5 Best Forex Merchant Account Solutions in 2022


5 Best Forex Merchant Account Solutions in 2022. Source:

Forex merchant account is a type of account providing services to foreign exchange firms and brokers. Generally, Forex traders, trading platforms, and Forex informational services use it. Foreign Exchange is the world’s biggest and the most accessible market, so there is a strong demand for payment processors who provide Forex merchant account solutions. However, in spite of such a demand, not all payment providers can cover the needs of Forex. Furthermore, the transaction fees in Forex are much higher than in other industries since it is considered high risk.

In this article, we will examine the difficulties in finding a payment provider for Forex merchant accounts, explain how a payment orchestration platform would help to save on transaction fees, and discuss the five best payment processing companies prevailing market:

  1. Ikajo
  2. Secure ePayments
  3. PaySpacelv
  4. Flutterwave
  5. Totalprocessing

The challenges of choosing a payment provider for the high-risk industry

In the payment provider selection process, it is vital to pay attention to whether its capacities meet the needs of Forex. The integral features to be taken into consideration are as follows:

  • The higher number of frauds and chargebacks.

Since the risk of fraud in Forex is higher than in other markets, the merchant needs to search for a payment provider which operates powerful fraud protection. To increase a merchant’s account security, a provider must supply anti-fraud filters and systems that identify, analyze and determine fraud transactions. Such systems will also identify risky transactions made by scammers from other people’s cards, in this way minimizing the chargeback rate. The payment provider of the Forex merchant account must understand the specifics of your industry and have special systems for fraud and chargebacks risk reduction.

  • One-click payment.

The foreign exchange market is a rapid and demanding environment. The ability to conduct a transaction quickly and without delay is crucial for Forex, where exchange rates constantly vary. That is why a payment provider should have the capacity to offer an account optimized according to the merchant’s needs, with the ability to make payments in one click. Commonly, traders use credit cards or e-wallets, since these options are convenient for making numerous payments within a short time instead of filling out long payment forms. One-click transaction possibility would increase the client’s loyalty even more. They will quickly make multiple transactions by entering their card information only once while being completely protected with tokenization technology for private data.

  • Multicurrency support.

In case the merchant wants to work with clients all over the world, it is necessary to choose a provider maintaining multicurrency support. It would allow merchants to accept investments from people of different countries in their national currencies. Depending on which counties the merchant’s customers will make payments from, he needs to clarify whether a payment provider accepts their national currencies. Besides, payment providers can also be adjusted to accept transboundary payments in cryptocurrencies.

Another challenge in the foreign exchange industry is transaction fees price.

How to Save on Transaction Fees Using Payment Orchestration Platform

Forex is considered to be high-risk, that is why its merchants are charged with a significantly larger transaction fee. Since payment processors or merchant account providers are the ones who charge fees, the charge rate differs from one provider to another.

However, it is possible to economize on transaction fees using a payment orchestration platform (POP). POP is a technical structure for processing online payments. POP’s software integrates and manages multiple payment service providers (PSPs), acquirers, and banks.

Precisely due to the multiple PSPs’ availabilities and smart routing of POP, the merchants are able to save money by managing transactions through channels where the transaction fee is minimal. One more benefit is that additional fees for automated transaction routing would also no longer be needed.

Apart from that, POP is a good solution to the Forex merchant account challenges described above. POP operates payments’ security, third-party risk protection software, and risk management engine integration. It also contributes to the payment’s fast speed and seamlessness. In case of delay, the traffic switches from an inactive PSP to an active one. POP also facilitates in connection of multiple currencies by attaching to numerous local PSPs, and payment methods.

Top 5 Processing Companies for Forex Merchant Accounts

When you already are aware of what to look for when choosing a processing company for your Forex merchant account, consider the best options for 2022.

1. Ikajo

Ikajo is an international payment service provider founded in 2003. The company has its own payment orchestration platform. Merchants can switch on and off particular options of payment and reprioritize them. Ikajo’s POP has smart routing that increases conversion rate up to 30% by picking a provider with better terms and rates for every single transaction. Ikajo has a cascade mechanism with the high-end technology distribution that boosts the transaction approval ratio by 20%.

Ikajo provides:

  • PCI Level 1 Certification
  • PCI 3DS Certification (1.0 and 2.0)
  • POP offers 100 connectors in 150 currencies with one integration
  • Payments from 130 countries
  • Multiple methods of payment (Creditcards, cryptocurrencies, alternatives payment methods)
  • API rest/API soap integration
  • Fraud prevention software
  • Payments in 150 currencies
  • 24/7 software and hardware maintenance
  • Rapid conversion of currency

2. Secure ePayments

The company offers a Forex merchant account with the possibility to make international payments globally in over 50 currencies. Secure ePayments has an option to open a Forex merchant account within Europe. The company uses custom AI technology to allocate the partner to the merchant’s business. It also provides full control over merchants’ accounts, transaction data, and fees. Secure ePayments accepts local payment methods and acquiring solutions, cryptocurrencies, and cash payments.

Secure ePayments provides:

  • PCI Level 1 Certification
  • More than 350 local payment methods worldwide
  • Cryptocurrency and AMP acceptance
  • 100+ payment providers
  • 24/7 online access
  • Banking Network has IBANS in over 50 currencies

3. PaySpacelv

PaySpacelv is a card transaction technical processor that provides multiple solutions for merchants. PaySpacelv submits legal consultations on how to get a Forex license and works with low credit score clients. The company has a broad acquiring network that consists of 10 banks based in Europe, 5 China-based banks, and 15 banks based in the Commonwealth of Independent States, along with 30 financial institutions worldwide. PaySpace provides direct pay-outs to the payment cards of traders.

PaySpacelv provides:

  • Payments from 150 countries
  • Direct MID with a Unique Billing Descriptor
  • API/HPP integration options
  • One-click transaction
  • Anti-fraud and chargeback protection systems
  • Multiple payment methods (Visa, Mastercard, JCB, Ideal, Klarna, Giropay, POLi, QIWI, and alternative options)
  • Payments in 80 currencies

4. Flutterwave

Being a company that is specialized in payment processing, Flutterwave submits high-risk solutions with multiple layers of security to a variety of businesses. After Forex merchant account creation, it is possible to accept payments in over 30 currencies. Flutterwave supports local payment methods and has a convenient dashboard where a merchant can manage all his terminals.

Flutterwave provides:

  • PA DSS & PCI DSS Compliant
  • End-to-End encryption
  • Customers and payments verification
  • SDK and plugins
  • More than 150 currencies
  • Multiple payment channels
  • Over 15 payment options

5. Totalprocessing

Total Processing is a provider of payment solutions for various types of businesses. The company offers advanced fraud protection and chargeback prevention. It has multiple payment options. Total Processing also provides a CRM dashboard for the merchant in order to provide him with a complete view of his commercial activity. As a merchant, you get acquiring freedom, which means that Total Processing has no affiliation with an acquiring bank.

Total Processing provides:

  • Low rate promise
  • Advanced fraud-preventing system
  • Chargeback prevention tools
  • 198 payment methods (including alternative ones)
  • CRM dashboard


In search of a payment provider for a Forex merchant account, choose the one that meets the needs of your industry. The main requirements are the provision of efficient anti-fraud and chargeback protection systems, a one-click payment option, and multicurrency support. The payment orchestration platform is another option for Forex merchant accounts worth considering. POP copes with the mentioned challenges and helps to save significant costs on transaction fees. All you need to do is select a payment provider that meets your requirements, and enjoy its benefits!


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