Banking for Forex

Forex Banking Solutions for start-up or established Forex Brokers

It is vitally important for any forex brokerage firm to have adequate and reliable banking partners. Due to the fact that forex brokerage business falls into the ‘high risk’ category as per modern international banking standards, it is becoming increasingly difficult to find banks that would be willing to accept forex brokerage firms as their clients. The other clear recent trend in the international banking world that has emerged, is that big international banks are trying to find new sources of income by themselves entering into online forex broker business and they are not interested in encouraging competition within the online forex trading field.

DeltaQuest has established relationships with over 100 banks located in different international jurisdictions, and can promote banking relationships that would suit the demands of any forex broker, all in order to help you find a suitable forex banking solution or open a forex bank account. We continually conduct research
looking for new banking partners, new banking services and technology that may be useful to our forex broker clients and their forex banking needs. We are able to offer unique tailor-made forex banking solutions for start-up or established forex brokerage businesses. Please visit our specialized portal devoted to Offshore Bank Accounts and fill in our bank account opening application form to start the process of opening a specialized forex bank account.

Forex License

Setting up a Forex Brokerage Firm and obtaining a Forex License

Having a forex license in the country where your forex brokerage firm operates is mandatory. Operating a forex firm without a valid forex broker license is illegal, meaning all of your forex operations are against the law.
Forex regulations and licensing issues are quite complex and it is advisable to use the assistance of a professional consultant who will be able to guide you through the forex license application process, explain all of the regulatory requirements for forex brokers, draft business plans and manuals that are part of the forex license application procedure and will follow the entire licensing procedures to ensure that your forex broker license application will succeed.

Choosing a jurisdiction for your Forex Broker License

As a forex brokerage firm, you will want to find the jurisdiction that can offer you the most advantages when obtaining your forex license, or forex broker authorization. There are numerous factors to consider when deciding on the type of forex license and which regulatory jurisdiction to choose, like: Minimum capital requirements for a forex broker, corporate taxation, regulatory compliance, anti money laundering regulations, qualifications of staff, time frame for obtaining a forex license and the costs involved in getting a forex license. In some regulatory jurisdictions, the regulations for forex broker firms are less stringent, whilst others tend to have an excessive regulative approach.

Being approved and licensed by the national regulatory authority ensures that forex businesses and investment firms conducting forex broker activities maintain strict quality control standards and are subject to periodical audits, reviews and evaluations which force licensed forex brokers to comply with industry standards. In addition, borex brokerage firms must maintain a sufficient level of funds and liquidity in order to meet their financial obligations towards their customers and to be able to execute and complete forex contracts made with their clients.

DeltaQuest can assist you with the setup of your forex firm and can assist you in obtaining a forex license in your chosen jurisdiction. Please complete our preliminary Forex Broker Application form or Contact Us to start the process of obtaining your own forex broker license.