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Forex Merchant Account Upgrade your Forex Business All Over the World
In the last 20 years, forex has become one of the most active and world's largest trading markets. Its per day transaction is approx 6.1 trillion US dollars. It is expected that the market is poised to grow by $1.94 trillion during 2022-2026.

The word forex understand as the forex exchange, which is the global market where foreign exchange is brought and sold. This global market is open 24 hours, five days a week, and on most public holidays. The forex market has two levels -

Currency trading between giant banks occurs on the global interbank market. However, there is also an over-the-counter market where individuals can trade currencies or attempt to profit from fluctuations in the exchange rate by using online platforms, brokers, and Forex dealers.

Forex traders must provide quick, simple, safe, and reliable ways to collect funds from their consumers, given the ongoing annual rise in Forex trading since 2001. It is one of the most unsafe industries, so finding a suitable payment service provider and merchant account is challenging.

For these unsafe businesses, it is compulsory to have the best merchant administration. It means that forex merchants ought to need the best forex trading merchant account for their forex business.

Here, in this guide, you will learn more about the forex industries and forex merchant accounts and which merchant account provider is best for your businesses. So, let's start.

What is Forex Merchant Account, And How Does it Help You?

A forex merchant account is a particular type of bank account which allows the merchant to accept foreign currencies. This type of account is popular among merchants and companies who allow their customers to complete transactions in other countries.

The one who decides to invest in the forex industry must obtain a forex merchant account. It offers many benefits for you and your forex business.

  • First, the company can benefit from the foreign exchange rate and the dollar value, saving money on each transaction.

  • Processing costs for forex merchant accounts are frequently lower than those for conventional credit card processors.

Before applying to open a forex merchant account, you should keep a few things in your mind.

  • Look for a bank or service provider that offers these services and has experience in the forex fields.

  • You ought to submit some documents such as business licenses and address proof.

  • You need to agree to the bank's terms and conditions.

The one who is looking to accept foreign currency for their forex merchant account is the best solution. You may reduce the cost of each transaction by taking advantage of the lower processing costs and exchange rates. Make sure to compare service providers to discover the best offer for your company.

Is Forex a High-risk Business?

In a simple sentence, you can say YES! Forex is a high-risk business. All the enterprises that deal with the forex are labeled high risk because of the volatile nature of international currency markets. It is not only the reason there are more. Some of them are -

No Clear Regulations: As you know, forex industries work worldwide, so there is no unified set of rules to govern trading on a global level. It is pretty challenging to decide the relevant jurisdiction when disputes arise.

High Chargeback Rate: Forex merchant Holders frequently experience chargebacks like those in other 'high-risk' sectors. The expense and risk of any chargeback increase since forex dealers and brokers routinely handle payments greater than £1,000.

Money Laundering Concern: It is one of the forex industry's significant issues. Due to this, most acquiring banks and financial service providers are opposed to offering their services to the forex industries.

These are why banks still frequently categorize Forex operations as high-risk. Still, as long as the applicant has a valid license and substantial anti-money laundering (AML) and Know Your Customer (KYC) practices in place, their fears may typically be allayed.

To start your forex business, what do you have to do?

Before investing in the forex industry, you ought to make a perfect play, from obtaining the merchant account to choosing the payment processor.

The first step is to open a merchant account for the forex business. The eligibility criteria to open the merchant account depend on your selected acquiring bank and business locations.

For example – Forex brokers and merchants who seek a European payment processing account must have a real company presence, such as by setting up a corporate headquarters in Europe.

You'll need to provide financial records when you've cleared the regulatory requirements and essential approval criteria. These should demonstrate your low chargeback rate and processing history of three to six months' transactions.

In case you cannot provide these essential documents and records, It's crucial to demonstrate to the bank the actions you'll take to guarantee payment security and prevent chargebacks.

The use of non-intrusive 2-factor authentication (2FA) solutions that yet permit clients to make quick payments qualifies as one such option.

Documents Required For Opening The Merchant Account

Every service provider has an impressive list of documents, but there is some standard list that almost every service provider will ask to submit. These documents are -

  • Ownership details

  • Three months of bank statements

  • Three or six months of statements of payment processing history

  • Corporate documents

  • Utility bills

  • Domain registration information

How WebPays Payment Service Provider Benefits You?

As you know, it is quite challenging to find an acquiring bank for the forex industry. Most acquiring or financial banks deny offering their service to high-risk enterprises such as forex industries. In this case, you must look for a service provider with a specialty in the same field.

One such type of service provider is WebPays. It is one of the leading service providers with lots of experience in dealing with the forex industries. Our features will help you gain more profits for your high-risk businesses.

Some of our best features are -

  • Have experience in dealing with high-risk businesses like forex.

  • Allow accepting multi-currency from all over the world.

  • Offer the best rate in the market.

  • Solve all PCI DSS issues and also offer anti-chargeback and anti-fraud tools.

  • Offer multiple payment modes, including mobile payment and cryptocurrency.

Final Thoughts -

Even though the forex market has been around for a while, many acquiring banks still view it as high risk and deny offering their services. User experience, ease of use, and payment security are the primary considerations you, as a merchant, should have before and during the initial phases of setting up your Forex merchant account.

Among the hundred service providers, we recommend you go with WebPays. Through specific knowledge and excellent relationship with most of the acquiring banks, we offer you the best services and ensure that your unique needs are met. You can contact our expert team to know more details about our services.