Choosing the right cashier system for Forex Brokers: A comparative analysis of Ixopay, Praxis Tech, and PayNetEasy

By Elliot Gibbons

In the rapidly evolving digital era, the assortment of cashier systems for online payments is expanding at an unprecedented rate. This growth is particularly evident within the Forex industry, where brokers now offer a wide range of advanced cashiers to facilitate transactions. However, amidst the increasing intricacy of these technological solutions, selecting the appropriate cashier system has become a daunting challenge.

While heavily regulated traders must comply with various regulations including AML, sanctions, and fraud prevention, Cashier platforms often evade significant regulatory scrutiny. Despite handling highly sensitive information like cardholder data, these platforms are typically only required to adhere to PCI DSS and GDPR, with limited enforcement measures. This regulatory gap exposes traders to potential risks such as mishandling of data, privacy breaches, and security threats if they opt for substandard cashier partners.

In this article, we delve into the importance of choosing the right cashier system for Forex brokers and explore the key factors that can assist traders in making well-informed decisions. We will compare three prominent cashier systems that cater primarily to Forex platforms: Ixopay , PayNetEasy, and Praxis Tech .

To ensure a comprehensive and objective comparison, we have established a clear testing framework, while gathering data sourced from marketing content, as well as employee interviews and customer reviews.

1 – Ixopay

IXOPAY provides cost-effective payment solutions with its smart routing engine. It selects the best payment provider for each transaction based on factors like location, card type, and currency. With customizable payment pages, risk management tools, PCI compliance, and reconciliation tools, IXOPAY enhances payment security and experience while saving businesses money.

Product stability & efficiency

IXOPAY offers a suite of products aimed at helping businesses save money on transaction fees and enhance payment security. At the core of IXOPAY’s offerings is its smart routing engine, which automatically selects the most cost-effective payment provider for each transaction based on factors such as location, credit card type, and currency. Additionally, IXOPAY provides a range of features to enhance the payment experience and security, including customizable payment pages, robust risk management tools to mitigate fraud, seamless PCI compliance to alleviate compliance burdens, and reconciliation tools.

Data security standards

Our evaluation of IXOPAY’s data security involved expert interviews and insights from company representatives. The findings confirm IXOPAY as a reliable platform with robust security measures, including encryption protocols and secure data transmission. Compliance with industry best practices and regulatory standards is emphasized by IXOPAY representatives, ensuring the security and protection of sensitive payment information throughout the payment process.

Brand reputation

Assessing the reputation of IXOPAY proved to be a challenging task, as the company maintains a relatively secretive profile. Limited publicly available information and a scarcity of customer reviews made it difficult to conduct a comprehensive evaluation. However, it is worth noting that the absence of online significant complaints or negative reviews serves as a positive indicator of IXOPAY’s overall reputation.

2 – Praxis Tech

Praxis Cashier, established in 2014, is a global payment service provider based in Limassol, Cyprus. Its current CEO and founder is Amit Klatchko. Praxis Cashier offers advanced payment solutions, including payment gateway services, risk management tools, and fraud prevention systems. While the company has experienced substantial growth by prioritizing innovation, it seems like its business strategy and culture reached major blockers in the form of underserved customers and significant deficiencies in its operating routine.

Product stability & efficiency

Praxis Tech falls significantly short in terms of product efficiency and stability. Merchants using Praxis have reported problems with transaction routing, resulting in fines from their payment providers. Additionally, merchants have alleged that their customers’ cards have been used for fraudulent transactions.

The platform itself has been criticized for its slow performance, leading users to cancel their deposits. The architecture of Praxis Cashier is outdated, built on top of an off-the-shelf white-labeled platform making it challenging to maintain, resolve bugs, and implement necessary improvements. Moreover, Praxis is often reliant on the support team to bridge the implementation and usability gaps.

Data security standards

Praxis Tech’s data security raises outstanding concerns, particularly regarding the access granted to developers and data analysts who have unrestricted access to customers’ transaction data, including credit card and deposits details.

A widespread access (no business need to know or protocol adhering to GDPR or PCI-DSS) to aggregated transaction data of all merchants working with Praxis, allows Praxis to build an in-house company dashboard and could be sold to any third-party for the best price in the market. One can easily imagine that a list of traders’ clients, that recently deposited important funds in trading platforms, would interest many of the industry’s actors to enhance their lead generation databases.

Lastly, it is worth noting that Praxis uses their partners’ and clients’ data for prospecting purposes, through a dedicated team who reportedly introduces clients to PSPs using their data.

Brand reputation

Praxis Tech’s company reputation is marred by a negative perception both internally and externally. Employees claim marketing strategy is often criticized for imitating competitors’ branding.

Many employees reported important senior management changes, combined with lack of communication, transparency and guidance from leadership teams, which triggered a massive turnover, including among mid and senior management.

While there is a specific type of winning spirit and get-the-job-done mode, it often comes at the expense of unethical behaviors and under qualified workers, ultimately downgrading product quality.

Lastly, while Praxis is known to build on customer’s trust, team members indicated that more than a handful of customers were underserved due to priorities set in favor of clients with personal relationships with the company’s founders, ultimately leading to meeting deadlines with empty versions of the product.

3 – PayNetEasy

PayNetEasy is a payment platform provider headquartered in Nicosia, Cyprus. The company offers a range of payment solutions, including payment gateways, hosted checkout, recurring payments, fraud prevention, and reporting. As a PCI DSS compliant company, PayNetEasy ensures secure payments and provides versatile integration options. The company aims to expand its product offerings, particularly in fraud prevention.

Product stability & efficiency

PayNetEasy offers businesses a diverse range of payment processing capabilities, supports multiple payment methods worldwide, including credit cards, debit cards, e-wallets, and bank transfers. Its robust fraud prevention tools, PCI compliance, and detailed reporting features provide enhanced security and valuable data insights. However, some users have reported occasional minor issues with the platform’s functionality. Nevertheless, PayNetEasy’s white-label branding and seamless integrations with third-party applications make it a reliable choice for businesses seeking efficient and customizable payment processing solutions.

Data security standards

When it comes to data security, PayNetEasy has a positive track record, with no reported data breaches. During discussions with company representatives, they expressed confidence in the data security measures implemented by PayNetEasy. The company has established protocols to ensure the anonymity of transactions and protect sensitive customer information. However, assessing PayNetEasy’s data security in detail is challenging due to limited information available on this topic.

Brand reputation

Assessing PayNetEasy’s company reputation presents some challenges due to mixed reports. While a few scams involving PayNetEasy have been reported, it is important to note that these claims lack concrete evidence and have not been substantiated.

DISCLAIMER – “Views Expressed Disclaimer: Views and opinions expressed are those of the authors and do not reflect the official position of any other author, agency, organization, employer or company, including NEO CYMED PUBLISHING LIMITED, which is the publishing company performing under the name Cyprus-Mail…more