What are Forex merchant accounts ?
Forex merchant accounts are aimed as Forex Brokerage firms who wish for clients to be able to fund their trading accounts. Forex, like online gambling, needs to be licensed in order to obtain a direct merchant processing account. Licensed Forex merchants can only obtain direct processing within the jurisdiction that they hold their license in. This is not true for the EU, as the general nature of cross border agreements within the EU means that a Forex broker that holds a license within the EU is entitled to get direct processing from any bank that can acquire for European merchants.