PayCly Blog

The economy of the country that has the most islands in the world is highly developed. Many economic credit rating agencies, such as Standard & Poor, Moody and Fitch, provide their rarest AAA rating to Sweden. This indicates the business-friendly environment of this Scandinavian country. The Kingdom of Sweden has around 10.5 million+ potential forex traders. Forex trading is completely legal and regulated by the Financial Supervisory Authority of Sweden. Online forex trading is reaching new heights in this high-income country. Many forex brokers are looking to start their forex firm in Sweden. A forex firm needs to obtain a forex payment processor in order to accept online payments from its traders.

This European nation has a number of payment providers, but PayCly is what you all need, a complete pack of forex payment solutions. We are one of the most trusted and advanced forex payment processing companies in Sweden that provides forex merchant accounts, a forex payment gateway, and offshore merchant accounts to forex brokers. We provide our services to both regulated and unregulated merchants. You may be aware that banks and financial institutions (FIs) do not offer payment services to forex brokers since they consider the forex industry to be high-risk.

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

A forex merchant account is basically a clone of a business bank account. Similar to a commercial bank account, it enables forex brokers to accept, hold, and withdraw funds from their traders. A forex payment gateway, on the other hand, links the issuer, acquirer, and forex broker and enables online payment processes by exchanging payment information between parties. Any forex broker that wants to take online payments via credit card, wire transfer, cryptocurrency, etc., requires these two entities. Online payment acceptance is impossible without integrating a payment gateway and merchant account with your forex trading platform.

The FX market is viewed as high-risk for the following reasons:

• Chances of higher chargebacks
• Higher chance of fraud.
• Vague rules and regulations
• Due to the international nature of the foreign exchange market, no government has jurisdiction over it.
• Due to the high volume of tickets

To wrap things up

PayCly is the best forex payment processor in the Kingdom of Sweden, which has 10.5 million+ prospective forex traders. As everyone knows, this high-income country is seeing a boom in online forex trading and is quickly developing into a hub for forex brokers. An FX payment processor is consequently required to fulfil forex platforms' payment needs. Numerous companies offer payment services to meet this demand, but PayCly stands out among them for its emphasis on customer requirements. It offers forex payment processing to regulated and unregulated forex merchants at the lowest MDR. PayCly, in addition to forex merchant accounts, provides credit card processing for forex brokers. For more details, please visit https://paycly.com.

Frequently Asked Questions (FAQ)

1) Is forex trading legal in Sweden?

Yes, it’s completely legal to do forex broker business in Sweden. The Financial Supervisory Authority of Sweden is the supervisory authority for all financial services, including forex firms in Sweden. PayCly provides the best forex payment processing to forex brokers and trading platforms in Sweden.

2) 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 business
• Last three months' business bank account statements
• Memorandum and Article of association
• The license of business (if applicable)
• Some other documents may be required according to the business

3) What other Payment Solutions does PayCly provide?