Forex is the short form of two words: foreign exchange. Foreign exchange is the trade of foreign currencies. Under this business, over 170 different currencies are sold and purchased worldwide. It is the world's biggest liquid market, with a daily transaction volume of up to 7.5 trillion US dollars. This is why it is said to be the market with the biggest chance to gain profits. But forex trading is also among those businesses that are considered risky. As a result, to minimize the risk of this business, a forex trader needs a good business account administrator that can provide the best forex merchant account services while handling all the ups and downs of the business.
Why is forex trading a high-risk business?
To understand why forex is considered a high-risk business by banks and payment processors. It is necessary to know the traits of a high-risk business. There are a few traits that, if found in a business, make banks and financial institutions put it in the high-risk category.
- If a business had a poor credit history
- Had a high chargeback ratio
- Operation in an unregulated industry
- A high volume of transactions
- Risk of fraudulent transactions and activities
High-risk traits that forex trading has
High chargeback ratio
Foreign exchange is a trade of currencies where investors invest in currencies on the basis of speculation. And many of them try to get their money back if the outcome does not meet their expectations. This is why FX brokers always face the problem of chargebacks by investors and need a forex merchant account provider that can handle all of this in their place.
FX trading is a global trading market, and there are no global rules and regulations regarding this industry. And any country in the world cannot control the currencies of another country. As a result, most of the trading platforms are unregulated, and forex trading is listed as a high-risk industry.
Risk of fraudulent transactions and activities
The foreign exchange market is always the target of scammers. Because it has no regulations and runs totally online, this industry is a vulnerable place to conduct fraudulent activities like fraudulent transactions and money laundering.
Because of such reasons, forex trading is a high-risk business.
Which type of business account does a forex broker need for forex merchant solutions?
As we know, forex trading is a high-risk business, so it needs a high-risk merchant account to get hassle-free forex payment online. Because only a high-risk merchant account provider is capable of providing services to such businesses.
Features that a forex merchant account must have
Forex is a high-risk industry and has a few problems, like high chargebacks and being an unregulated and fraud-prone industry. In such cases, a forex broker has to check some features in a merchant account to manage a high-risk industry like FX.
- A merchant account service provider must provide chargeback protection to a forex broker because of the high chargeback problem of this business.
- Provide some kind of fraud protection, like fraud protection tools or a team for fraud management. And must be a PCI DSS-compliant platform for the data safety of the merchant and customers both.
- Must facilitate a forex broker with a business account that can support multiple currencies because forex trading is all about different currencies’ exchange.
- Able to accept payments on all possible cashless payment methods, like debit and credit cards, net banking, digital wallets, and cryptocurrencies.
- The forex merchant account provider must have a vast network of banks for the smooth conduct of payments.
- The business account provider for forex must cover the majority of the important countries in the world.
The best forex merchant account provider to get quick and hassle-free payments
Paycly is a Singapore-based online payments solution provider that is the best merchant account and payment gateway forex service provider in all of Southeast Asia. And the reason for it is that PayCly is a specialized, high-risk merchant solutions provider. It is a one-stop solution for every high-risk business solution, be it a merchant account, a high-risk payment gateway, or a credit card processing service. Paycly is the most trusted name in Southeast Asia for high-risk merchant services.
Perks if a forex broker chooses to partner with PayCly
Multiple currency support
Paycly supports over 100 major currencies, which is exactly what a forex trader wants. To be able to trade almost every currency without any technical issues.
Paycly is available in more than 150 nations across the globe. Due to this, it provides the opportunity for a forex broker to easily expand business globally.
Data security and fraud management
It is a PCI DSS Level 1 compliance platform, which is the highest global standard for data security, and it has a professional team to handle fraudulent activities on the platform.
Direct payment links
A direct payment link is the most beneficial feature for every online business. Because a merchant can accept payment with a direct payment link without the requirement of a basic digital infrastructure.
This dashboard is an excellent tool for a forex broker to make future business decisions. Because of the downloadable detailed statistics report with real-time reporting.
Various methods for payments
There are more than 100 payment options that paycly provides for a forex trader to accept payments, along with support for regional payment methods as well.
Paycly is a multilingual platform, which makes it convenient to use for both merchants and their customers.
Instant approval for a merchant account
Getting approval for a high-risk merchant account is a time-consuming procedure, but not with paylcy which provides instant approval for high-risk merchant accounts.
Here is the procedure to get a merchant account with paycly.
How to open a business account with Paycly?
Follow these instructions to sign up for a high-risk business account on Paycly.
- Check out the Paycly page.
- Next, click in the top-right area of the screen and choose "Apply Now."
- The registration page will then appear on the device.
- Completely fill out that form with all the necessary data.
- Then, you must select "Submit" on the following page.
You can easily get the best forex merchant account by following these instructions.
Paycly is the best forex merchant account provider. A forex broker can get quick and hassle-free online payments. Because of its features like quick payment processing, multiple currencies, and payment options. Making it easy for both the payment maker and payment receiver.