The Forex Market is the world's largest financial market in terms of trading volume, liquidity, and market value. The value of the global forex exchange market in 2022 is estimated at $2.409 quadrillion ($2409 trillion). On average, each day, $6.6 trillion is exchanged on foreign exchange markets. Unlike other markets like equities, the forex market is the only financial market open 24 hours a day.
The foreign exchange market (FX), also called the currency market or the over-the-counter (OTC) market, is a decentralised international market where currencies are traded. The FX market determines exchange rates for each currency. It includes every aspect of buying, selling, and converting currencies at set or real-time rates.
How did it Start?
- Before the 1970s, because of regulated exchange rates, forex exchange as we know it today was illegal due to the Bretton Woods Accord & European Joint Float.
- After the Bretton Woods system collapsed in 1973, floating exchange rates allowed for the development of modern forex trading.
- Before the late 90s, only major financial institutions could participate in forex trading as there was a lack of forex trading platforms.
- The emergence of the internet, trading software, and forex firms that allowed margin trading fueled the rise of retail trading.
- MetaQuotes started providing trading platforms made specifically for retail traders after the entry of retail traders into the forex markets.
- Traders can now trade spot currencies on margin with market makers. They can sell and purchase currencies in seconds and only need to put down a minimal portion of the trade size.
- In 2009, Bitcoin launched; since then, nearly 10000 cryptocurrencies have been developed, most of them are exchanged against the USD, EUR, GBP, or AUD (Australian Dollar). Cryptocurrencies' worth was valued at $1 trillion overall in 2021.
Advantages of Forex Merchant Accounts
The following are some advantages of a foreign exchange high-risk merchant account:
Why a Forex Business Is Considered High-Risk?
- A forex business has a high chance of fraud.
- In the forex market, exchanges occur in foreign currencies.
- There is a vast legal ambiguity on regulated or unregulated forex.
- Forex firms have a high chance of money laundering.
- The forex market is global, and customers can trade from anywhere.
- None of the countries can control international currency fluctuation.
When selecting a payment provider, it is crucial to take into account whether its capabilities satisfy the forex needs. The following are the most important aspects to consider:
The key to success with PayCly is that we provide our services to both regulated and unregulated forex merchants with 100% confidential data. PayCly supports substantial leverage and provides chargeback prevention and top-notch security tools so that no clients can fraud with merchants.
PayCly is a fully customized merchant account. Whatever feature you want to integrate, we are ready with our plug-ins. We provide easy integration and customized services to the merchant. Our transaction and other fee structure are also the lowest in the market compared to our opponents. Our presence is worldwide, and we support multi-currency and alternative payment options and provide you with multi-lingual support.
In fact, we claim that our Forex Merchant Account is ideal for newly launched forex firms because it involves the fewest formalities. We grant you instant Forex Merchant Account approval.
Although the Foreign Exchange market is enormous, with $6.6 trillion in daily transactions, and has been working for a long time, but yet, banks consider it high-risk and do not provide merchant accounts for businesses involved in it. The solution is PSPs; several are there, but everyone has some disadvantages.
On the other hand, PayCly is the PSP that offers you the best forex merchant account for your forex trading platform with numerous benefits. We encourage business owners to open a PayCly merchant account for FX trading so they may benefit from the most liquid market in the world. A forex merchant must consider several factors we mentioned, and we are absolutely sure that PayCly has hundreds of features, including them.
Frequently Asked Questions (FAQ)
What other Payment Solutions Does PayCly Offer aside from Forex Merchant Account?
Complete solution, yes, you read it right. We provide every payment solution that your online business may require. We have built some state-of-the-art merchant accounts with a blend of high-risk merchant accounts & international payment gateway so that you can expand your business worldwide.