Forex trading is one of the trickiest businesses, known as the most volatile one. Providing online payment services for forex trading is the toughest task in the online payment processing business. Since online retail trading was opened in the mid-90s, the foreign exchange market has gone through drastic changes. Today, it is the biggest market in the world, with more than $6 trillion in daily trading volume.

In recent times, it is considered a profit-making machine due to its high-risk, high-reward nature. As a result, younger people get easily attracted to it, which is why forex trading is growing at an exceptional rate around the world, and Malaysia is no exception to this.

Today, in Malaysia, almost 80% of the working class is aware of forex trading, according to OctaFX research, and the majority of them express their urge to trade regularly. Therefore, the forex market in Malaysia is increasing rapidly.

However, there is a lack of proper infrastructure for trading activity, which creates a void that acts as an obstacle for brokers to conduct operations properly. Hence, they need an online payment processor like PayCly that can help them keep up with their trading activities in a faster and safer manner.

In this article, we will shed light on the services provided by PayCly for forex payment processing, like high risk merchant accounts and forex payment gateways, and how it portrays itself as the contender for the most suitable option for online forex trading payment services.

Obstacles in Online Payment Processing for Forex Trading

Problems that occur during forex payment processing are mentioned below:

  • Forex trading is subject to stringent regulations, which vary from country to country. Ensuring compliance with these regulatory requirements can be challenging and time-consuming, but it’s a necessity.
  • Forex trading platforms are attractive targets for fraudsters. Hence, security is a significant concern, and ensuring the safety of financial transactions is crucial.
  • Forex trading deals with multiple currencies, and exchange rate fluctuations can affect the value of transactions. Payment processors need to account for currency conversion rates and ensure that users are informed about potential currency risks and fees associated with conversions.
  • Forex trading is often considered high-risk due to the potential for significant financial losses. Because of this, financial institutions and payment processors maintain distance from forex payment processing services.
  • Forex transactions may be subject to chargebacks and disputes. Handling these disputes and chargebacks can be time-consuming and may result in financial losses for both brokers and payment processors.

How does PayCly Overcome These Obstacles to Provide the Best Online Payment Services for Forex Trading?

The solutions that PayCly comes up with for tackling the challenges of forex payment processing make it a perfect forex payment processor. Have a look at them:

  • The first problem that forex brokers deal with is regulatory compliance. Taking note of it, PayCly provides assistance in regulatory compliance with the help of its massive banking network in Malaysia, which helps in complying with the local rules and regulations for forex transactions.
  • The second problem of forex payment processing is security concerns, which PayCly covers pretty well by employing 3D secure transactions with encryption technology and the latest fraud prevention tools consisting of AI and ML-based experiences to safeguard the online forex transactions.
  • For the third problem of dealing with multiple currencies, PayCly comes up with a high-risk gateway that supports multi-currency processing and high risk merchant accounts that can accept payments in numerous currencies.
  • The fourth problem is not a problem at all for PayCly, as it is a proficient high risk payment processor that embraces high-risk businesses like forex.
  • For the problem of chargebacks and payment disputes, PayCly incorporated a sophisticated fraud detection system with machine learning experiences that can distinguish fake chargebacks from genuine ones.

In conclusion, PayCly has a solution for every problem that may arise during forex payment processing. Plus, PayCly is a local service provider, so it understands the local market trends better, which gives it a little bit of an advantage in the Malaysian forex market to provide online payment services for forex trading. Check out our website for a detailed view of our forex payment processing services.

Visit us at: Internet Credit card processing in Malaysia

Originally published on : Google’s blog