Due to regulatory and compliance restrictions, forex brokers frequently find themselves with a
denied application when they try to open a merchant account at a traditional
payment gateway provider, and even if they find a payment solution, brokers naturally execute
high-volume transactions on their platforms on a daily basis, which drives up
the business chargeback rates. As a result, payment processors have categorized forex service
providers as high-risk businesses, meaning brokers will likely face rejected
applications or very high transaction rates with traditional gateway solutions.
Forex brokers can also open a merchant account with a dedicated payment gateway that specializes
in high-risk industries; however, these services take advantage of the
situation by charging unreasonable fees and holding customer funds for extended periods of time,
not to mention that if you are not regulated, your options are limited to
none.
It is important to note that all Alliance payment solutions only accept merchants who strictly
adhere to the regulatory laws of all countries where they do business.
Forex Brokers should expect to receive a comprehensive list of required documents when establishing a bank account. However, this is achievable for serious and dedicated brokers. Alliance offers payment solution assistance and does not guarantee approval, although it has a high success rate for applications.
