PayRetailers provides numerous possibilities for HotForex to process payments in Latin America

PayRetailers is well-known for serving clients in the foreign exchange industry and so it comes to no surprise that another partner of that sector joins forces with us – HotForex.

Who is HotForex and what do they do?

Our new partner has been founded in 2010 as a foreign exchange trading platform and is the brand name of the HF Markets (SV) Ltd which belongs to the HF Markets Group. Since inception HotForex could gain lots of traction in the market and has already been mentioned in the World Finance Magazine’s Top 100 list of companies which stands for a selection of companies that enjoy an outstanding leadership and propel their industries forward with their innovative power. The list is not only based on capitalization but on actual excellence in the field which shows a more complete operational power. The group has worked its way up to become the forex broker of choice for traders all over the world.

The management team at HotForex has many years of experience with trading on multiple platforms and in different markets. They saw the need for an overall better product as there have been order delays, system failures and weak customer service on most of the platforms. The mission of the founders was to create a platform that serves as a leading example for a company operating in their field. Since foundation HotForex implemented cutting-edge and innovative technology, a rigorously efficient settlement system to cut commissions and a top-notch customer support.

So for HotForex there are three main pillars of success: Innovative products, exceptional customer service, and unmatched trading conditions. Those led the company to achieve impressive numbers: Over 2.5 million active accounts worldwide, 45 industry awards, 24/5 customer service offered in 27 languages, over 200 employees worldwide, quick and free registration process and deposits, low spreads, negative balance protection and leading security in terms of funds management.

HotForex is a forex and commodities broker with interfaces for both retail and institutional clients. The product portfolio consists of Forex-CFDs, products in the realm of Metals & Energy, indices, shares, commodities, ETFs, DMA Stocks, Bonds and Crypto-Currencies. For achieving the best user experience a client can choose from multiple account types. Additionally, HotForex offers trading tools and educational content for the client to dive into.

About the alliance with HotForex

With access to our numerous possibilities to process payments in Latin America, HotForex wants to serve its customers in Brazil, Mexico and Chile better and is able to acquire a larger user base in those countries. Apart from that HotForex can work on expanding the business to more countries as we offer all major forms of payment in other countries like Argentina, Colombia, Costa Rica, Ecuador, El Salvador, Panama, and Peru. The main advantage for partners of PayRetailers is the access to the cash-based payment types which are still the main pillars of money transfers in LATAM as well as access to all major modern APMs.

When choosing PayRetailers as a partner a company is able to cover the Latin American markets and strengthen the operations in the region. The HotForex-platform is being used by people all over the world and it was just the next logical step for them to partner with a PSP that is able to meet their complex requirements. We delivered on our promises and the whole process from first contact to roll-out went very straight-forward. Our team knows the ins-and-outs of the business and our solution is easy to implement with just a single API to be used by the client.

It is important for a company that wants to enter the Latin American market to have a reliable partner with expertise in the local markets. It is not enough to offer the generic payment options like classic credit card solutions, modern e-wallets or solutions like Google or Apple Pay. Especially the Brazilian market hosts 68% of the banked population in LATAM that has credit cards, while only 19% of it is able to make cross-border payments. The neighboring countries are working their way up as well when it comes to the bankarization of the population. In LATAM cash-based services play a huge role in the commercial life of the people. However, projections show that the still most popular cash-only focused service, Boleto Bancário, introduced in 1993, in Brazil will be disrupted in the coming years as more and more people either switch towards digital systems or previously unbanked skip usage of the service entirely. The Covid-pandemic shows an accelerated trend towards digital payment systems in LATAM markets and PayRetailers sits at the forefront of the wave.

If you want to start your expansion to LATAM as well, please contact us. With our more than 250 modes of payment, we can <.,help you tailor the perfect payment suite for your operations.