Forex means the exchange of foreign currency. It is a marketplace where world currencies are exchanged with one another. Sometimes forex is also referred to as the FX market or currency market due to the sale and purchase of currencies. One can imagine the size of the forex market by its daily trading volume, as trades totaling $7.5 trillion occur per day. This high trading volume has labeled the forex market as the world’s largest and most liquid.
The expansion and continuous growth of the forex market can be seen by the BIS survey, in which a double digit (14%) growth rate was witnessed in the trading volume. In April 2019, the global FX daily trading volume registered $6.6 trillion, which hit a record $7.5 trillion in April 2022.
Increased internet penetration, digital awareness, covid-19, and the availability of forex trading platforms played a significant role in the expansion of retail FX trading. Billions of people do forex trading nowadays, and the numbers are increasing gradually. Also, many platforms or brokers are available to facilitate FX trading, but this market has enormous potential for new players. High demand, upgraded facilities, and features are some elements that always push traders to select you for their trading partner.
We, PayCly, a Forex Payment Processing firm, support and encourage new players to start the online forex platform and assist them in taking advantage of this overgrowing currency market. We provide you with each and every forex payment solution you need for your forex trading platform, including a forex payment gateway, a forex merchant account, credit card processing for forex brokers, etc.
Forex payment gateway and forex merchant account are the fundamental need of a forex platform. A forex payment gateway links your forex trading platform to a forex merchant account and allows you to accept online payments from clients.
A forex payment gateway is a mechanism that facilitates a payment transaction by transferring payment details between the clients’ bank, the card company and the merchant account.
On the other hand, a forex merchant account is similar to a business bank account that allows you to accept, hold and withdraw the funds you receive from clients.
The bitter truth is that no banks and financial institutions provide payment gateway and merchant accounts for forex brokers as they consider FX a high-risk market.
Why Forex Trading is considered High-Risk?
There are several reasons FX brokers are considered high-risk. A few of them are mentioned here:
- The foremost reason is legal ambiguity, as there are 195 countries recognized in the world. Each country has its own rules and regulations on online forex trading. Some issue licenses, some restrict it to a few, and some ban it altogether.
- Forex deals in foreign currency exchange, and most countries have their own currency, and no one can control international currencies. They mainly depend on the financial stability of the nation.
- Money laundering is also one of the major reasons FX is considered high-risk.
- As we know that FX is the world’s largest market. High volume trades and a large number of transactions are regular in forex, making it a point to categorize a high-risk.
- In forex, high leverage is provided to traders, which, somewhere, leads to a higher chance of chargeback and fraud.
What to consider before choosing a Forex Payment Processing for your Forex Platform?
There are several features and benefits you must consider before choosing an online forex gateway. We've mentioned here some of the most essential; please take a look:
Forex Payment Methods:As we know, the forex market is a global market where currencies are exchanged. So, a PSP must provide as many payment methods as possible, including credit or debit cards, wire transfers, net banking, crypto, etc. Similarly, multicurrency acceptance is a necessity of the forex business.
Safety:We discussed that there are higher chances of fraud in forex trading. So, a PSP must safeguard its merchant with the latest futuristic technologies like AI & ML. The forex payment gateway provider must comply with PCI-DSS Level 1.
Speed:Every microsecond counts in forex trading. Forex traders must progress quickly to find opportunities and profit from currency changes. Because of this, businesses need to select a payment gateway that moves money rapidly to process customer transactions.
Timely Pay-out:For a forex merchant, timely pay-out is critical because your earnings must be available to you as soon as possible.
Chargeback Prevention Tools:A PSP must provide a futuristic tier three chargeback prevention tool using artificial intelligence to eradicate and eliminate all fake chargebacks.
Support of Regulated and Unregulated Merchants: A PSP must provide forex payment solutions to both regulated and unregulated forex merchants.
Why should you choose PayCly?
One of the key benefits of choosing PayCly is that we provide our services with complete confidentiality to both regulated and unregulated forex brokers. PayCly provides significant leverage, chargeback protection tools, and cutting-edge security programs to ensure that no customer conducts fraud with merchants.
The merchant account from PayCly can be fully customized. We are prepared to incorporate any function you require using our plug-ins. We offer specialized services and straightforward integration to the business. Our MDR, transaction, and other cost structures are the most affordable on the market compared to our rivals. We are present everywhere, accept more than 100 payment options, deal with 150 different currencies, and offer multilingual customer service.
Our forex merchant account actually requires the least amount of paperwork, thus we believe it is ideal for newly established forex businesses. You will get instant approval for the forex payment gateway and merchant account. The unique benefits that we offer you are as follows:
The FX market is booming, and the future of retail forex trading is sharp. Billions of people do online FX trading via apps or websites. The players are overnumbered, and more forex platforms will be needed to fulfill the requirement of the market. We support and encourage people to start their online FX trading platform, as we are here to offer you every payment solution you need.
In the world's largest and most liquid market, where daily transactions exceed $7.5 trillion, you need a PSP that provides a forex merchant account and a forex payment gateway with all of the necessary characteristics, such as safety, security, fast pay-out, multicurrency, and alternative forex payment methods. We looked at a number of FX payment processors and came to the conclusion that PayCly is what you all need. To fit your unique needs, PayCly tailored our services. Given that both are required for forex trading, our forex merchant account is the perfect pairing of an international payment gateway and a high-risk merchant account. We suggest selecting PayCly. For additional information, please visit https://paycly.com.
Frequently Asked Questions (FAQ)
What are the differences between Payment Gateways and Merchant Accounts?
A payment gateway is a mechanism that performs financial transactions by transferring payment information safely. However, a merchant account acts more like a bank account and accepts, keeps, and withdraws the money that the customer credits. PayCly offers payment solutions for a forex broker, such as high-risk merchant accounts and international payment gateways.
What other Payment Solutions does PayCly Provide in addition to its Payment Gateway?
PayCly provides all possible payment options that a business may require. We offer various payment services in addition to payment gateways, including credit card processing, offshore merchant accounts, and high-risk merchant accounts. Both regulated and unregulated businesses are supported by PayCly, and we've created a few merchant accounts with high-risk characteristics and industry-specific features. We have a plethora of expertise working with the following industries to provide payment gateways and merchant accounts: