Forex trading is completely legal in Saudi Arabia, and as of now, no authority regulates online forex trading brokers. However, from time to time, the Saudi Central Bank, the Capital Market Authority, and the Kingdom's ministry of commerce issue guidelines. Recently, the Saudi Central Bank ordered banks to stop letting people or organizations register online accounts as part of new security measures. A similar circular from the Saudi Capital Market Authority forbids financial institutions from accepting applications for IPOs without verifying them. These steps indicate that Saudi Arabia is moving quickly to safeguard its people and banking system.
The authorities' concern shows that a large portion of people is using online forex trading to earn extra income in Saudi Arabia. Nowadays, people are fond of using trading apps to make forex trades. The demand for forex brokers is rising in Saudi Arabia, but the government banks have stopped providing merchant accounts to forex brokers. You do not need to worry, as PayCly is here to help you. PayCly, the best forex payment processing firm in Saudi Arabia, supports entrepreneurs to launch and expand their forex trading platforms. We provide you with every payment solution your forex firm may need, including a forex merchant account and a forex payment gateway.
What is a Forex Merchant Account, and why are they considered High-Risk?
A forex merchant account enables a business to accept, hold, and withdraw funds from traders. On the other hand, a forex payment gateway is a mechanism that facilitates online payment transactions using credit cards and other methods by transmitting payment information between the issuer, acquirer, and card firm.
An acquirer, also called a payment service provider (PSP), enables you to receive online payments using more than 100 payment methods, including credit or debit cards, crypto currency, wire transfer, bank transfer, local payment modes, etc. It integrates an online forex payment gateway and a merchant account for a forex broker into your forex application or website, authorizing you to accept multicurrency payments that help your company reach the global market.
The forex market is regarded as a high-risk market due to its global and decentralized nature, a higher chance of chargebacks, frauds, money laundering, and a number of other factors. We discussed the fact that banks and other financial institutions do not offer high-risk merchant accounts for forex brokers. However, since many PSPs provide forex credit card processing, a merchant should not be concerned.
It can be difficult to choose a payment partner for your forex business, but we can assist you in understanding the fundamental characteristics a PSP must have. The following are the essential characteristics that a forex payment processor must have in his merchant account:
Why should you choose PayCly?
We have established ourselves as Saudi Arabia's leading forex payment processor due to our customer-centric strategies, in which we offer them personalized, reliable, and trustworthy services. Our advanced security standards and state-of-the-art chargeback prevention mechanism are the best among all forex merchant account providers. Furthermore, we offer the lowest MDR and service pricing in Saudi Arabia. We make it easy for your traders to fund their forex accounts by providing them with 100+ payment options and 150+ different currencies.
The security of our merchants' payments is our first priority; therefore, we've used cutting-edge technology like AI and ML to identify and eradicate all fraudulent activity. SSL, SET, tokenization, AVS & CVV checkers, PCI-DSS level-1 compliance, 3D secure authentication, and other security measures are also part of our security system.
Being unbiased, we provide both regulated and unregulated businesses with our forex trading merchant account to help them develop in this competitive industry. We also designate a dedicated support manager for you. Moreover, we provide you with a timely and regular payment settlement. By choosing us as your payment partner, you can obtain a number of advantages and perks, some of which are given below:
Saudi Arabia is the most prosperous country in the Arab world and has the third most valuable natural resource reserves in the world, with an estimated value of US$34.40 trillion. Saudi Arabia is the largest exporter of petroleum in the world. The forex trading business is booming in this high-income country, where 38 million people live, with an internet penetration rate of 98%. Online forex trading platforms in Saudi Arabia have a very bright present and future. PayCly is a one-stop solution for all of your forex payment needs. We are ready to meet all retailers' payment-related requirements, including payment gateway and merchant account for a forex broker. We assist business owners in establishing their forex brokerage enterprises. For instant approval, kindly visit us at paycly.com.
Frequently Asked Questions (FAQ)
Does PayCly Provide Forex Merchant Accounts to New Forex Brokers?
Yes, by giving them access to high-risk forex merchant accounts and other payment options, we assist newbies in becoming business tycoons. In order to help them expand abroad, we also give them access to an international payment gateway.
What other Payment Solutions does PayCly Provide?
We are a well-known provider of high-risk merchant accounts globally. For forex brokers, we offer the top payment gateway and merchant account. Furthermore, we provide the best IPTV merchant accounts, escort merchant accounts, online dating merchant accounts, and credit card processing for all businesses. We have developed a few special merchant accounts with high-risk and industry-specific features using our experience.