Corporate Bank Accounts for Forex Brokers

Obtaining a corporate bank account has become ever more challenging for brokers in the forex & CFD space. Even regulated forex brokers often face difficulties securing a reliable bank account for their business. Because many banks and payment institutions classify online forex trading as high risk, expertise is required in order to successfully open a bank account. By partnering with Atomiq Consulting, your broker is able to leverage our network of payment professionals who have years of experience working in this challenging industry.

Forex Bank Account Services – Key Requirements

  • A previous track record of payment history is always preferred.
  • Clarification regarding the type of payment needs: B2B or B2C.
  • The desired deposit currencies for the multicurrency account: USD, EUR, GBP, JPY, etc.
  • A list of the countries & jurisdictions where most deposits will be originating from.
  • An estimate of the average deposit size as well as deposit frequency.
  • The broker should have a website in place as well as a contract with an existing technology provider.
  • While regulation is preferred, we can work with unlicensed entities registered offshore in jurisdictions like St. Lucia, St. Vincent, or Costa Rica.

How to Get A Forex Corporate Bank Account? – A Step-by-Step Overview

  • Step 1 – Consultation Call: Arrange a call with one of our consultants so we can learn more about your specific banking needs. During the call we’ll explain how our services work, outlining each step of the process.
  • Step 2 – Engagement Letter: Should your broker wish to partner with Atomiq Consulting, we’ll prepare an engagement letter which will outline all fees and timelines.
  • Step 3 – Documentation Gathering: We’ll work with your team to gather all the documentation required by the payment provider. This will include basic KYC documentation (copy of government issued ID and proof of residency) along with the application documentation. We’ll work with your team to prepare and compile all requested information.
  • Step 4 – Application Submission: We’ll submit your application with one or more payment providers.
  • Step 5 – Application Feedback: Our team will relay any feedback received from the payment provider and supply additional documentation or items if required.
  • Step 6 – Approval: Upon successful application approval we’ll deliver the official approval and assist with setting up the new account.

How Much Does It Cost to Apply for a Forex Corporate Bank Account?

The costs are dependent upon a variety of factors, namely the regulatory status of the broker, previous payment history and the desired regions. Each bank has their own unique set of terms, in some cases there is a small set up fee which can range from $2,500 – $5,000. In many cases banks will also charge monthly account maintenance fees which can range between $25 – $100.

Finally, our team will charge a consultation fee in order to cover the time involved in applying for the account as well as finding the appropriate solution. We suggest scheduling a call with one of our consultants to discuss specific pricing and terms.

Contact Us Today For a Free Price Quote!

    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)
    • Solutions for both B2B and B2C banking needs
    • Multicurrency accounts with IBAN in a variety of jurisdictions
    • 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

    The Challenges Forex Brokers Face With Bank Account Services

    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.

    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.

    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 Costa Rica; 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.

    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!

    About the Author

    This article was written by Jonathan Baumgart, Founder and CEO of Atomiq Consulting. With over a decade of experience in the forex industry, Jonathan specializes in helping businesses launch brokerages and navigate global licensing requirements.

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