Being classified as a high-risk merchant account will make securing a suitable account for card processing difficult. It's possible that certain mainstream vendors would reject your application outright. We work with high-risk brokers who have experience placing forex merchants; as a result of their knowledge, your application will be packaged correctly and is more likely to be approved.
The Most Common Forex Currencies in the World
The Forex market now includes over 170 different currencies from all over the world. The United States Dollar is the most widely traded currency on the planet. The US Dollar, also known as the "greenback," is used in nearly 73% of global transactions.
- The Euro is the second most exchanged currency, accounting for 39.7% of all transactions.
- The third most exchanged currency is the Japanese Yen (JPY), which accounts for 25.7 percent of all trades.
- With 20.7 percent of all trades, the British Pound (GBP) is the fourth most exchanged currency.
- The Australian Dollar (AUD) is the fifth most widely traded currency, accounting for 11.48 percent of all transactions.
- With 8.0 percent of all trades, the Canadian Dollar (CAD) is the sixth most exchanged currency.
- The Swiss Franc (CHF) is the world's seventh most exchanged currency, accounting for 7.0 percent of all transactions.
- With 5.7 percent of all trades, the New Zealand Dollar (NZD) is the eighth most traded currency.
Statistics on the Foreign Exchange Market
The Global Foreign Exchange Market's Size and Regular Turnover
The Forex market is the world's largest financial market, outnumbering the equity, bond, and commodity markets combined. The daily volume of the forex market has increased from US$ 1.2 trillion in 2001 to US$ 6.6 trillion in 2019. The total value of the global Forex trading market is $2,409,000,000,000 (or $2.4 quadrillion).
The only sector that is open 24 hours a day is Forex (except for weekends). The Forex market is three times the size of the futures market, and 35 times the size of the stock market.
Processing of credit cards in foreign currencies
As previously stated, the risk vs. income of Forex traders is determined by three key factors:
- If you don't have a licence approved by the FCA (Financial Conduct Authority), you won't be eligible to apply for a merchant account.
- If you are a well-established business, transaction statements can be useful when applying for Forex payment processing with a new provider; this will also affect future rates and negotiations.
- The higher the monthly amount of card transactions to balance the risk, the more favourable your application would be.
Payment gateways for forex
Forex trading and brokering are used by a large number of ecommerce stores, with regular trade totaling trillions of dollars. Here are some things to consider when looking for the best payment gateway to help Forex payment processing.
Safety is paramount
Payment gateway providers function as a safety net, securing the customers' credit card information and ensuring that transactions are not intercepted.
Fraud is all too popular in high-risk industries. Working with the right payment gateway company will help you keep the possibility of fraud to a minimum.
Production of international payments
It should go without saying, but you'll need a payment gateway that can accept payments in multiple currencies.
Payments made quickly
Finding a payment solution for payment gateway that can keep up with your fast-paced market! You don't want to be down at the most crucial and lucrative times.
Our experts will assist you in determining a more appropriate payment processing solution. Merchant account providers are constantly balancing their risk, because if they have too many of a certain sort or risk bracket, they can pull away from that industry.
The PayCly consults with industry experts on all aspects of foreign exchange payment processing.
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