Cyprus is an international economic hub, offering foreign investors a business-friendly ecosystem in accordance with international standards. Over the years, it has established its reputation as one of the best offshore financial services destinations. The Republic of Cyprus is a member of the European Union and has one of the lowest tax rates in the EU.
The process of obtaining a forex broker's license in Cyprus is simple and time-saving. A license issued from Cyprus is valid worldwide, including in the EU, and also you do not need to establish offices in every country. Combining these advantages makes Cyprus the best place to start a forex trading platform. As of May 2022, Cyprus has 257285 registered companies.
In this tax haven country, the forex trading business is relatively straightforward and well-regulated. Any broker conducting business in the nation is required to follow the rules established by the Cyprus Securities and Exchange Commission (CySEC). Many well-known forex trading platforms are registered in Cyprus, and many more intend to. To help them run smoothly, We, PayCly, the best forex payment processing firm in Cyprus, provide them with every payment solution they may need.
For a number of reasons, the forex industry is seen as high-risk, and sadly, banks and other financial institutions do not offer merchant accounts to forex brokers. Yet, there is no need to be concerned because PayCly is the top payment service provider (PSP) among those who offer forex payment processing to forex brokers. We provide you with all the required payment solutions, including an offshore merchant account, a forex payment gateway, and forex merchant accounts.
What is a Forex Merchant Account, and why are they considered High-Risk?, and why are they considered High-Risk?
The term "forex" refers to the over-the-counter market where one country's currency is swapped for another. Usually, it involves pairs of two different currencies, like USD and EUR. In retail online forex trading, exchanges (sell or purchase) are made in order to profit from currency fluctuations. The foreign currency market is the biggest and most liquid market in the world, with daily transactions exceeding $7.5 trillion.
A forex merchant account empowers a forex trading platform to accept, hold, and withdraw the money that traders pay you. It functions similarly to a business bank account. On the other hand, a forex payment gateway is a piece of software that facilitates online transactions by sending payment information to parties like the card company, the acquirer, and the issuer. With the help of an acquirer (PSP), you can accept payments online using various payment methods, such as credit cards, cryptocurrency, wire transfers, bank transfers, and more.
A few crucial components that make a forex business high-risk are listed below.
What to consider before choosing a Forex Payment Processing firm?
Although picking a payment partner for your forex business is difficult, we will assist you in apprehending the fundamental features a PSP must offer. The following is a list of the characteristics a merchant account forex broker must possess.
Why should you choose PayCly?
Although we won't boast, it's true that our "five fingers" strategy, which begins with comprehending a merchant's needs, has benefited us in becoming the best forex payment processor in Cyprus. Second, we suggest the most suitable solution. Thirdly, we create a product specifically designed for you and then integrate it into your company. Lastly, boost your revenue. Modern security protocols and chargeback avoidance techniques are part of our payment systems. We also offer the most affordable MDR and service fees in Cyprus. We provide your traders with 150 various currencies and more than 100 payment options, enabling them to engage in increasingly more trading.
We value the security of our merchants' payments; thus, we use cutting-edge technology to combat fraud, such as artificial intelligence and machine learning. Tokenization, SSL, SET, PCI-DSS level-1 compliance, 3D secure authentication, and other cutting-edge security features are also included in our top-notch security system. Furthermore, we provide forex merchant accounts to both regulated and unregulated merchants. We also assign a dedicated support manager to you. Additionally, we provide you with a quick payout (payment settlement). By choosing us as your payment partner, you can get a number of benefits, some of which are given below:
Cyprus is a low-tax business destination providing forex brokers licenses to run their trading platforms worldwide. Forex brokers who want to launch their forex trading firms can obtain a license in Cyprus. After obtaining the license, you have to integrate a payment processor with your forex trading platform to accept online payments. At this point, you need the finest PSP to partner with. We compared many renowned payment processors and concluded that PayCly is the best pick. PayCly offers personalised payment services as per the merchant's requirements and provides them with the safest and fastest payment atmosphere. PayCly is what you all require; for further information, please visit us at https://paycly.com/
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.
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.