Cayman Island is an autonomous British overseas territory located in the Caribbean Sea. It is an international financial hub for investment funds, banking, insurance, forex, and other financial services and products regulated in harmony with international standards. Over the years, the Cayman Islands have developed a reputation as one of the top offshore financial services destinations. Therefore, it comes as no surprise that a forex broker with a Cayman Islands Monetary Authority's (CIMA) license has considerable international renown.
The Cayman Islands have no direct taxes. There aren't any taxes on income, businesses, corporations, gifts, capital gains, or inheritance. There are no restrictions on foreign ownership of land or property, nor are there any property taxes or rates. You'll be surprised to learn that as of Q2 2022, there were 29699 homes and 119922 registered businesses in the Cayman Islands.
Forex trading business is comparatively simple and well-regulated in this tax-haven nation. Any broker conducting business in the country has to adhere to the Cayman Islands Monetary Authority (CIMA) guidelines. Hundreds of companies related to online forex and gambling have registered themselves in the Cayman Islands. We, PayCly, the best forex payment processing firm in the Cayman Islands, encourage and support entrepreneurs to start and expand their forex broker firms to the global level by providing forex payment solutions.
Sadly, banks and other financial institutions do not offer merchant accounts to forex brokers since they view the industry as high-risk. But don't worry, PayCly is the top payment service provider (PSP) among those who provide forex payment processing to forex brokers. All required payment solutions, including a forex payment gateway, forex merchant accounts, offshore merchant accounts, etc., are provided to you by us.
What is a Forex Merchant Account, and why are they considered High-Risk?
The word "forex" is an acronym for "foreign exchange," which refers to trading one currency for another. Online forex trading is done over a platform where exchanges are done in pairs (like USD/EURO), and gains are generated during currency fluctuation. With daily transactions hitting $7.5 trillion, the foreign exchange market is the largest and most liquid market in the entire world.
A forex merchant account is equivalent to a business bank account that authorizes a business to accept, hold, and withdraw funds that traders pay you. Whereas a forex payment gateway is software technology that enables online payments by transmitting payment information between the cards company, acquirer, and issuer.
With the aid of a company that processes foreign exchange payments, you can accept payments online using a wide range of payment methods, including credit cards, bitcoin, wire transfers, and more. An acquirer enables you to accept multicurrency payments that support the internationalization of your business by integrating an online foreign exchange payment gateway and a merchant account into your application or website. A few significant factors that make a forex business high-risk are listed below.
Although selecting a payment partner for your forex organisation is a challenging process, we will certainly assist you in learning the fundamental features a PSP must provide. The following is a list of the essential features that a forex payment processor's merchant account needs to possess.
Why should you choose PayCly?
We have established ourselves as Cayman Islands' best forex payment processor due to our five-fingers technique, wherein we first understand a merchant's necessities. Second, our team suggests the best possible solution. Thirdly, we create a customized product for you and then integrate it with your company. Lastly, boost your revenue. Modern security precautions and chargeback prevention techniques are part of our payment solutions. Additionally, we provide the lowest MDR and service charges in the Cayman Islands. We empower your traders to trade more and more by offering them more than 100 payment methods and 150 different currencies.
We prioritise the security of our merchants' payments; thus, in order to combat fraud, we use cutting-edge technology like artificial intelligence and machine learning. Furthermore, our top-notch security system incorporates tokenization, SSL, SET, PCI-DSS level-1 compliance, 3D secure authentication, and other cutting-edge security elements. Additionally, we offer both regulated and unregulated forex businesses access to our payment gateway and merchant accounts. Also, we assign a specific support manager, so you may get in touch with her right away if a payment issue arises. Moreover, we give you a prompt payout (payment settlement). By choosing us as your payment partner, you can benefit from a variety of benefits, some of which are detailed below:
The Cayman Islands is a tax-free nation that provides licenses and registration to almost all high-risk businesses. Forex merchants who are looking to start their business can easily get a forex broker's license from Cayman. After obtaining the licence, you need to incorporate your forex trading platform with a payment processor. At this point, you need the best PSP because accepting payments is the core of any business. We have compared many famous payment processors and found that PayCly is the best of them all. As such, it is prepared to handle all of the payment-related needs of merchants and help entrepreneurs launch their forex brokerage businesses. PayCly is what you all require for your payment partner. For further details, please contact us at paycly.com.
Frequently Asked Questions (FAQ)
Yes, of course, by offering them high-risk forex trading merchant accounts and other payment options, we help entrepreneurs grow in this huge market. Additionally, in order to assist them in expanding globally, we provide them with access to an international payment gateway.
What other Payment Solutions does PayCly Provide?
In more than 150 countries, we are the most well-known provider of high-risk merchant accounts. We provide the best merchant account and payment processor for FX brokers. We also offer the best offshore merchant accounts and credit card processing to businesses. We have created a few unique merchant accounts with high-risk and industry-specific features using our expertise.