Launching a trading service website can be profitable if managed well. The are plenty of opportunities that you can capitalise on and make your earnings. However, there are many considerations and technicalities to begin with, which are essential to managing your platforms and operations sufficiently.
Prior to offering your services, you need to find liquidity providers, a website hosting server, a customer relationship system, and payment software, which will allow you to receive money from every trader’s operation and process investor’s deposits.
Accepting payments in cryptocurrency is becoming increasingly popular, as opposed to dealing with fiat money. Let’s review crypto payment systems and how they benefit your business.
Why Do You Need a Payment Gateway?
The gateway is the front-end layout that your customer sees when they are on the checkout page or payment terminal. The gateway technology reads the user’s inserted payment option and initiates interactions between different parties to fulfil the transaction and send the money from users to the Forex merchant account.
In case you are transacting with cryptocurrencies, such as BTC. The Bitcoin payment system interacts with the sender’s wallet to verify there are sufficient funds in the select currency. Then, the transaction is carried over to the blockchain, which validates the payment according to the network protocols and regulations. Finally, the funds are released to the receiver’s wallet.
Payment gateways for Forex brokers are safer options for sending and receiving money because they incorporate multiple security mechanisms and layers that ensure data integrity and the safety of funds.
Are Crypto Payments Better Than Credit Card?
Businesses that utilise cryptocurrencies are more likely to save money on commission and credit fees than credit cards. Consumers and businesses reportedly lose a lot of money on settlements, commissions, chargebacks, and changing fees.
Cryptocurrencies are processed on a shared network using automated technology that registers payments with less mediation and exchange rates, which eradicates any commission fees usually paid using credit cards.
How Crypto Payment Gateways Work?
Paying with crypto requires the sender to own a virtual wallet, where their digital assets and money are stored, and they can interact with blockchain-based payment gateways.
On the other side, a Forex brokerage crypto wallet receives payments anytime an investor deposits money or on a monthly basis as a share of earnings.
Additionally, brokerage firms can use crypto-to-fiat payment gateways if they want to receive their payouts and manage settlements in USD or Euro to offset any price fluctuations associated with cryptocurrencies.
Identifying a Reliable Crypto Payment Gateway Provider
Forex payment gateway providers are more available than ever before. A simple search can suggest tens of companies that offer you technologies to receive payments for your trading platform.
However, you should only choose the ones that suit you. How do you decide? Let’s list some essentials you need to look for.
Flexibility and Customisation
Accommodating your business needs and objectives is the first priority when it comes to finding the best payment gateway provider. White label payment gateways are great tools that can be customised to your preferences, allowing you to add and change features to better serve your investors.
Supported Payment Methods
There are over 2,000 cryptocurrencies out there. Do you want to support all of them? Probably not! Determine the crypto coins, tokens, and stablecoins that are popular for businesses and find a payment solution that supports these cryptos.
Check if the payment provider accepts fiat-crypto money or integrates an on-ramp exchange tool to facilitate buying cryptocurrencies using credit cards on-point.
Legal Compliance
Unregulated and payment providers are risky. Not only that they can cease to exist and leave you empty-handed, but you cannot legally sue them if they do not deliver the promised services or change their pricing and operation policies.
Pricing Policies
Payment gateway providers charge different fees in exchange for their service. They may incur a one-time in-advance payment for a given period of time, or you might have to pay for every transaction processed using their software.
Only settle for prices that suit your budget and inspect if they offer flexible pricing plans according to the selected methods and currencies.
Final Remarks
Setting up a payment gateway for your Forex brokerage can be hectic. There is a lot to consider, and prices can differ widely. However, crypto gateways are a great way to expand your investor’s payment options, allowing them to deposit and operate quickly while you receive your money almost instantly and with minimum costs and commission fees.
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