Bank account for forex trading company and crypto

[moscote]

Hello guys,
I am interested into getting a bank account for doing a forex IB broker company, it is not outside the law, I need reliabe EU bank account and relyible exchange.
For example a client is depositing eur into the bank account and then we need to make the withdraw to him.
How to do that, any idea how to setup a EU account preferably in western Europe or to use an exchange for this?
Thanks!

 

[Martin Everson]

Where is your company based and regulated?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[moscote]

Hi, thanks for the answer. The company is based in Spain. Perfectly I want to use an exchange or payment processor who will deal with incoming clients. We have large volumes like 500k a month.
Thanks!

 

[moscote]

We can also use the service of any payment processor, please advise for any solution for our case. Thank you!

 

[daniels27]

moscote said:
We can also use the service of any payment processor, please advise for any solution for our case. Thank you!
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It may not be the best option as there is a charge back risk you would have to bear. Also, the fees will be higher.

Please also note that accepting money from unknown sources bears a substantial money laundering risk. You may need to do KYC and then only accept money from accounts of the holder.

 

[Nicholas Van Orton]

Hi @moscote , I just DM you, please review and let me know, thank you.

 

[linusAG]

Are you regulated by Spain or not?

 

[moscote]

daniels27 said:
It may not be the best option as there is a charge back risk you would have to bear. Also, the fees will be higher.

Please also note that accepting money from unknown sources bears a substantial money laundering risk. You may need to do KYC and then only accept money from accounts of the holder.
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Yes, we want to pass KYC with every client who enters. Basically the best option is someone to provide us with banking services for a fee if it is possible.

 

[moscote]

linusAG said:
Are you regulated by Spain or not?
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We are registered in Spain as a LLC

 

[vehzag]

moscote said:
We are registered in Spain as a LLC
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R u in valencia as well?

 

[moscote]

vehzag said:
R u in valencia as well?
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No, we are in BCN

 

[moscote]

Any advise will be greatly appreciated

 

[ilke]

My advice is to read https://www.cnmv.es/DocPortal/Legislacion/leymercado/LM_203-March2008_20_2.pdf

 

[moscote]

It was not very helpful, but thanks anyway 🙂

 

[drillbill]

Without a license, you'll have a very hard time finding a bank or a payment processor that will accept your business , that's what the other users are trying to tell you.

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Hey, I don't make the news. I only report it! 😎

 

[vehzag]

You want to receive money from 3rd parties to your accounts and manage it? I mean why clients send you money directly?
Why did you mention crypto?
Need more explanation of what you are trying to setup
Maybe I could help with an advice