A report done by Deloitte indicates that 83% of retailers expect digital currencies to grow in the coming years. Notably, most brokers already offer cryptocurrency trading and so receiving deposits in virtual currencies is crucial for them. Today, we will answer the question: how can startup brokers start accepting cryptocurrency payments?
Common issues with accepting Forex payments
The forex industry is associated with significant financial risk, and many countries have enacted regulations to protect citizens from fraud and prevent money laundering. As a result, most banks and credit card companies do not want to work with companies registered in unregulated areas. Novice brokers who are just starting on the market and are temporarily using an SVG-registered company have been blocked from using their payment services. Fortunately, technology providers introduced new ways of accepting deposits: cryptocurrency payments.
Advantages of accepting cryptocurrency payments
What are the most significant advantages of accepting cryptocurrency payments? In general, cryptocurrencies have lower transaction fees, and digital currency transactions are secure for both parties. Their irreversibility ensures no risk of chargebacks for the Brokers. Traders can be confident that their funds will go straight into their trading accounts.
Crypto payments are quick, secure, and inexpensive to process. In a fragmented international market, the main advantage of cryptocurrency payments is their cross-border nature. It enables brokers to accept deposits 24 hours a day, seven days a week, regardless of bank transfer schedules or client location. Traders can deposit funds into any broker’s account without any unnecessary delay.
Available crypto payments
Providing Traders with an easy way to deposit and withdraw funds is one of the crucial steps in creating a Forex business. If you want to start operating in a matter of days and choose to start a broker offshore, there are ready-made solutions that you can utilise.
Crypto Payment Gateways
A crypto payment gateway is one of the most convenient solutions currently on the market. Some of the most popular ones include Bitpay, Match2Pay, Blockonomics, and SpectroCoin. We will describe the solution based on the example of our technology: Match2Pay Crypto Payment Gateway.
The onboarding process is easy, and Brokers can start accepting cryptocurrency payments in a matter of days. Notably, they don’t need to sign additional contracts with external Payment Service Providers, as all the necessary solutions are already in place, integrated with Match2Pay. Some of them include MoonPay, Mercuryo, and Itez. What is especially important for Brokers, support from a regulated entity allows for settlements in FIAT currencies.
Traders can deposit and withdraw funds easily. It is possible to buy bitcoin and other cryptocurrencies using a credit card or a wire transfer. Crypto deposits can be automatically converted into currencies such as USD or stablecoins and then deposited into clients’ accounts. Match2Pay supports over 100 crypto and stablecoins, such as BTC, DOGE, DASH, ETH, USDT-ETH, and USDC-BSC.