Did you know that people have practiced the craft of exchanging currency for a fee since biblical times!? There are documented currency valuations and exchange, for profit, since different cultures created legal tender. In today’s global economy there is a central “warehouse” that facilitates the exchanging of international currencies. This warehouse is known as Forex or The Foreign Exchange Market. Many Forex brokers are finding it incredibly difficult to find a dependable and affordable Forex merchant account.
There are any number of people and organizations that participate in Forex.
Commercial Companies, Central Banks, Retail Foreign Exchange Traders, Investment Firms, Hedge Funds, and money remittance companies all interact with forex. Forex not only acts as an opportunity for investors to speculate on currencies whose value may be due for an increase in valuation but it also performs the important function of enabling both businesses and individuals to make foreign purchases. In other words Forex is the power behind a business being able to purchase goods from China in Yen even though the business itself deals in Dollars. With over 5.5 trillion trades a year Forex represents the largest market in the world and operates 24 hours a day.
Due to lack of regulation from sovereignty involved when exchanging different currencies there is very little oversight or regulation. All this being said the lack of regulation on Forex as a marketplace stops at the countries who participate. Each country is allowed to regulate the brokers that facilitate exchanges. In the US that is the Commodities Futures Trading Commission’s (CFTC). Effective January 31, 2015 the CFTC placed a ban on the use of credit cards for U.S. forex transactions in an effort to curb citizens from making bad decisions and accumulating large amounts of debt. US based Forex trade facilitators are no longer permitted to use a credit card to fund transactions or collect fees however, they are permitted to use a debit cards, wire transfers, or electronic checks, which allows for the immediate collection of account funding or fees. This leads to a problem for Forex dealers – due to the ban by the CFTC most merchant account providers refuse to even provide Forex merchant accounts that are limited to permitted services such as debit cards, EFT, and many times even electronic check payments. For investors to whom a few minutes of trade time can mean big losses this poses a serious issue. Of course, international Forex brokers working with clients outside the U.S., even if their business in on U.S. soil have the right to collect payment or funding from those clients by credit card.
The global economic impact of Forex is nearly unfathomable.
Due to its operational ambiguity, lack of oversight, and the tendency for chargebacks which causes acquiring banks (subsequently potential Forex merchant account providers) to veer away from the industry.
Bankcard Brokers proudly announces the we have Forex merchant account solutions.
We provide solutions for both domestic Forex brokers and merchant accounts for international Forex brokers as well. Although most merchant account providers view the Forex industry as either extremely high risk or unacceptable we think a little differently. At Bankcard Brokers we have stable, efficient, and affordable Forex merchant account options.
Our powerful processing platform will empower your business with a Forex merchant account.
We provide features that are particularly valuable to your business. Services such as Dynamic Currency Exchange, chargeback ratio assistance, efficient reporting and tracking, low rates and dependable deposits that will keep your cash flow liquid.
Get started with your Forex merchant account at Bankcard Brokers today and experience the difference a team of ETA – Certified Payment Professionals can make. Our friendly, educated staff will have your Forex merchant account set up quickly so you can get back to doing what you do best!