Better Forex Brokers Payment Gateway
A Forex broker payment gateway is a merchant account specifically designed for Forex brokers. This type of Forex payment gateway allows the transfer of funds between traders and their brokerage accounts to trade in the foreign exchange (Forex) market. Traders use this payment gateway to deposit funds into their trading accounts and withdraw profits or funds when needed.
According to the Imarc Group, the global foreign exchange market reached a size of US$ 805 billion in 2023 and is projected to reach US$ 1,466 billion by 2032, with a compound annual growth rate (CAGR) of 6.92% (Source).
The industry holds tremendous potential for Forex brokers and trading companies. However, many Forex trading companies encounter challenges when applying for a merchant account. The credit card processing industry categorizes Forex trading as a high-risk sector. Traditional acquiring banks and payment processors tend to avoid working with Forex brokers. Only a few companies offer high-risk payment processing for Forex trading companies. These high-risk Forex merchant accounts are customized to suit the needs of Forex brokers.
QuadraPay has extensive experience in assisting merchants from various industries, including Forex trading companies. We have a vast network of partners that offer acquiring services to merchants like you. Contact us today for a free quote.
Features of Forex broker payment gateway
There are various features that make our Forex broker payment gateway solutions perfect fit for all type of forex trading companies and exchanges. Lets us look at some of these.
Forex payments gateway allows traders to make deposits by using various payment methods like bank transfers, credit cards, debit cards, wallets and other APMs. The more payment methods you offer to traders the more better deposit experience tey will have.
It is important to ensure the security of transactions in a high risk industry like forex trading. For this our payment gateway solutions implement robust security protocols like encryption, SSL, and two-factor authentication and built in fraud filters. All these measures help in increasing the security of the account and transaction information..
Quick deposits and withdrawals are essential factors in forex trading. Delays in deposits can result in trading delays and potential losses. Our solutions are powered by well-known acquiring institutions that possess excellent hardware, server, and network infrastructure for fast payment processing.
Forex trading is an international industry, and traders prefer to make payments in their home currencies. Our payment solutions enable forex brokers to accept payments in multiple currencies. Depending on the trader’s location, the amount is automatically converted into the local currency. The gateway utilizes a feature called dynamic currency conversion.
Our forex merchant account provider partners adhere to relevant financial regulations and anti-money laundering (AML) policies. This ensures compliance with legal requirements and reduces the risk of payment fraud.
A user-friendly forex merchant processing gateway facilitates ease of use for traders. The payment gateway interface displays account balance, transaction history, chargebacks, refunds, and other relevant parameters.
For forex trading companies, receiving merchant services support whenever needed is crucial. Our partner providers offer various support channels that traders can access around the clock for assistance.
Low processing fees are a critical factor in forex payment processing. Forex brokers cannot afford high costs for payment processing. That’s why our solutions come with affordable pricing, helping forex trading companies boost their profits.
KYC Documents for Forex Card Processing Account
For approval of forex credit card processing, you must submit a set of documents to the underwriting team. These documents are thoroughly verified and evaluated by the underwriting experts of the acquiring bank/processor. Let’s take a closer look at some of the important documents required for the approval of a forex merchant processing account.
Merchant Account Application Form: This form provides an overview of your company, including details on its incorporation, ownership, expected monthly sales, and preferred payment methods.
National ID: This is needed to verify the identity of the business owners. Acceptable forms include government-recognized IDs such as passports or driver’s licenses.
Business Registration Documents: Proof of business registration is required, which may vary depending on your company’s structure. This could include DBA information for LLCs or articles of incorporation for corporations.
Proof of Address: To confirm the physical addresses of directors’ homes and the company, you’ll need to provide a recent utility bill for both addresses.
Business Bank Account Details: The payment processor needs details of your business bank account. Note that settlements cannot be made to personal accounts not belonging to the applicant company. You can confirm the account details with a letter from the bank.
Forex Trading License: Having a forex trading license helps the underwriting team whether the merchant offers regulated trading.
Website Refund Policy: You may need to submit a PDF copy of your website’s refund policy. This ensures that even if the information on the website changes, the provider has a copy of the original refund policy.
Non-Expiring Username and Password: Providing a non-expiring username and password for the forex trading website allows the underwriting team to evaluate the trader’s interface effectively.
Forex Merchant Account – FAQ
Does QuadraPay Offer Merchant Accounts for Forex Coaching/Training?
Forex trading is gaining popularity worldwide, leading to a growing demand for skilled Forex trainers. If you specialize in providing Forex trading knowledge, it’s essential to have a merchant account and payment gateway for your training services.
Many consultants offer advice on buying and selling techniques, serving a global base of traders with the help of a global FX payment gateway. Since Forex is considered a high-risk industry, associated verticals are also deemed high risk. But doint worry QuadraPay supports Forex Coaching/Training businesses for credit card processing.
Where Can I Find the List of Forex Brokers’ Licensing and Regulatory Bodies?
Here is a list of regulatory and licensing bodies relevant to the forex trading industry:
Commodity Futures Trading Commission of the USA (CFTC)
National Futures Association of the USA (NFA)
UK Financial Regulatory Authority (FCA)
Australian Securities and Investments Commission (ASIC)
Cyprus Securities and Exchange Commission (CySEC)
Malta Financial Services Department (MFSA)
Financial Services Commission BVO (FSC BVI)
Belize International Financial Services Commission (IFSC)
Seychelles Financial Services Department (SFSA)
Saint Vincent and the Grenadines Islands Financial Regulatory Authority (SVG FSA)
Financial and Capital Markets Commission of Latvia (FCMC)
Comoros International Brokerage & Clearing House License, Offshore Finance Authority of Anjouan, Union of the Comoros
Please note that the forex trading merchant services underwriting rules keep on changing and the acceptance or rejection of above listed bodies for merchant processing may also vary. Please ask us if our solutions can work with your licenced forex trading company or not.
Why Is Ownership Declaration Important for Forex Trading Sites, and What Must It Include?
In the banking industry, Forex and binary options are always considered high risk. Merchants must implement required disclaimers on their sites to educate users about important details, including:
Ownership information: Declaration of the company’s name and address that owns the site.
License information: Mention of the company’s name, the regulatory authority that authorized the merchant, and the license number. If multiple licenses are available for various nations, they must be displayed accordingly.
Risk disclosure: Declaration of the serious risks involved in the business and trading activity, with a detailed risk disclosure document on the site.
Restricted regions: Declaration of the list of nations where services are not provided, based on the merchant’s license and region. Payment processors may restrict traffic from certain nations accordingly.
What Is the MCC for Forex Broker Merchant Accounts?
The Merchant Classification Code (MCC) for Licensed Foreign Exchange Trading is 6211. Brokers must be licensed in all locations where they wish to trade. MCC 6211 is also used for brokers selling stocks, commodities, bonds, mutual funds, binary options, and investment firms.
To apply for a Forex merchant account get in touch with QuadraPay today
