There is no doubt about the success of the forex trading market as it has been skyrocketing for the last 20 years. It has become one of the largest trading markets in the world. It has over $5.8 trillion in US dollar transactions per day.
In this article, we are going to discuss a little bit about Forex exchange and how to use an e-wallet with a forex merchant.
What is a forex exchange?
Forex is what we use for Foreign Exchange. Forex merchant trade is a type of trade that includes buying, selling, and trading currencies. Skills are the biggest advantage in Forex trading. Anyone can earn a lot in forex trading if he/she knows how to trade, someone who can trade at a good price and time.
What is a forex trading merchant account?
It is a type of account that helps merchants to receive online transactions. It keeps the flow of transactions smooth without any hassle so that merchants could receive the payment with ease.
Now, the forex market consists of two levels-
Larger banks take care of currency trading in the global interbank market. On the over-the-counter market, individuals have various choices like-
- Trade currency
- Try benefiting from exchange movements
- Using forex merchants and brokers and
- Using online platforms
Customer satisfaction is the main aim of any forex merchant. As we know, the forex market has been experiencing continuous growth since 2001. That is why forex merchants must offer secure, reliable, quick, and easy ways to receive payments from their customers.
There are certain factors that forex merchants should pay attention to. This is essential for them while choosing a reliable payment gateway. So what are we waiting for! Let’s instantly dive into those factors.
Necessary factors that forex merchants should consider
There are various key factors for forex merchants to take into consideration while selecting a payment gateway.
Forex merchants must need a payment solution that can process transactions of their customers quickly. This happens because of the currency movement which is taking place in real-time and sometimes with great volatility.
To gain more profit and to stay competitive in the market, forex businesses need to have a cost-effective payment gateway.
They can also offer their clients a convenient range of payment methods. This will have a great impact on the growth of their business as this helps in finding new customers.
Merchants, forex traders, and brokers can take the help of payment providers. These service providers are very helpful for them as they keep their customers’ funds secure.
Forex trading is a high-risk business, and why is that the case? Well, it involves the transfer of money which possesses risks of money loss. Bank services are becoming more difficult to obtain. There is only one option left for you and what is it? To approach PSPs.
Let us get a basic understanding of payment service providers.
PSPs (payment service providers) provide merchant services to online merchants that are less risky. It also contains a limited amount of risks. Like everything has an exception, PSPs have one too. Not every PSP can serve you because not every PSP wants to work in a high-risk business. To get your services, you will have to look out for PSPs that are willing to deal with high-risk businesses.
The reasons we discuss above act as a necessity to use an e-wallet. You should lookout for a good and well-known e-wallet platform. It should offer convenient payment gateway services for forex businesses. To know that it is a reliable e-wallet platform, you can look out for the partnered financial institution of that e-wallet platform.
Things to look out for while choosing a reliable e-wallet platform like Paypound:
Many payment methods
You should always look out for this feature in an e-wallet platform that you are going to get. An e-wallet platform should always offer multiple payment modes to its traders. They can withdraw funds from their accounts with simple steps.
With this feature in that e-wallet platform, they can have the benefit of several payment methods like-
- Unionpay China
- Cryptocurrencies like Ethereum, Litecoin, Bitcoin
Customer satisfaction is the main aim of forex merchants which they focus on the most. Always choose an e-wallet platform that supports several fiat currencies and cryptocurrencies. Having this feature can put traders at ease.
E-wallet platforms should always offer a mobile app that is convenient and safe to use. That app should be applicable for both iOS and Android (APK) devices.
It makes it easy for traders as they will be able to place their trades from that app.
Local bank transfer
Local bank wire transfer in some countries does not have long delays and high fees. This affects several international bank transfers and payments.
Always make sure that whatever e-wallet platform you opt for, it should offer 24 hours customer support. As we very well know, the forex market is also open 24 hours in different time zones.
This feature is essential for merchants and clients as they will need help if something goes wrong with the website.
It should be easy to register for any e-wallet platform. There should be no hassle while signing up for the account. Certain documents are necessary for the registration. Keep the documents like residential address proof and proof of identity ready.
There should be a good security system in an e-wallet platform. It should consist of advanced anti-fraud and security features.
Some good e-wallet platforms provide strict KYC (know your customer) and AML (Anti-money laundering) checks. This feature helps in protecting the funds of merchants and users. This also keeps them out of reach from online fraudsters.
Some e-wallet platforms provide a cashback rewards program as another advantage. Under this program, money is credited back to the merchant’s and broker’s accounts based on trading volume. After getting the cashback reward, customers can easily withdraw it from their accounts.
How to set up a forex payment gateway?
Forex traders can get started with Paypound in just a few minutes.
To receive a merchant ID, open multiple currency accounts. And begin collecting payments from clients, merchants must first register & complete the obligatory KYC & AML checks.
Paypound’s team of experts will validate the accounts. When they have been created and the required documents have been submitted.
Following successful authentication, Forex trading companies can use their merchant IDs. And an open API connection to incorporate Paypound’s payment gateway service.
Are you eager to take Paypound payments? Create a merchant account with Paypound right away! Join the Paypound LinkedIn group!