How Many Payment Solutions on Average does A Small to Mid-size FX Broker Need?

Fazzaco has found an interesting vote initiated on LinkedIn which polled industry participants on how many payment solutions on average they thought a small to mid-size FX broker needed.

57 percent of the votes cast went to 5-8 payment solutions. This was followed by 3-5 and 8+ solutions with 29 percent and 14 percent respectively. None of those who voted believed that 1-2 payment methods were able to support the operation of a small or mid-size forex brokerage firm.  

This result did not come as a surprise. Payments in forex trading are usually done through five legitimate channels including Credit Card, Bank Transfers, Payment Wallets, Cheques and the recently emerging Cryptocurrency. Given the wide variety of credit cards, banks and e-wallets, all of which boasts a certain number of users in different regions, 1-2 payment solutions are evidently inadequate for even a small forex business. As in the case of a global broker like easyMarkets, it provides 20 payment solutions in total to satisfy the requirements of clients in different countries and regions, a small to mid-size brokerage firm will most possibly need at least 5 payment methods, probably consisting of 2 types of credit cards, 2 bank transfers and an e-wallet, even if it only operates domestically.

In fact, payment methods can be a key strategy to boost forex brokerage business. Many brokers have revealed a jump of up to 30 percent in their business, after they offer traders multiple methods to make payments. In addition to payments giant such as Visa and MasterCard, other reliable payment service providers in the forex industry also include Exactly, Ecommpay, Trustly, Allied Wallet, Skrill, etc. See the “Companies​” page on Fazzaco, which provides detailed information about 160 different payment gateway providers across the world, to find more valuable payment partners for your FX business.