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Forex Payment Processing & Merchant Accounts


Check with all payment gateway providers that their system also doubles as a virtual terminal, that way there are no problems when trying to run MOTO transactions. At MMS, our payment gateway provides businesses forex brokers payment gateway with a PCI-compliant virtual terminal to secure all transactions, no matter where they originate from. When selecting a payment processor for a Forex broker, it is important to consider a few key factors.

forex payment processing


Choose a payment gateway that can scale alongside your business and handle increasing transaction volumes without compromising performance or security. Reliability and uptime are critical factors to consider to ensure uninterrupted payment processing for your customers. A reliable Forex merchant account provider should be capable of scaling alongside your business and supporting its growth. Look for providers that offer flexible volume caps and can accommodate increasing transaction volumes without disrupting your operations. The ability to expand globally and connect with multiple acquirers is also crucial for Forex businesses looking to broaden their reach.

What is Forex Merchant Account?

Instead, various payment processors in different countries do their best to offer solutions that mitigate risks for merchants. The problem with bank wires is that the brokerage relies on a third party to process their payments; they rarely receive the funds directly into their brokerage bank account. The brokerage is left trusting sometimes millions of dollars with a money transfer agent who is usually not licensed. A high risk payment alternative to forex merchant account services using the credit card network. With over $5 trillion traded daily, the foreign exchange market is one of the largest/most liquid financial markets currently in the world.

Allied Wallet is widely regarded as the premier payment gateway for foreign exchange trading. Thanks to our extensive global network of banking relationships, we have helped hundreds of Forex sites with varying degrees of payment processing requirements. Our merchants see a 30-40% increase in revenue thanks to the increase in approved transactions.

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Most forex brokers make money by marking up the spread on currency pairs. Others make money by charging a commission, which fluctuates based on the amount of currency traded. This is obviously exchanging money on a larger scale than going to a bank to exchange $500 to take on a trip. For example, you can trade seven micro lots (7,000) or three mini lots (30,000), or 75 standard lots (7,500,000). Traditional wire transfers can take up to 5 days to process, lack visibility, and leave suppliers wondering when they’ll be paid. Companies need to implement a more efficient and cost effective FX payment process if they want to nurture relationships with strategic international vendors.

If a bank or processor makes a mistake, they could lose their trading license because of facilitating money laundering risk. You must always compare rates, services, and experiences between payment processors. When applying for your account, the best thing you can do is provide the payment processing company with as much information as possible about your business. This gives payment processors the big picture of what your business is about and can result in faster approvals/lower fees at times. To initiate forex transactions, you need to fund your payment account. This can typically be done by transferring funds from your bank account or using various payment methods offered by the provider, such as credit/debit cards, bank transfers, or e-wallets.

Example of Forex Transactions

Our goal is to deliver you the lowest rates, fastest approvals, and best terms available for Forex merchant accounts. High volume processing capacity gives you the ability to accept payments effortlessly. Traditionally, businesses make FX payment by initiating international wire transfers through their bank.

  • Check for any history of service disruptions, security breaches, or financial instability that may impact your business operations.
  • A forex merchant must consider several factors we mentioned, and we are absolutely sure that PayCly has hundreds of features, including them.
  • For instance, forex brokers or dealers in the United Kingdom are not permitted to submit applications for a merchant account unless they possess the relevant license.
  • The processor will next submit the transaction information for verification via Mastercard, Visa, or American Express, depending on the card issuer.
  • Finally, it is also important to ensure that the payment processor offers the currencies you need while the chargeback protection is present.

Unfortunately, only a few foreign exchange traders have adopted digital currencies as their preferred payment method. The business day excludes Saturdays, Sundays, and legal holidays in either currency of the traded pair. During the Christmas and Easter seasons, some spot trades can take as long as six days to settle. Funds are exchanged on the settlement date, not the transaction date. When trading in the forex market, you’re buying or selling the currency of a particular country, relative to another currency. But there’s no physical exchange of money from one party to another as at a foreign exchange kiosk.

Forex Payment Solutions

The second phase follows from the first and is a continuation of it. You must provide any necessary documentation and complete the basic application form. Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

According to the payment operator and the kind of acquisition bank account, the broker either receives the funds instantly or after a few business days. When trading forex, traders are simultaneously selling one currency while purchasing another. The currency pair (i.e. EUR/USD) denotes what is being sold and what is being bought. In the EUR/USD example; EUR is being purchased and US Dollars are being sold.