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Alternative Funding for Forex Brokerage

Whether you’re a private trader, a PAMM administrator, or a broker, there are a number of different ways to fund your account. Knowing the different options and which ones will work best for you is key to running a successful trading business. Here, we’ll talk about the different ways to fund your account and some pros and cons of each.

FOREX Payment Options

The most common ways to fund a FOREX account are:

  • Credit card
  • Personal check
  • Bank check for error.
  • Wire transfer

Each of these funding methods are pretty self-explanatory. Once you open your online account, you can use one of these services to put funds in your account so you can begin trading. Depending on your bank, your online FOREX broker, and your payment method, it could take just a few seconds, or up to several days for the funds to appear in your account.

FOREX Payment Through Credit Card

Using a credit card to fund your FOREX trading account is a fairly simple process. For most online brokers, you simply go to the payment page in your account and select “fund my account”, or similar language. Once you’re in the funding section, there will be options available for you to choose from.

Select “credit card” as your funding option and put in all of your credit card information. In most cases, this is an immediate transaction. Your funds will likely appear in your FOREX account within seconds of completing the transaction, which allows you to immediately begin trading.

The drawback to using a credit card is that you will likely incur some fees from your broker. Most credit card companies do not charge their customers for transaction, but rather pass the transaction fees on to the merchants who are accepting the payments. In turn, many merchants will charge the customer a fee to complete the transaction.

Be sure to check your broker’s fee structure and schedule for detailed information on how much you will pay to use your credit card to fund your account.

FOREX Payment Through Check

Using a personal check or a bank check is just as easy as using a credit card. Most online brokers offer the option of using an electronic check to fund the account. In this scenario, you would enter your bank account information to make the deposit.

The information required will most likely be your bank’s routing number and your account number. Depending on the brokerage firm and their FOREX payment processing gateway, you may have to wait a few days for the money to appear in the account. It’s a secure way to fund your FOREX account, but can take longer than using a credit card.

FOREX Payment Through Wire Transfer

A wire transfer is not significantly different from an electronic check, but there are a few things to note. When you complete a wire transfer, the money is being transferred directly from one bank to another, rather than going through a third party like a credit or debit card. However, wire transfers are generally more expensive than electronic checks or ACH transfers.

If you opt for a wire transfer, you will pay a fee to send the money from one bank to the next. Domestic transfers are often much faster than electronic checks, which makes them more attractive. International transfers often take multiple business days, so if your FOREX account is with an international bank, be sure to consider the difference in time it will take to complete the transfer.

FOREX Brokers That Accept ACH Payments

In addition to the payment options listed above, you can also use the ACH (automated clearing house) to fund your FOREX account. ACH payments offer the security and flexibility that many investors desire. This method is secure, but not always fast.

Funding your FOREX account with a credit card is much faster than an ACH payment and your funds will appear in your trading account almost instantly. However, there are often a number of fees associated with credit card payments. It also goes without saying that you’ll need to keep an eye on your credit card account and be sure to pay off the balance in a timely manner to avoid extensive debt and interest charges.

Conversely, using ACH payments to fund your account might take a little longer, but it can help you stay out of credit card debt because you’re using liquid cash instead of credit. ACH payment are also typically less expensive than credit card payments or wire transfers. Here are some of the most popular FOREX brokers who accept ACH payments for funding accounts.

  • Oanda
  • IG
  • TD Ameritrade

There are several more options for brokers who accept ACH payments, but if you’re in the market for a broker, this is a good place to start.

FOREX Payment Gateways

If you’re looking to build a FOREX business, you’re going to need the right kind of gateway to help you process multiple currencies. Your FOREX payment gateway needs to be secure and efficient to allow your customers to make trades and complete transactions in as little time as possible. You also want to make sure that your gateway offers the same features and benefits that you enjoy as a FOREX trader with your brokerage.

There are thousands of cryptocurrencies. These two are the market leaders but many of the others provide unique benefits which separate them into specialized payment markets. Cryptocurrencies are here to stay and it’s only a matter of time for traditional fiat payment methods to become a thing of the past.

Gateway Options to Consider

Things to consider when choosing your payment gateway include:

  • Funding options
  • Currencies available
  • International banking network
  • Fees and fee schedule
  • Integration into your current website or ecomm system

FOREX Merchant Accounts

You will also need a FOREX merchant account, which is different from a typical merchant account. A FOREX merchant account is designed for FOREX traders, FOREX trading platforms, and merchants who offer FOREX educational services. These can include forex brokerage echeck or credit card processing. If you are going to offer any combination of these services, a FOREX merchant account is a necessity.

Your FOREX merchant account will allow you to accept credit and debit payments from traders on your platform through a FOREX payment gateway. The two will go hand-in-hand to offer your customers a variety of options. Doing your research on the front end will save you some headaches on the back end. Learn as much as you can about the different payment gateway options before making your decision.

Getting a FOREX Merchant Account

Once you’ve chosen the payment gateway and merchant account provider that you want to use, the setup process should be simple. You will most likely need to provide some basic information about yourself and your business. You may need to provide some of the following items:

  • Photo ID or Passport
  • 3-6 months of bank statements for your business
  • 3-6 months of payment processing history for your business
  • Basic contact information for yourself and your business
  • Integration into your current website or ecomm system

The FOREX merchant account application process can take anywhere from 5-30 business days, depending on the complexity of your situation. Be sure to provide the information requested in a timely manner to avoid any delays in getting your account setup. Once it’s setup, you can fund it using any of the methods discussed in this article and get your business started!


There are a variety of ways to fund your FOREX trading account, regardless of whether you’re a private trader or a small business operating an online trading platform. Choosing the right funding method for you will depend upon how much cash you have available and how quickly you need your funds available. Talk to your broker or payment gateway representative for more information about the options available to you.