Forex trading is completely legal in Qatar and regulated by a trio of the Central Bank of Qatar (CQB), the Qatar Financial Markets Authority (QFMA), and the CFQ Regulatory Authority (QFCRA). The country has the world's fourth-highest GDP (PPP) per capita. It is a high-income economy backed by the world's third-largest natural gas and oil reserves. 100% internet reach to individuals shows the digitalization and technological advancement in the state of Qatar. Qatar has a population of 2.83 million people, of which 76% above 14 are potential forex traders. A significant portion of Qatar's population trades in the forex market, and this trend is increasing over time. Rising forex traders are the main reason for the growth of forex brokers and trading platforms. To fulfil the demand of Qataris online forex traders, Qatar needs more and more forex brokers in this spreading market.
We, PayCly, being the best forex payment processing firm in the state of Qatar, support entrepreneurs to launch forex trading platforms by providing them with all forex payment solutions. We provide you with every payment solution you may need, including a forex payment gateway, a forex merchant account, an offshore forex merchant account, and so on.
What is a Forex Merchant Account, and why are they considered High-Risk?
The foreign exchange market is the biggest and most liquid market in the world, with daily transactions exceeding $7.5 trillion. Technically, the term "Forex" means "foreign exchange," and the "forex market" is where foreign currencies are exchanged for one another. Simply put, people buy or exchange one currency for another, and then, as prices fluctuate, they sell that currency again and gain profit by doing it. It has many more names, including over-the-counter trading, currency trading, FX trading, and forex trading.
A forex merchant account functions similarly to a business bank account, enabling a business to accept, hold, and withdraw money from traders. By exchanging payment information between the issuer, acquirer, and card firm, a forex payment gateway, on the other hand, is a technology that simplifies online payment transactions using credit cards and other methods.
With the assistance of a forex payment processing firm known as an acquirer, you can receive online payments using various payment methods like credit cards, cryptocurrency, wire transfers, etc. An acquirer authorizes you to accept multicurrency payments that help your business expand to the global market by integrating an online forex payment gateway and a merchant account into your application or website.
The forex market is regarded as a high-risk market for a number of reasons, including its international and decentralised structure, high risk of chargebacks, fraud, and money laundering. For forex brokers, no banks or financial institutions provide high-risk merchant accounts. However, a merchant need not be concerned because many PSPs provide forex credit card processing, allowing your trader to add funds to his trading account using a credit card.
Although selecting a payment partner for your forex business is a challenging feat, we will undoubtedly assist you in understanding the fundamental elements a PSP must provide. The fundamental characteristics that a forex payment processor in his merchant account forex must possess are listed below.
Why should you choose PayCly?
What makes a service provider the best? In our opinion, PSP is the best if it designs its services in accordance with the requirements of merchants, and that services can aid in increasing revenue and business expansion of forex brokers.
Personalized, reliable, and trustworthy services have helped us establish ourselves as Qatar's top currency payment processor. Our customer-centric approach, state-of-the-art security standards, and futuristic chargeback prevention systems are the best among the forex merchant account providers. We also provide the most competitive MDR and service price in Qatar. By accepting more than 100 different payment methods and 150 different currencies, we make it simple for your traders to fund their FX accounts.
The security of our merchants' payments is our first priority; thus, we have used cutting-edge tools like AI and ML to combat and stop all fraudulent actions. SSL, SET, tokenization, PCI-DSS level-1 compliance, AVS & CVV checkers, 3D secure authentication, and other security measures are also part of our security system. The advanced, secure payment system provided by PayCly allows forex brokers to leverage their clients.
We offer our forex trading merchant account to both regulated and unregulated businesses to help them develop in this world's largest market. We also designate a dedicated support manager for you. Additionally, we provide you with a regular and timely payment settlement. Furthermore, your request for a forex merchant account will be accepted instantly if all of your documentation is in order. By choosing us as your payment partner, you can obtain a number of advantages and privileges, some of which are given below:
As we discussed, Qatar is a high-income country and 4th in GDP per capita, with a 100% internet penetration rate. Qatar recently hosted the FIFA World Cup, making it the first Arab country to do so. Qataris are looking for new ways to make money, such as online forex. Online forex trading in Qatar has a very promising present and future. PayCly is ready to meet all of the payment-related needs of retailers in light of this. We support business owners in starting their forex brokerage enterprises. For your payment partner, PayCly is what you all require a complete pack of all forex payment solutions. For additional information, please get in touch with us at paycly.com.
Frequently Asked Questions (FAQ)
Does PayCly Provide Forex Merchant Accounts to New Forex Brokers?
Yes, we help newcomers turn into business tycoons by providing them with high-risk forex merchant accounts and other payment solutions. We also give them access to an international payment gateway so they may grow internationally.
What other Payment Solutions does PayCly Provide?
We are the most reputable provider of high-risk merchant accounts in the whole world. We provide the best payment gateway and merchant account for forex brokers. Additionally, we offer the top e-cigarettes merchant account offshore merchant accounts, credit card processing, and international payment gateways. Using our experience, we have created a few unique merchant accounts with high-risk and industry-specific features.