We want to address several questions from our partners about difficulties in getting bank accounts from locations outside of tier-1, such as Europe, Singapore, etc.

Over the last few years, banks have increasingly become risk-averse. This means that FX is considered a reasonably high risk to the bank, and many banks are unwilling to enable brokers to open client accounts. Usually, opening a corporate account is to pay for services and employees, and this is not an issue.

The primary reason that most banks will not take FX brokers is that if clients lose money, they complain to their bank that they have been defrauded and request a reverse wire due to their agreements; in many cases, the wire will be sent to the broker’s accounts. In the majority of cases, the client loses money trading and is unhappy. However, this causes a significant issue for many banks with intermediary bank partners.

These are some of the significant reasons that banks do not accept FX brokers even though they are regulated. Labuan, Malaysia, is a good example. Currently, the only bank that will take money brokers is Maybank. The other large banks will not accept money brokers. So, you must be very careful when thinking of a banking partner.

We are able to offer several banks accepting regulated and unregulated FX brokers.

Email: info@sunhillassets.com
website: https://sunhillassets.com