The Forex market, or the foreign exchange market, is a platform that facilitates the barter of foreign currencies. If we talk about the market size, forex is said to be the largest and most significant of all other kinds of markets. In the simplest form, Forex trade involves currency trade in a global marketplace that’s public for 24 hours from Monday through Friday.

Considering the trading part, every forex trading is managed via OTC(over the counter), which means there is no physical exchange. Everything about forex trading is executed through a global banking network and chain of financial institutions that keep tracking the market.

When the trading is done via digital means, the role of a payment gateway comes. Before getting into the “HOW” forex trading through a payment gateway, here’s a quick revision of “WHAT” a payment gateway is!

Payment gateways are consumer-facing interface technologies used by merchants and traders to accept payments(through debit or credit card) from customers. When trading through online portals, payment gateways facilitate checkout portals for the price, enabling a seamless customer checkout experience.

And considering Forex Trading, payment gateways have delved themselves to make forex payment an effortless experience. Such gateways serve as a link between forex trading platforms and the users. The traders here directly interact with the payment gateway platform, which eases out the imports and exports of their respective clients. Instead of the trade, the broker charges a commission per trade. A forex broker should apply for a merchant account at a payment gateway interface and start with the trading.

Let us understand the different payment gateways that support the forex trading market. So, without further ado, let’s get started!

1. 5PAY:

5 Pay payment gateway solutions are a centralised banking system available in different regions. It facilitates digital payments with a 100% success rate. This system of income is a cost-effective, risk-free, and time-effective solution. 5Pay enables customers to make payments in their local currency to initiate a swift payment process. Choosing 5 Pay lets you-

• Fraud protection
• Competitive collection fee
• Instant release of funds

2. STICPAY:

STICPAY payment gateway system is a vast payment interface network supporting 29 national currencies and 19 languages. Moreover, it offers forex trading facilities to traders at competitive pricing. It ensures that the client’s safety is the utmost priority while dealing with foreign currency. Since the platform provides maximum safety for the client, there are limited risks of chargebacks that merchants need to face.

3. Mobi:

Initially known as Mobiversa, it has been the new-age, innovative and secure payment gateway solution for merchants in Malaysia(Expanding ahead in other regions as well). Mobi has been licensed by Malaysia’s Central Bank, i.e., Bank Negara Malaysia. It has been brushing up its services to promote seamless forex trade. It provides- 

• Low transaction rates
• No hidden charges
• Real-time transaction reports
• Easy-to-use software
• Quick Settlement

4. Bitpay:

A crypto payment gateway built around the QR code invoicing method protects forex trading from volatility. It functions daily, where transactions for the day get locked up and get transferred to the respective merchant accounts at the end of the day. Bitpay is a portable and handy payment gateway solution that can be operated via tablets or laptops. It supports 12 different currencies and direct deposits in 37 countries. 

5. GOCOIN:

GOCOIN is a digital currency portal that gives room for merchants to carry out APIs for retail businesses to trade in the different currency markets. It has multiple plugins, making it feasible to use for forex trading. GOCOIN is one of the most preferred payment gateways for foreign exchange trade around the globe, with an intuitive API and a variety of plugins.

These were some of the major forex payment gateways around the world that helped make the forex trade more accessible and more fun. And Mobi being a part of the list, we assure you everything we said. Connect with us to learn more about how we redefine forex trade for you!