Corporate Bank Accounts for Forex Brokers
Corporate bank accounts are an essential component of a new forex broker’s initial set up. It’s clear that without the ability to receive deposits and manage payments, the brokerage can never officially launch. For this reason, incorporating a new business entity and obtaining a bank account are one of the first steps in the process of starting your own forex brokerage.
As far as banking goes, there are basically two approaches available to a new forex broker. The first option is to secure a bank account without any license or regulation, something that is becoming more and more difficult to achieve as time goes on. The second choice, which we strongly recommend, is to apply for a forex broker license. The second option is our recommended choice because a forex broker license affords brokers access to a variety of banking & payment options simply not available when operating unlicensed.
The Pros & Cons of Regulation and How It Impacts Banking
The first step in the process of obtaining a corporate bank account is to asses where your broker currently stands. If you are an entrepreneur currently in the process of launching your own forex brokerage, then a critical decision will center around obtaining a forex broker license. Whether your new broker is currently setting up a non-licensed entity such as St. Vincent & The Grenadines or Marshall Islands; or already happens to be registered there, it’s important to emphasize that banking solutions will be limited for non-licensed brokerages. The trade-off, however, is that costs are minimized when initially operating the broker without any regulation.
If a direct banking relationship is an absolute “must have” for your new brokerage, then our suggestion is to obtain a forex broker license. As a general rule, we encourage our clients to consider regulation, especially due to the greater access to banking. It’s important to understand, though, that the majority of forex broker licenses require a significant investment of capital and from a financial perspective may not make sense to obtain until the necessary revenue justifies the cost.
Our Corporate Banking Services at a Glance
- A free consultation regarding your broker’s specific banking needs (an in depth assessment will require an official service engagement)
- Comprehensive overview of current banking solutions with pricing
- Assessment & guidance in selecting the best banking solution for your brokerage
- Assistance with account application and ongoing communication with bank/provider until account is successfully opened
- Forex broker license consultation covering a variety of global jurisdictions
- Payment Service Provider (PSP) & Payment Gateway services also available
Atomiq Consulting – Corporate Banking Solutions & Forex Industry Expertise
Atomiq Consulting specializes not only in banking consultation but also licensing and company incorporation services for FX brokers. With decades of forex industry experience, we are the ideal partner to assist you in selecting the best banking solutions for your brokerage. In addition, we can also offer your FX broker a variety of Payment Service Provider (PSP) and payment gateway solutions.
Regardless of the regulatory status of your brokerage, we are able to offer several banking and payment solutions. To discuss our services in further detail, obtain a free price quote, or set up a call with one of our license consultants, don’t hesitate to contact us today!
Labuan Vs. Vanuatu – An Offshore License Comparison
The biggest challenge forex brokers face when it comes to offshore licensing is deciding upon the proper jurisdiction. Banking, license […]View More