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Need Help St Vincent Forex Broker

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HansMuller

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Nov 16, 2017
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#1
We have a st vincents company that is seeking to operate forex unregulated... We are targeting european clients. Our agent company is based out of bulgaria. We need a financial institution or bank account and a payment system for processing credit cards within the eu. What would be the best solution for this issue... I need some recommendations.

Thanks
 
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#4
Thanks for reply guys,

What about e-wallets ( financial institution ), like paysera, megatransfer with direct IBANs

Its not impossible at all, at my country there are many unregulated forex and binary brokers working for year and targeting eu countries so there is a way to do this...

Thanks
 
#5
HansMuller said:
We have a st vincents company that is seeking to operate forex unregulated... We are targeting european clients. Our agent company is based out of bulgaria. We need a financial institution or bank account and a payment system for processing credit cards within the eu. What would be the best solution for this issue... I need some recommendations.

Thanks
Click to expand...
Hello.
Where is the bank account? In Saint Vincent and the Grenadines?
 
#6
You know unregulated means they don't have permission nor a license! If they are doing it for years they are doing a hit and hide game for sure the bank does now know what is going on!
 
#7
Unregulated doesn't necessarily mean no permission, it does however mean no license... Jurisdictions likes St. Vincent and the Grenadines and Marshall Islands simply just do not "regulate" the activity. However, you can open bank accounts in BZWBK in Poland or Millenium Bank in Poland for SVG or MI FX Brokerages (SVG you can disclose your activity, MI you cannot) :)
 
#8
MrAndrew said:
Unregulated doesn't necessarily mean no permission, it does however mean no license... Jurisdictions likes St. Vincent and the Grenadines and Marshall Islands simply just do not "regulate" the activity. However, you can open bank accounts in BZWBK in Poland or Millenium Bank in Poland for SVG or MI FX Brokerages (SVG you can disclose your activity, MI you cannot) :)
Click to expand...

Its true SVG and Marshall allows you to operate without being regulated, but the problem are banks, as i know they will not accept to open an account for any FX unregulated broker, many people are using e-wallets for this MegaTransfer,Paysera etc.. im not sure may someone here with more xperience can help you!

I have failed before to find an bank for me, but not FX i did try to create Binary Brokerage!
 
#9
Unregulated FX business is risky business and accounts risk to be blocked and frozen. However, I'm sure there are "middleman setups" that would work for this purpose.
 
#10
Admin said:
Unregulated FX business is risky business and accounts risk to be blocked and frozen. However, I'm sure there are "middleman setups" that would work for this purpose.
Click to expand...
Its true there are many of them in my country working unregulated, they set up comapny in SVG or they're getting licenced in Venattu, do you know any of those middlemans do you have any trusted contact, because in internet they are claim that they can set up easy these things for you but many of tham just scam you...

Thanks
 
#13
You may check what banks your competition work with in order to find a bank that will accept your business setup. I really don't imagine that there are any banks that will work with you without a license. However, I'm not all known so I will cross the fingers for you thu&¤#
 
#14
icecold said:
You may check what banks your competition work with in order to find a bank that will accept your business setup. I really don't imagine that there are any banks that will work with you without a license. However, I'm not all known so I will cross the fingers for you thu&¤#
Click to expand...

What about using Digital Banking like MegaTransfer, Paysera, LeuPAy, Revolut etc...
 
#15
HansMuller said:
We have a st vincents company that is seeking to operate forex unregulated... We are targeting european clients. Our agent company is based out of bulgaria. We need a financial institution or bank account and a payment system for processing credit cards within the eu. What would be the best solution for this issue... I need some recommendations.

Thanks
Click to expand...

gdeer said:
i already have St vincent company and a company in Europe, i just need bank accounts and psp
Click to expand...

Hi! I have the same situation. Any luck in finding a bank? If you do, please recommend an options.
 
#17
sglion said:
Hey guys, just adding my 5cents, there are some Wallets accepting the business... in any case you can pin me to chat more about the solution...

Cheers
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If you have something to share, please do so, but don't ask people to contact you!
 
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#19
I actually work within the FX industry and there are still some options for unregulated markets and banking facilities. It is definitely not easy and the risk of being de-banked has increased over the past few years but there are a few ways around it. Typically with these sort of operations you need to have a few bank accounts open around the world just in case you get an account frozen, which has even happened to us as a major licensed FX operator.

Anyway, what you want to do is potentially take a look at a few of the other bucket shop operators around and potentially try and open an account with them to find out whom they are banking with. Then approach the bank directly or through a referral but be aware that they will very likely want to see an AML/CFT program in place, as well as a formal compliance officer, and a fairly professional operation. This really isn't a business where you can setup in your basement somewhere and steal someone's pricing feed.

You will also have the additional problem of getting liquidity providers on board, depending on your trading model, because oftentimes they want to see volume and minimum deposits in accounts for settlement. So to be competitive, unless you are running solely B-Book unhedged, you will need to put a bunch of LP's into a pool for trading access. This can be problematic for statups etc.

Probably the easiest option is to do a white label deal with another broker who can provide a branded MT4 platform and branded bank account solution. Although you never physically get to accept the deposits, at least you are working under a licensed FX operator and can pick up the margin from your spread.


Anyway, that's probably as much info as i'm going to provide publicly as the banks definitely watch some of these conversations and I would hate to shut down a few unregulated brokers unwittingly.
 
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