Alternative payment methods for Brokers in emerging markets
A growing phenomenon in the finance world is offering alternative payment methods that are swift, secure, and very attractive to many brokers. It is a common situation faced by many Forex brokers: the sales team has attracted an enthusiastic lead, compliance measures have been completed correctly, the lead is all set to deposit a significant sum to your brokerage, and you sit awaiting the incoming funds on the dashboard. But then, instead of seeing a sizable number update on the platform, you get a “Transaction Declined” notification.
This could be for a variety of different reasons. The transaction could be declined because of a client’s bank, his credit card company, or the law in the country of residence. Regardless of the reason, the result is the same: your client cannot deposit funds in your brokerage’s account. Across the globe, regulatory frameworks have differing requirements, but even in more lenient regions, banks and payment service providers can implement stricter controls over different types of money transfer, classifying Forex trading and gaming as higher risk, and acting on those tighter controls.
However, the financial world is changing, and that brings with it the ability to offer an alternative solution, that is swift, secure, and very attractive to many brokers. For example, cryptocurrency payments use blockchain technology, which provides frictionless transactions that could end the woes of delays and declined payments. As the technologies of the cryptocurrency space and blockchain have matured, they are offering a genuine alternative to conventional payment methods and may well continue to grow in the finance world.
Blockchain is sure to become a significant presence in the future, with its superb, powerful features offering a wealth of opportunity for virtually every industry in existence. Expect to see it more on the financial stage over the coming years.
To protect you from fraud or theft, a good online broker will take every measure necessary to guarantee your security in all deposits and withdrawals. In addition to software incorporated in the website and trading platform, this should include security steps that make you prove your identity. Most payment methods that you use to make transactions, whether that be e-wallets or tools connected directly to your bank, will also have their security measures in place.
Ultimately, you should always feel as if your money and banking details are protected; if a broker fails to do this, then you should not put your trust in them. Popcorn Technology always put the needs of the client front and center, so you can focus on trading without worrying about your security.
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