Expand Your Business With Forex Trading Merchant Account

Expand Your Business With Forex Trading Merchant Account

The forex industry is the leading and active market in the world and that needs a forex trading merchant account.

According to Bloomberg, everyday currency trading volumes had increased from 2016’s $5.1 trillion to $6.6 trillion on average in April 2019. And it’s no wonder.

The forex market delivers an outstanding possibility for both particular and institutional merchants to drive(potential) earnings on currency dealings.

But to do so. Forex merchants require a payment gateway solution that authorizes them to deposit and withdraw funds rapidly with affordable transaction prices.

What Is a Forex Trading Merchant Account?

A forex trading merchant account functions as a bridge between the currency trading platform and its users.

Forex merchants incorporate the payment gateway directly into their platforms, permitting brokers to receive transactions from their clients.

The gateway transfers the sum accumulated from the users (e.g., trading fees) to the vendor’s merchant account.

In interaction with the service. The forex trading merchant account removes a percentage-based or a specified fee (or both) from each transaction before dispersing the accounts to the merchant.

Why Is it Challenging for Forex merchants to Find a Forex Trading Merchant Account?

When they first try to open a merchant account at a standard payment gateway solution. Forex businesses frequently find themselves with a declined application.

But what is the reason behind this spectacle?

Since forex brokers experience immense trading activity on their platforms. They process a huge number of transactions every day. However, it drives up the businesses’ chargeback rates.

As a result, payment processors have classified forex service providers as high-risk businesses. Indicating that brokers will probably encounter denied applications at standard gateway solutions.

Moreover, forex vendors can open a merchant account at a dedicated payment gateway solution specified in high-risk industries. Yet, these services frequently abide benefit from the situation by charging extreme fees. And maintaining customer accounts for a longer duration.

Fortunately, there’s a third option.

E-wallet solutions like Amald feature cutting-edge protection and anti-fraud features with stringent KYC/AML monitoring. Authorizing them to suggest payment gateway benefits to licensed businesses actually in some high-risk industries like forex.

Yet, it’s essential to emphasize that the above-mentioned payment solution only consents merchants. That rigorously concedes with the regulatory laws of all countries they trade in.

What Should Merchants Evaluate When Selecting a Forex Trading Merchant Account?

Before selecting a forex trading merchant account, forex businesses have to take numerous aspects into account, such as:

  • Speed. Forex traders have to function fast to find choices and achieve a profit on currency moves. For that cause, merchants have to choose a payment gateway that processes customer transactions fast. To retain cash levels high, foreign exchange businesses also need a provider that doesn’t carry merchant payments for longer periods.
  • Fees. Since forex merchants make a profit from price spreads and other trading fees, a cost-efficient payment gateway is essential to maintain their business benefits.
  • Currency exchange. High currency transformation fees can demoralize traders from using brokerage outlets. For that reason, it’s crucial to choose a forex payment gateway solution that delivers worthy exchange rates. In an exact better case, the service provides multi-currency funds for both merchants. And their customers to keep currency transformation costs at a minimum.
  • Payment modes. While some customers select speed, others are obliged to sacrifice time in exchange for saving money on deposits and withdrawals. For that reason, it’s essential to suggest multiple payment methods for traders and select a gateway solution consequently.
  • Security. Since the forex industry encounters increased risks of chargebacks and fraud, vendors require a gateway solution that maintains their customer funds’ security.

Integration of a Forex Trading Merchant Account

To set up a payment gateway, forex brokers have to first write for a merchant account at a service provider.

After a thriving verification process. The forex payment gateway solution can be incorporated via an application programming interface (API) literally to their platforms.

For easy configuration, forex merchants can use the API documentation of the service provider.

Amald: A Suitable Forex Trading Merchant Account for Enterprises

As a forex merchant, you could apply for a merchant account at standard payment gateway solutions.

Yet, they will reject your application.

Since high-risk processors charge enormous fees and feature slow transfer rates. Forex merchants usually find themselves without a reputable payment gateway solution.

Fortunately, there is a key to your difficulties.

Amald, the award-endearing e-wallet platform, presents a payment gateway service for companies in low-risk industries. Apart from that, Amald also features high-risk merchantresolutions for licensed forex businesses that concede the relevant regulatory laws.

With an existence in over 190 countries. Amald delivers numerous payment methods for dealers to fund and withdraw money from their accounts, containing:

  • Visa
  • MasterCard
  • UnionPay China
  • Bank wire
  • Cryptocurrencies (Bitcoin, Litecoin, Ethereum)

Excluding international transfers, Amald has partnered with financial organizations in seven APAC countries. Consists of the Philippines, Japan, Indonesia, Malaysia, Singapore, China, and South Korea.

As a result, rather than waiting numerous days for payments to process and paying costly fees for international transactions. Residents of the above countries can profit from quick and cost-efficient transfers via Amald’s local bank wire solution.

Similarly, because of the improved consumer request. Amald prepares to extend its range of services to numerous countries and areas in the near future.

Additional Benefits of Amald’s Payment Solutions

Amald funds more than 30 national currencies and 21 languages. And delivers competitive fees for merchants and their customers. While the company assesses 1.9% for processing cryptocurrency transactions. It only costs forex businesses 2.6% + $0.4 to receive decree payments from their customers.

Amald brings the security of its clients earnestly. Consists of keeping client funds in segregated accounts with uninterrupted access. With strict KYC and AML reviews on both merchants and end-users to safeguard their funds.

Similarly, since all funds on Amald are protected and compensated, merchants only encounter fixed risks of chargebacks.

There is also a 24-hour customer support service available for merchants and customers to respond to their questions.

Merchants are only required to register and undergo the compulsory KYC and AML inspections to get a merchant ID. Open numerous currency accounts, and begin receiving payments from their customers.

Set Up a Forex Payment Gateway With Amald

It only brings a few minutes for merchants to get initiated with Amald.

After making an account and presenting the essential documents, Amald’s customer success team will analyze them to confirm their accounts.

Upon thriving verification, forex businesses can incorporate Amald’s payment gateway solution through their merchant IDs and an available API connection.

Ready to get started?

Enlist a merchant account with Amald now!

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