Accepting cryptocurrency is the main must-have for brokers in 2023
Share this publication:
Contrary to skeptics’ expectations and predictions, the volume of cryptocurrency transactions continues to grow. The so-called stablecoins show the greatest stability, as they are used in payments more often than super volatile Bitcoin or Ethereum. Let us remind you that Bitcoin was losing more than 60% of its value last November. It does not make much sense to use such currencies in transactions. Stablecoins, tied to fiat and backed by bank reserves, are a different story. According to coinmarketcap.com, the most popular stablecoins with the largest capitalization are currently Tether (USDT), USD Coin (USDC), and Binance USD (BUSD). Taken together, these findings allow us to make long-term predictions for the continuous increase in cryptocurrency transactions, and this is a good sign for Forex brokers.
Why Forex brokers are better off with a crypto gateway
Those brokers who don't yet have a cryptocurrency gateway to accept payments should take care of it now. Regulators are closely monitoring financial companies. As a result, licenceless brokers can no longer accept payments by bank cards. This means that if a company cannot have a bank account, accepting Visa or Mastercard payments is not available to it. As an option, the broker can accept payments through electronic payment systems and other intermediaries who charge exhorbitant commission, easily in the 8-10% range. Also, due to the tightening regulation in the financial sector, customers from some countries in Asia, Africa, and the Middle East no longer have access to bank processing. In addition, cryptocurrency holders are interested in working with companies that are willing to accept it. From what we have seen in recent years, the trend of financial overregulation is going to continue all over the world. So if a broker wants to expand their geography and get more varied customers, gain a competitive advantage or just stay afloat, it is better to start learning how to work with cryptocurrency now.
In our previous articles, we talked about the pros and cons of accepting cryptocurrencies and how to automate these payments in your company.