All Forex companies that apply to SEP must operate under an internationally recognized regulatory licence provided by a regulator such as the FCA, FINTRAC or CySec.
The Forex industry is in itself a highly complicated and competitive market for which businesses struggle to obtain banking or merchant services.
Trading or converting Forex carries its own risks as the values of currency can change due to all sorts of external circumstances meaning that customers could lose or gain quickly.
Merchant accounts and Forex payment gateway providers will assess potential risk vs income before issuing an account. Due to the high risk nature of the industry, you can expect to pay slightly higher pricing than other industries.
SEP works with specialist high risk brokers who can successfully place Forex merchants. Our experience means that your application will be packaged correctly and therefore more likely to be accepted. All Forex applications will be subject to a higher level of due diligence as highlighted in our Application Guide for businesses. This should not put off business looking to make an application. Our team is happy to provide expert advice on what can be offered, whether that be credit and debit card processing, alternative payment services or crypto payments.