Who Needs Credit Cards When There Is ACH? – FOREX.com Partners with Knox Payments

After the NFA finalized its ruling that it was banning the use of credit cards for funding Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term accounts earlier this year, it added an additional barrier of friction to the already diminished US online forex trading industry. At the time though, at Forex Magnates we theorized that although credit cards were being removed we expected alternative payment methods to come to light. Specifically, ACH-based bank to bank transfers appeared to make the most sense for the industry and singled out both Knox Payment and Dwolla as two low cost alternatives.

Following on those thoughts, Knox Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term announced that it has been tapped by GAIN Capital to provide ACH payment services for its FOREX.com customers. Integrated with major banks and supporting the majority of US banking customers, using Knox Payments, FOREX.com customers will be able to initiate instant ACH-based bank to bank transfers for funding their accounts.

Speaking with members of Knox Payments in June, they noted that among different industries, financial firms including forex firms have become interested in their payment offering. As such, following the initial integration with FOREX.com, we expect to see further brokers adapting Knox or a similar type of solution to provide an instant and low friction solution alternative to credit cards.