FXTM Adds Lucrative Alipay Deposit Option for Chinese Residents

FXTM, one of the long-running Cyprus based brokers, has launched a new deposit option for clients that are residing in China. The Alipay online wallet, which has a popularity in China similar to that of PayPal in the U.S. and Western Europe, is now available as a deposit option for clients of the brokerage.

FXTM is active in the Chinese market and the move is making its offering somewhat more appealing to customers that are looking for a convenient way to deposit funds. The brokerage states that clients will be able to fund their accounts instantly through Alipay, which is owned by the Chinese tech giant Alibaba. In addition, the brokerage has committed to refunding the transaction fee that is paid by its customers.

Earlier this week, the company has also announced that it will begin accepting GBP, PLN and CZK denominated transfers through Skrill. The move is geared towards UK, Polish and Czech clients of the brokerage. Up until now this deposit option has only been available for holders of EUR and USD denominated Skrill wallets.

The new deposit options are accessible to clients of the company through their MyFXTM portal.

Brokers in the Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs industry that target retail clients are constantly aiming to facilitate deposits into trading accounts. While on the surface it may appear that a given payment option may not serve many clients, an analysis of the costs associated with the support of additional payment systems should answer a brokerage’s dilemma whether to add more options for its clients.