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Retail Forex brokerage company, FXPRIMUS, teamed up with BitPay to allow clients fund their accounts with the use of bitcoin.
FXPRIMUS, a Cyprus-based online foreign exchange trading platform, has started accepting deposits in digital currency through a partnership with payment processor BitPay. The announcement was made in a blog post on the company’s website.
Regulated by the Cyprus Securities and Exchange Commission (CySEC), FXPRIMUS offers a wide range of instruments for trading and covers a variety of markets, including metals, global equities, commodities and oils.
Until now, the broker accepted funding through credit and debit cards, bank transfer and such online payment apps as ClickandBuy, Cash-U and Skrill. With the integration of bitcoin, the company became the first retail Forex broker that began accepting funding in bitcoin.
“Since obtaining our European jurisdictional regulation with CySEC, we have extended the scope of our operations – as well as our range of tradable instruments – in order to offer a cutting-edge service within the context of a safe and ethical trading environment,” FXPRIMUS wrote on its website.
“The company [FXPRIMUS] has engaged third-party payments processor BitPay to manage the transactions, and who are experienced in managing high-volume Bitcoin transactions for Neteller, Adyen, Microsoft, and others,” the company said.
FXPRIMUS will now accept payments from a broad range of bitcoin wallets using Bitpay’s payment protocol technology. It will allow users to withdraw their bitcoins back to the same wallet, which was utilized to send funds to the account. The company believes that the incorporation of digital currency will help it to minimize fraud risks, as well as enhance security standards.
The use of virtual currency will offer brokers such benefits as high speed of transactions and lower fees on currency exchanges and credit card payments. Furthermore, bitcoin is available to clients all over the globe.
“With security at the forefront of our operations here at FXPRIMUS, we are now delighted to announce the appointment of BitPay – an experienced and established provider of the virtual currencies,” Terry Thompson, CEO of FXPRIMUS, commented.
Forex is the world’s biggest decentralized market operating via financial centers all over the world. Trading on Forex became very popular over the last ten years, as it is an easy way for regular people to invest their funds in the market. The total volume of transactions on the market amounts to more than $ 5.3 trillion per day.
Currently, FXPRIMUS services are not available to the customers in the United States. Still, it is unknown whether the use of digital currency will enable US clients to deposit money, as it is impossible to trace cryptocurrency transactions in the network.