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Best Forex Merchant Account in Singapore

Singapore is the world's third-largest foreign exchange centre, after the United Kingdom and the United States, with its share of global FX volumes rising to 9.5% in April 2022 from 7.7% in April 2019. It is the largest foreign exchange market in the Asia Pacific. From April 2019 to April 2022, Singapore's forex trading volumes grew by 45%, reaching an average daily trading volume of US$929 billion (about a trillion). The FX industry is essential to Singapore's position as a key trading and corporate treasury hub in the region and supports the dynamism of Singapore's international financial centre.

The story of becoming the best always has hard work behind it. For years, Singapore has cemented its top position in various world rankings, including Ease of Doing Business, Most Competitive Country in the World, and The Wall Street Journal's Index of Economic Freedom. As a result of Singapore's steady growth, Standard & Poor's, Moody's, and Outlook all gave the country a highly remarkable "AAA" credit rating. After seeing all the achievements, we can say that Singapore is one of the best places to start a forex brokerage firm or trading platform. Moreover, the Monetary Authority of Singapore (MAS) regulates the forex market in Singapore.

Singapore is a paradise for forex brokers as it has a low tax structure and also 0 capital gain tax, which makes it one of the best business destinations. It is a nation that allows forex trading firms to do business hassle-free. In this hub of global forex market, we are PayCly, the best forex payment processing firm that offers forex payment gateways, forex merchant accounts, forex credit card processing, and offshore merchant accounts to forex brokers in Singapore.

Meanwhile, I want to draw your attention to the fact that online forex trading is classified as a high-risk industry by financial institutions and banks for many reasons. As a result, they do not provide merchant accounts to forex brokers. However, you do not need to be worried because several forex payment processing firms are available to offer you forex payment solutions, the best of which is PayCly.

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

A forex merchant account is an exclusive account for forex brokers. It is similar to a business bank account, allowing forex brokers to receive, hold, and withdraw funds from traders. On the other hand, a payment gateway is a cloud-based technology that facilitates online payment transactions by transferring payment details between the entities involved. A forex payment processing firm like PayCly provides both merchant account forex and payment gateway forex services.

 

A forex payment processing company enables forex brokers to accept payment from their traders via various payment modes, including credit or debit cards, local payment methods, crypto, and wire transfer. Consequently, traders can add money to their trading accounts using more than 100 different payment methods and 150 different currencies. As you know, banks and other financial institutions consider the foreign exchange market high-risk for several reasons. We have mentioned here some of the reasons why the forex market is regarded as high-risk, which are as follows:

What to consider before choosing a Forex Payment Processing firm?

Acquiring a forex payment processing firm is essential for a forex broker in order to accept online funds. Choosing a payment partner for your forex firm is complex due to several factors; before choosing one, you must be aware of the features that a PSP must provide. Please take a look at the following list of some of the key characteristics an acquirer must offer in its merchant account for forex brokers:

Why should you choose PayCly?

PayCly is one of the best forex payment processing firms in Singapore due to our customer-first policy. We offer customized payment solutions for forex brokers according to their requirements. We offer the lowest MDR in the Republic of Singapore. Furthermore, we are the safest payment processor and provide top-notch security measures, including Tokenization, SSL, SET, AVS & CVV checkers, and 3D secure authentication. We comply with PCI-DSS level 1 certification and create the safest payment environment for you and your traders. Additionally, we use tier-three chargeback prevention techniques to safeguard you from any false claims.

To increase trading volume, we provide support of 150+ currencies and 100+ payment modes to forex traders so they can easily add funds to their trading accounts. Plus, our products have the fastest speed, and we give you a quick payout (payment settlement). 24*7 client support enabled us to take the top spot in the financial services industry. Additionally, we offer forex payment processing to both regulated and unregulated merchants and provide them with forex merchant accounts and payment gateway forex. Plus, we appoint a dedicated support manager for you. There are several advantages to choosing us as your payment partner, some of which are listed below:

Conclusion

Singapore is a mammoth in the forex market. It's the 3rd largest forex market in the world, and approximately $1 trillion in daily transactions are being done in the Lion City. The country is ranked 1 in ease of doing business, and the maximum population is tech-savvy here. Technological superiority always keeps them ahead, which is why Singaporeans earn from the growing online forex market. The future of the forex market in Singapore is as good as the present. More forex brokers are establishing themselves in this forex heaven, and we are supporting them by providing all forex payment solutions, including forex payment gateway and forex merchant account. We are PayCly, the best forex payment processing firm in Southeast Asia. No other PSP can catch up with us in Singapore. PayCly is the best choice for any forex broker in Garden City, as we provide personalised payment services based on the merchant's requirements. PayCly is what you all needs; for more information, kindly reach our assistance team at https://paycly.com.

Frequently Asked Questions (FAQ)

Does PayCly also offer Casino & Gambling Merchant Accounts?

PayCly offers casino and gambling payment processing to merchants who operate online casinos or gambling businesses in Singapore, where these industries are also thriving. In Singapore, we are the best casino merchant account and gambling merchant account provider. To be true, we are the best payment processing firm for any high-risk businesses.

What other Payment Solutions does PayCly provide?

As mentioned above, we are the best high-risk payment processing firm that provides high-risk merchant accounts to all high-risk industries, including escort, adult toys, e-cigarettes, online dating apps, tobacco, fantasy games, etc. Additionally, we provide merchants with the best credit card processing and international payment gateway. We have created a few state-of-the-art merchant accounts with high-risk and sector-specific features in which we have extensive experience; they are below mentioned:

Casino Merchant Account Forex Merchant Account
E-Commerce Merchant Account Fantasy Gaming Merchant Account
Escort Merchant Account Adult Toys Merchant Account
Dating Merchant Account E-Cigarettes Merchant Account
Tobacco Merchant Account SMM Panel Merchant Account

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