading. Nowadays, billions of people are involved in retail forex trading. Botswana is one of the leading countries where forex trading is booming. This is high time a merchant must look forward to starting its forex trading platform with the help of PAYCLY. To accept payment from traders, you need a forex merchant account and forex payment gateways linked with your forex trading platform.
A forex merchant account is similar to a bank account. It acts as a traditional bank account, allowing you to accept, hold and withdraw the funds received from clients. What? It acts as a bank account, then why am I not taking a forex merchant account from a well-known bank? Some of you might know the answer if you tried to get it from your bank. Let us make it clear to all, Traditional banks and financial institutions do not provide you with a forex merchant account as they consider forex a high-risk business.
But you do not need to worry, as several payment service providers (PSPs) offer you a merchant account. But, PAYCLY is the best of all as it customizes its forex merchant account according to the need of Botswana merchants. We tailor our services according to your requirements and do not differentiate between regulated and unregulated, as we offer our services to both merchants.
There are many reasons why banks consider forex a high-risk business and do not provide a forex trading merchant account; a few of them are mentioned here:
As we know that forex is a high-risk business and runs 24 hours a day. It needs some specific features so that the forex broker payment gateway and forex trading merchant account can fulfill the merchant’s requirements. Some features we are highlighting here:
Forex is a global market. A customer from any country can trade on a foreign exchange anytime. Nowadays, there are numerous payment modes available, including credit cards, crypto, etc. and every region and nation has its own choice of payment mode. A forex payment processing company must offer its merchant as many payment modes as possible, including credit card processing for forex and crypto settlement.
Multi-currency acceptance is necessary for forex traders as people worldwide make trades in the forex market. A customer makes an account on your app, and when he wants to add money to a forex account, the local currency option must be given with the alternative payment methods so that he can easily add and trade via your app or web. A payment gateway for forex brokers must accept payments in multi-currency; this facility helps increase customer loyalty.
The merchant must opt for a PSP with strong fraud protection because the FX market has a higher chargeback and fraud risk than other markets. A PSP must offer anti-fraud algorithms and systems that recognize, evaluate, and ascertain fraudulent transactions in order to strengthen the security of a merchant's account.
Every millisecond counts on the currency market. Transactions must be completed instantaneously without delay in the forex market, where currency rates are constantly fluctuating. One-click transactions encourage customers to trade more and boost loyalty toward the merchant.
As the forex market works around the clock, a forex trading merchant account provider must provide 24-hour customer assistance. Customer support should be available in multiple languages and respond appropriately and timely to any difficulties.
We’ve seen several factors of the forex market, and we are now all aware of what features a PSP must offer in a forex merchant account and forex payment gateway. After analyzing many forex payments processing firms, we concluded that PAYCLY is what you all need. One of the best things PAYCLY has is that we consider a merchant its partner, not a client. We tailored our services according to your requirements. Our forex merchant account is a perfect blend of international payment gateway and high-risk merchant account, as both features are essential for forex business. We suggest you choose PAYCLY. For further info, please visit us at https://PAYCLY.com/.
A payment gateway is a system that makes payment transactions by securely sending payment information. A merchant account, however, functions more like a bank account and takes, holds, and withdraws the funds credited by the customer. PAYCLY provides a comprehensive range of payment solutions, including international payment gateways and high-risk merchant accounts.
PAYCLY offers each and every payment solution that your company needs. We provide a comprehensive range of payment services, including high-risk merchant accounts, offshore merchant accounts, and credit card processing (card not present payment), in addition to payment gateways. All regulated and unregulated businesses are supported by PAYCLY, and we've created a few merchant accounts with high-risk qualities and industry-specific functionality. We have extensive expertise in offering merchant accounts and payment gateways to the following industries:
| Casino Merchant Account | Forex Merchant Account |
| E-Commerce Merchant Account | Fantasy Gaming Merchant Account |
| Escort Merchant Account | Adult Toys Merchant Account |
| IPTV Merchant Account | E-Cigarettes Merchant Account |
| Tobacco Merchant Account | SMM Panel Merchant Account |
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