Foreign Exchange is also known as Forex is through which foreign currencies are traded, sold, bought and speculated over the counter in the global market. Forex is the largest market for liquid trading in the world. The total no of transaction in a day is over $5 trillion.
There are two levels of Forex market:
1. Interbank market which involves large banks trading currencies.
2. The individuals trading through online trading platforms or brokers in the over the counter market.
A Forex Merchant Account is created for the forex traders, forex informational services and forex trading platform. Possessing a forex credit card accounts allows you to accept credit and debit cards from the traders. There are alternate methods available as well in the forex payment processing services.
Forex merchants’ accounts are of two types:
• Informational Services: The US and International companies both readily have payment processing service. If Forex software or binary options, newsletter, market research or industry information is provided one can acquire merchant account services through the international or US banks.
• Trading Platforms: An extensive network of international acquiring banks allows processing the payment for trading platforms. The processing solution of choice for the Forex trading platforms are the high volume of international merchant accounts.
Applying for a Forex Merchant Account
• The forex merchants account application is free without any obligations. The account approval needs 7 to 14 business days from the time the application is submitted. This is owing to the industry classification of high risks.
• It is a straight-forward process to apply for forex credit card account. An application is to be submitted along with the supporting documents. Documents required for the same are a copy of passport or driver’s license for the signer on the account.
• Bank’s void check for the processing funds settlement, Business bank statements of 3 months, payment processing statements of 3-6 months and articles of Incorporation or other business formation documents. • US and international companies can apply for educational and informational services accounts. To qualify for the account a processing history of a minimum of $50k per month is requisite. While to qualify for the Forex merchant accounts International trading platform a processing history of $250K per month is obligatory. Once the approval is confirmed you can proceed with processing as much volume as you want.
