How To Get A Forex Merchant Account

1. How To Get A Forex Merchant Account? Forex stands for Foreign Exchange. And as the name suggests, it refers to a global market where traders buy, sell, trade, and speculate on foreign currencies. This is the largest market in the world and trading here is done in two ways. One is where banks do all the trading, and the other is where individuals trade currencies through brokers and other platforms. But to be able to trade in the forex market, a trader must have a forex merchant account. This merchant account enables a customer to receive credit and debit card payments from a trader. But is opening a new forex merchant account difficult? It isn’t exactly a difficult process. But the process may differ depending on the region you intend to open your merchant account in. For example, if you want to open a merchant account for the European market, your business needs to be stationed somewhere in Europe. You may also be required to present the record of your earnings to the bank you intend you open your account. 3 to 6 months of revenue history with a relatively low chargeback rate should ideally do trick. Opening a forex merchant account requires you to find a merchant service provider who deals with high-risk merchants. Are forex merchant accounts considered high-risk? Yes, they are. Forex merchants are considered high- risk not only because of a higher rate of chargebacks and frauds but also because of the multiple currencies involved in the trading. One country cannot have jurisdiction over another country's currency. Also, a lot of forex trading platforms operate without a license. This is why it becomes crucial to find a merchant account provider who understands the needs of this industry and implements all the necessary things to protect a merchant account. Forex is one trading platform that is showing no signs of slowing down. Get your forex merchant account today.