Crypto Payments Becoming More Relevant, and Forex Doesn’t Remain on the Sidelines

The popularity of cryptocurrency is rapidly growing in many countries. This may be treated differently. Some see cryptocurrency as a new reality in terms of payments. Others just want to make money on this. Some are convinced that cryptocurrency popularity is a temporary phenomenon.

In any case, the use of cryptocurrency as a means of payment is getting more relevant, and Forex doesn’t remain on the sidelines. In this article, we will talk about the benefits of cryptocurrency payments.

Benefits of paying with cryptocurrency

Rationality. It might be a difficult task to get provided with card processing for an unregulated Forex project in Russia, Ukraine, and Europe. But the acceptance of payments in cryptocurrency solves this issue, even if you don’t have a license. For certain payment solutions, even having a company is not required.

Security. If you receive payments in traditional currencies made through a payment system or a P2P service, there’s a possibility to face one of the following problems:

● canceling transaction due to various reasons;

● having chargebacks;

● checking transactions by a regulator and freezing funds during said checks;

● blocking accounts or cards.

The situation is different with the acceptance of payments in cryptocurrency. Transactions that are made in blockchain are irreversible, so no chargeback is possible. Moreover, neither a regulator nor an international payment system nor an acquiring bank can affect blocking transactions or freezing funds, as those participants aren’t presented in the chain. Still, it’s necessary to remember about secure storage of your crypto wallets’ passwords, as in case they’re lost, there is no way to regain access to the wallets.

Speed. An operation in blockchain doesn’t last longer than several minutes. You can use a payment immediately after receiving; or a transaction may be settled on the same day, if you work through any kind of payment system. In some cases, it may take several days.

If card processing is involved, funds' receiving process is also carried out quickly. But firstly you get money on a merchant account in the payment system, and it’s possible to transfer these funds within a time period specified in the contract with the payment system. Such a period may last from several days to a month. Thus, you will be able to have money at your disposal after that time period.

Convenience. Traders don’t have to buy cryptocurrency using third-party services to deposit funds on their trading accounts. Most modern payment solutions suggest this process to be carried out through one service, resembling an online payment from a bank card. Moreover, due to the features of certain payment systems, no information on cryptocurrency purchases is displayed.

Accepting cryptocurrency on the UTIP platform

Specialists from the developer company of the UTIP trading platform are actively monitoring the current situation on the market of payment acceptance, adjusting to the modern realities of high-risk working. There are 15 payment solutions integrated into the UTIP platform, which allow working with cryptocurrency.

Demand for such solutions is growing, so it’s no surprise that several more payment systems integrated into the UTIP platform are about to start working with cryptocurrencies.

To connect a cryptocurrency payment solution, please contact the UTIP Sales department.

Besides payment solutions, the UTIP company develops its own software for Forex and crypto brokers, assists in registration of companies, and provides turn-key solutions. You can learn more about these offers and other features on the UTIP company’s website.