PayCly Blog

The economy of the Republic of Ireland is open and highly developed. It's ranked first for high-value foreign direct investment (FDI) flows and third on the Index of Economic Freedom. It has the third-highest GDP per capita in the world. Online foreign exchange trading is legal in this Irish state, and it has 7 million potential forex traders who are fond of trading. Because there is a growing need for online FX trading platforms in this country, we are encouraging and supporting forex brokers to introduce their online trading platforms there. We are PayCly, the most trustworthy forex payment processing firm in Ireland, offering forex merchant accounts, forex payment gateway, and offshore merchant accounts to forex brokers. FYI, banks and financial institutions (FIs) do not provide payment services to forex brokers since they view the forex business as high-risk.

What is a Forex Merchant Account, and why is it considered High-Risk?

A forex merchant account functions similarly to a business bank account by allowing forex brokers to accept, hold, and withdraw money from their traders. The issuer, acquirer, and forex broker are all connected by a network known as a forex payment gateway, which allows for online payment transactions by passing payment information between them.

Here are some reasons why the FX market is seen as high-risk:

• Because there are more chargebacks
• The likelihood of fraud is greater.
• Ambiguous rules and regulations
• Due to its multinational character, no government has jurisdiction over the FX business.
• Due to the huge volume of tickets

To wrap things up

All financial services, including forex brokers, are governed by the Central Bank of Ireland (CBI) in Ireland. After COVID-19, online forex trading is one of the industries that are expanding, and people are eager to launch their own forex brokerage companies. We at PayCly, are here to give them the best FX payment processing. The most trustworthy provider of payment solutions for forex brokers in Ireland is PayCly. It offers forex merchant accounts, credit card processing for forex brokers, and payment gateways for forex brokers. Don't hesitate to get in touch with our support team at https://paycly.com.

Frequently Asked Questions (FAQ)

1) Is forex trading legal in Ireland?

Yes, it’s completely legal to do forex business in Ireland. Central Bank of Ireland (CBI) is the supervisory authority for all financial services in Irelands. PayCly provides the best forex payment processing to forex brokers in Ireland.

2) What other Payment Solutions does PayCly provide?

PayCly is unquestionably the best high-risk payment processor providing advanced high-risk merchant accounts to all high-risk businesses like escort services, adult toys, tobacco, e-cigarettes, online dating, casinos, gambling, fantasy sports, etc. Additionally, we provide merchants with the best credit card processing and an international payment gateway. The following is a list of the state-of-the-art merchant accounts we have created with high-risk and industry-specific features.

3) What documents do you need to have before applying?

• Website URL of your business
• Directors' name and contact details
• Business name & contact details
• Place of operation
• Last three months' business bank account
• Memorandum and Article of association
• The license of business (if applicable)
• Some other documents may be required according to the business