The 10 Best Forex Trading Merchant Account

Forex, which is short for Foreign Exchange, is a global over-the-counter market where foreign currencies are bought, sold, traded and speculated on. It is the largest and most liquid trading market in the world with an estimate of more than $5 trillion in transactions per day.
The Forex market has two levels. The first level is called the interbank market where large banks trade currencies. The second is called the over-the-counter market. Here, individuals trade through brokers or online trading platforms.
The Forex business can be complicated. Because it’s considered high risk, industry merchants have to invest large sums of money upfront to make money. In addition, it has earned it’s high risk designation due to high volumes of transactions, chargebacks, and frauds.
Luckily, there are 10 high-risk merchant account providers that do specialize in the field of forex trading and will be more than happy to assist you in finding the perfect solution for your business.

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PayNetSecure

Based in Las Vegas, Nevada, PayNetSecure was founded in 2007. Their expertise lies in high volume, high risk merchant payment processing in the US and throughout the world.

The Pros

Some of the many options offered to forex merchants include the following: extensive network of US and international banks, acceptance of all major credit cards worldwide, echecks as an alternative payment method, access to local alternative payment methods, and same day ACH credits.

The Cons

There is very little information about the standard PayNetSecure contract. They do offer 24/7 phone support and a contact form, but ideally, they would feature more ways to get in contact with them instantly.

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Paydoo

With its origins in the Baltics back in 2013, this payment processing company has been fueled by an innovative and entrepreneurial spirit. Registered as an Electronic Money institution by the Bank of Lithuania, it is licensed to operate in 30 countries within the EU.

The Pros

Paydoo offers variable contract terms and pricing, depending on the merchant’s business type, processing history, and location.
Security is the hallmark of any reputable merchant account provider and Paydoo does not hold back. Customers can feel confident knowing that Paydoo is L1 PCI DSS Compliant with 2048-bit SSL data encryption, delivering the highest level of secure payment services.
Some of their products and services include a seamless account setup, secure cross border payments, in-house technical care and customer expertise, one-click checkouts, and recurring billing.

The Cons

Paydoo does not disclose its pricing publically. There is no mention of specific rates or fees charged by the company. As standard practice in the high risk industries, merchants will need to expect higher than average fees. They will also be subject to cash reserves.

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Allied Wallet

Founded in 2006, Allied Wallet is one of the leading online payment processing companies in the world. Providing payment solutions in 196 countries all over the world,
the company is headed by CEO Andy Khawaja and is headquartered in London, England.

Allied Wallet has been providing comprehensive solutions for forex merchants for over a decade.

With a 98% approval rate, they guarantee to get merchants up and running in less than one day.

Also, Allied Wallet boasts that their merchants experience an increase between 30% to 40% in revenue as a result of an increase in approved transactions.

The Pros

The features and benefits offered by Allied Wallet include comprehensive solutions for forex options businesses, digital eWallet solutions, accepts over 100 currencies in 196 countries, rates starting at 1%, settle profit directly into merchant’s bank account, secure data transfers with PCI Level 1 compliance, reduced declined payments with Fraud Scrub Technology, and track transaction with robust reporting system.

The Cons

Allied Wallet seems to have a host of fees including: monthly maintenance fees, transaction fees, refund fees, retrieval fees, chargeback fees, wire fees, a rolling reserve, and if that’s not enough, they also are known for fund holding. Merchants really should evaluate what is most important in their business as these fees will inevitably affect the bottom line.

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EMA

With offices in both Riga, Latvia, and Milan, Italy, EMA is made up of a team of bankers with backgrounds in both IT and credit card processing that specialise in helping merchants find the best payment solution and facilitating the integration process.

The Pros

EMA makes specific suggestions so merchants interested in opening a binary option merchant account can do so successfully. First, merchants have to make sure they open a european gambling or financial licence (i.e, CySEC). Second, be aware that American Express transactions should not be accepted. Finally, although 70% of all deposits are made through eWallets, the larger investments are made with bank cards.

The Cons

They only offer an email contact form, and a phone number, but no live chat feature. Chat features are quick and convenient way for merchants to get their most important questions answered. Valuable time is wasted in simply using online contact forms and email.

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Instabill

Located in Portsmouth, New Hampshire, Instabill was founded in 2001 by CEO Jason Field to help high risk merchants secure credit card payment solutions.

The Pros

Forex merchant benefits include the following: easy person to person transfers, no debit/credit card or PIN use, a convenient storage solution on your PC or smartphone, traceable transactions to deter fraud.

The Cons

Due to Instabill’s focus on high risk accounts, it may feature tiered pricing, early termination fees, and PCI Compliance fees. Most complaints against Instabill are about the company’s fraud prevention policies. Merchants report cancellation of their merchant accounts or withholding funds.

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High Risk Solutions

Founded in 1995 and headquartered in Plantation, Florida, High Risk Solutions specialises in providing payment solutions for a wide range of high risk merchants, including forex options.

The Pros

They have an extensive network of partners to prescribe the best payment solution to benefit the merchant’s business.

Other benefits include: reliable on-time payouts, processing in 150 currencies, gateways are secure/ PCI compliant, and real-time technical support.

The Cons

The company only offers a contact form in which they say they will get back in touch within 24 hours. A lot can happen during this time frame in a business and therefore, this is not a helpful option. It also provides an email address. When they will respond to that is anyone’s guess.

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Radiant Pay

London-based Radiant Pay is an agency offering payment solutions to merchants across all “legal” industries, including forex merchants. It is a leading payment solution provider in the UK, European, and Asian countries.

The Pros

Some of the advantages offered include quick approvals, partnership with banks around the world, round the clock support, affordable pricing plans, quick payouts, minimal transaction charges, no deductions from revenues, uncapped transaction volumes, multi-currency processing, low taxes, risk management solutions, and personalised consultations.

The Cons

Some complaints about the company have to do with sales agents imposing highly undesirable contract terms. It is best to read the fine print thoroughly before signing anything with this company.

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Web Merchant

Founded in 1997 and headquartered in Kingston upon Hull, UK, Web Merchant is platinum accredited partners with major UK, European, and Worldwide banks.

The Pros

Some of their benefits include powerful risk management tools, full reporting interface and adapted payment solutions. Dedicated support for gaming operators, sophisticated anti-fraud systems, multiple payment methods, PCI DSS specialism, transaction optimisation, 24/7 support, comprehensive anti-fraud solutions, multiple acquirers in one solution, payment solutions adapted to your needs.

The Cons

Web Merchant partners with a vast number of acquirers and banks and therefore makes it virtually impossible to know what offerings, fees, and services from the start. It is critical to know this information and not get hit with unexpected fees, courtesy of the acquiring bank.

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eMerchantBroker

Based in Los Angeles, California, eMerchantBroker offers high risk processing solutions, including forex merchant accounts.

The Pros

EMB offers custom-made paid solutions, excellent customer service, approval rates between 24 and 48 hours, chargeback management tools, PCI-compliant payment gateways, as well as fraud filters.

The Cons

Very little information about the standard contract. This could only mean that the contract terms vary widely from merchant to merchant. There are early termination fees that are up to $295 for 1 year contracts and up to $595 for 3 year contracts.

10

MerchACT

Founded by leading global payment expert Patricia B. Weber and payments industry veteran, Jared Ronski, MerchACT has been providing payment solutions to high risk industries for 15 years.

Headquartered in Boca Raton, Florida, MerchACT has been specialising in forex trading merchant accounts for 15 years.

The Pros

Some of the benefits and features of their merchant accounts include: in-house support, PCI Compliant gateway, fraud tools, chargeback management and reporting, no application or setup fees, MerchACT directly processes the merchant account, long-term partnership through life of the account, assistance with global expansion, multi-currency options, SSL Encrypted Servers, all major credit card acceptance, recurring billing, safe and simple API system, and high volume merchant account facility.

The Cons

The only way to get in contact with the company is via email or the contact page on their website. Merchants need more ways to be able to speak to an actual person, especially for more complex issues. Chat and a direct line to a representative would be highly beneficial.

Furthermore, their acquiring banks are known to terminate merchant accounts based on volatility of sales.

Provider of the Month

In order to successfully secure a reputable high risk merchant account provider, you should do some extensive research, taking particular care to ensure your processor provides the following: encrypted processing areas, foreign currency exchange, fraud protection, gateway protection, excellent customer service personne, a 24-hour storefront, and a virtual terminal
Taking into account that the forex market moves quickly, a merchant account that is equally fast and efficient when trading currency is vital to the profitability of your business.