Startup Forex
Businesses and Merchant Accounts
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.