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Forex Trading Merchant Account is A Reliable Payment Solution for Forex Brokers

Overview of Forex Markets

The value of the global forex exchange market in 2022 is valued at $2.409 quadrillion. On average, each day, $6.6 trillion is exchanged on foreign exchange markets. This is much more than the last appraisal conducted by the Bank for International Settlements (BIS), which valued it at $1.934 quadrillion in 2016.

In terms of trading volume, liquidity, and market value, the FX market is the biggest financial market in the world. The forex market is the only financial market that is open continuously, unlike other markets like equities.

The foreign exchange market (FX), often known as the currency market or the over-the-counter (OTC) market, is a decentralized global marketplace for trading currencies. For every currency, the FX market establishes exchange rates. It covers all facets of purchasing, selling, and exchanging currencies at fixed or present rates.

Before the 1970s, forex exchange as we know it today was illegal due to the Bretton Woods Accord & European Joint Float. Because of regulated exchange rates, traders could not speculate on changes in foreign exchange rates. Floating exchange rates made modern forex trading possible after the Bretton Woods system broke down in 1973.

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Prior to the advent of forex trading platforms in the late 1990s, only major financial institutions could participate in forex trading. The rise of retail trading was sparked by the introduction of the internet, trading software, and forex brokers who permitted margin trading. MetaQuotes started offering 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 purchase and sell currencies in seconds and only need to put down a minimal portion of the trade size.

An important turning point in the development of CFD (contract for difference) trading and the financial markets occurred in 2009 with the introduction of the first decentralized cryptocurrency. Since the launch of Bitcoin, more than 10,000 more cryptocurrencies have been developed, most of which are exchanged against the USD, EUR, GBP, or AUD (Australian Dollar). Markets for cryptocurrencies are currently thought to be worth $1 trillion overall.

Five major financial centers around the world allow the majority of forex trading, with 79% of it taking place in the United Kingdom, the United States, Hong Kong, Singapore, and Japan. The UK is the biggest FX trading hub, with 43.1% of global foreign exchange transactions. China has moved up from the 13th to the 8th largest forex trading center in the world due to the recent surge in the popularity of forex trading in Asia.

What is Forex Merchant Account

A sort of account that offers services to foreign exchange companies and brokers is a forex merchant account. It is typically used by Forex traders, trading platforms, and informational services. Due to the size and accessibility of the foreign exchange market, there is a significant need for payment processors that offer Forex merchant account solutions. Despite this demand, not all payment processors can meet the needs of the forex market. Additionally, because Forex is seen as high-risk, regulated and unregulated, transaction fees are significantly higher than in other businesses.

Forex merchant accounts are created for Foreign Exchange traders, trading platforms, and Forex informative services. They can accept credit and debit card payments from traders using these Forex credit card accounts. Additionally, Alternative payment methods must be included in Forex payment services.

Forex Merchant Accounts' Advantages

The following are some advantages of a foreign exchange merchant account:

  • A Large Bank Network Infra
  • High Volume Processing
  • Handling of High-Tickets
  • Support for Several Currencies
  • A Variety of Payment Methods
  • Solutions for Comprehensive Fraud Management
  • Multiple Channels for Payments
  • Foreign Exchange Credit Card Processing Interface

Issues That May Arise When Opening a Forex Merchant Account

Banks may be more or less ready to assist with your business processing transactions, depending on your position as a business. Some bank or forex merchant account providers may not approve your application if you are a newer company, lack a license or specific rules, or don't have enough experience to provide solid financial documents.

This is because before working with a company, banks seek a history of reliability. Your capacity to conduct business may be restricted if you lack a track record of success. This assists banks in identifying potentially dishonest companies trying to take advantage of the system. There are still choices available for enterprises with specific high risks, even though this can deter genuine businesses.

PayCly is one of the Forex Payment Gateway Providers that can help you if you are a new business or making unregulated forex trades.

Why Is a Forex Business Considered High-Risk?

High-risk businesses frequently operate internationally or use a wide range of foreign currencies. This is because fraud is more likely to affect these companies, and when fraud is found, a vendor is required to refund the money. Forex is a global industry that conducts transactions in different currencies. Businesses frequently find it difficult to enforce strict international security standards and inspections in the same manner as they do domestic ones, which leads to increased fraud. This contributes to the designation of high risk. A service provider must offer high-risk merchant accounts for high-risk businesses.

The use of the forex market by some people engaged in money laundering is one of the most notable things in the sector. Numerous stories about people using the forex market to launder their illegally obtained money may be found in the press. As a result, your company will need to exercise extreme caution and implement any risk-reduction strategies required to stop this laundering. However, even the best-prepared companies may unwittingly take part in a money-laundering operation, which contributes to the reason why the Forex market has been labeled as high-risk by several merchant account providers.

Since forex is an international market, no nation has control over the currencies of other countries. While the majority of trading platforms are licensed, some are not. Banks and processors see the lack of regulation as a serious problem, but they might take a chance because the business can be very profitable. PayCly supports both legal (regulated) and unlicensed (unregulated) Forex merchants.

Additionally, it appears that a sizable portion of investors in this sector is ultimately dissatisfied with their trades and attempt to invalidate them by alleging fraud and pursuing a chargeback. This raises the industry's risk.

There are several more reasons the Forex industry can be considered a high-risk.

What to Consider Before Selecting a Payment Processor for the Forex Industry

It is essential to consider whether the payment provider's capabilities fulfill the forex requirements while choosing one. The following are the key features to take into account:

Chargebacks and Frauds Prevention Tools

The merchant must look for a payment provider with solid fraud protection because the threat of fraud in the forex market is higher than in other markets. A supplier must offer anti-fraud algorithms and systems that recognize, evaluate, and ascertain fraudulent transactions in order to strengthen the security of a merchant's account. These algorithms will also spot dubious trades made by fraudsters using other people's cards, reducing the number of chargebacks. The payment processor for the Forex merchant account needs to be familiar with the particulars of your sector and have specialized methods for lowering the risk of chargebacks and fraud.

Quick Single-Click Payment

The foreign exchange market is an active, fast-paced setting. In the world of forex, where exchange rates are constantly changing, it is essential to be able to complete transactions swiftly and without delay. Because of this, a payment provider should be able to offer an account tailored to the merchant's requirements and allows for one-click payment processing. Traders frequently use credit cards or e-wallets since they make it easier to make several payments quickly than to fill out protracted payment forms. A one-click transaction option would further boost customer loyalty. With tokenization technology for private data, they may swiftly complete many transactions by inputting their card information only once while being entirely safe.

Multiple Currency Processing

When your business takes credit card payments from customers in several foreign currencies, you are involved in multiple currency transaction processing. For example, if your Foreign exchange merchant account accepts investments from customers from different countries that use their native currency, you are using multiple currency transaction processing.

Due to the involvement of various foreign currencies in the configuration, this multiple currency processing may be tricky. For example, if your Foreign exchange firm offers customers that invest in Euros, Dollars, Pounds, Rupees, and so on, you'll need a specific Foreign exchange merchant account that can quickly handle large volumes of international transactions.

To ensure your customers have the best user experience possible, looking for an online payment processor platform whose Forex merchant account and payment gateway allow numerous foreign currencies and languages would be beneficial.

Some service providers have payment systems customized to serve international customers; as a result, they accept payments in more than 170 different currencies from around the world and provide a configurable checkout process that can be displayed in 20+ languages.

For better performance, multi-currency and best security, a merchant account provider must offer an international payment gateway or merchant account for the businessperson.

24*7 Customer Support

A forex merchant account provider must offer 24-hour customer service as the forex market is the only market that operates round-the-clock. A single-minute delay can not be tolerable in the forex market. Customer service should be accessible in multi-languages languages and provide a proper and prompt response to any issues.

We have now covered the essential components of a forex merchant account. A merchant must carefully consider the mentioned aspects before choosing a payment processor.

Advancement of PayCly's Forex Merchant Account

The real secret of success with PayCly is that we offer our services to the regulated and unregulated forex market with 100% confidential data. PayCly supports substantial leverage to its merchant and provides chargeback prevention and state-of-the-art tools so that no client can fraud merchant.

PayCly is a fully customized merchant account that can be tractable according to your needs.

Whatever feature you want to integrate, we are ready with it. 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 competitors. Our presence is worldwide, and we support multi-currency and different languages. You can reach our support time 24*7.

We indeed can say that our Forex Merchant Account is best for newly started forex businesses with minimum formalities. We provide you quick approval for Forex Merchant Account.


Although the Foreign Exchange market has existed for decades, most acquiring banks still regard it as high risk, classifying you as a high-risk merchant. User experience, simplicity, and payment security are, therefore, the most critical factors you should concentrate on before and throughout the initial stages of setting up your Foreign Exchange merchant account.

We've also discussed the historical background of the Forex Market and the current scenario. The forex market is enormous, with $6.6 trillion in daily transactions. We encourage merchants to start their forex trading merchant account with PayCly and take an opportunity to gain in the world's most liquid market. There are several aspects a forex merchant must look at, and we are confident that PayCly can support you at every level. From assist to help, from regulated to unregulated, we are open to businesses that want to fly like a phoenix.