Start up forex businesses must complete a number of requirements in order to be setup as a legal forex brokerage. Forex merchants need to be incorporated, licensed and have a corporate bank account. The forex merchant’s website along with their platform must be setup and integrated. It is important that the brokerage’s liquidity partners are also in line and ready when the merchant turns the site live. The forex brokerage will invest tens of thousands of dollars before they are able to setup their first forex trader. However one of the missing pieces usually that many merchants don’t think of initially is the forex merchant account. It is vital that a forex brokerage accept both credit card and debit cards. There are a number of forex merchant account providers online however it is important to partner with a specialty processor that focuses on forex payment processing.

Forex merchants must be able to provide all of their documentation when they make the decision to open their forex merchant account. Most businesses will already have all of this information already. It is imperative that they submit this with their merchant account application. Most payment processors will require several documents when applying. They will require; passport, bank information and bank statements, previous processing history (if available) and utility bills to verify the location of the business and owner. After all of this information is submitted approval will usually take 1-3 days and account setup will take a few days more. Offshore Merchants has been setting up forex merchant accounts since 2007 and will be able to setup your startup forex brokerage in less than one week.