Why Forex Exchanges and Traders are turning to Bitcoin Payments
Forex exchanges have existed for many years dealing with fiat currencies alone. However, all seem to be changing with the worlds to forex exchanges now choosing to accept Bitcoin payments. We took time to understand why Forex Exchanges are now preferring Bitcoin to fiat currencies. According to our research, most exchanges noted that Bitcoin was cheaper, secure and borderless. They also added that the emergence of platforms like ExagonPay which enable direct conversion of cryptocurrencies to fiat let to their decision.
Forex payment problems which can be solved by Bitcoin
Forex exchanges conduct transactions worthy trillions in a day. However, time becomes an issue since international transfers take days and often have large transfer fees which in most cases is not predictable. The sector has many middlemen which in most cases are banks which also charge fees, taxes and have different exchange rates.
In this case, Bitcoin comes in to solve this problem. First Bitcoin has its own innovative payment system. This means that they Forex exchanges can eliminate middlemen, reduce the time taken in international transfers since Bitcoin is borderless and also reduce the processing time of these transactions. Bitcoin is particularly proving to be very valuable for forex exchanges from developing countries which do not have full access to credit card payments.
Bitcoin is also cheaper than wire transfers. More to that there is no limitation of the amount of Bitcoin you can transfer unlike in credit cards which are subject to declines and limits. Forex exchanges are preferring Bitcoin because it will help remove the costs of credit card fees and also the removal of chargebacks. More to that it can be used in economies which are either underbanked or overbanked which is very good for the growth of the forex exchanges.
Regulators work hard to prevent money laundering. To make this a success it very important for forex exchanges to use the same withdrawal and payment method. This is something which can work perfectly with Bitcoin since it can be used in both cases.
Why forex exchanges are choosing ExagonPay
ExagonPay is a strong believer that Bitcoin can solve the problem of moving money in and out of forex exchanges. ExagonPay is allowing these exchanges to accept Bitcoin and receive Euro, the USD, and other currencies settlements to their banks without being affected by the risk of Bitcoin vitality. ExagonPay is working hard to simplify payments and the beauty of this platform is that it can send payments to any number of people anywhere in the world for a flat fee.