In a first for BitPay, the bitcoin payment processing firm was chosen by FXPRIMUS to provide bitcoin funding for its users. For BitPay, FXPRIMUS becomes the first forex broker to connect with them to support bitcoin transfers.
While the appeal of funding trading accounts with bitcoins has yet to become a large driver of business for brokers, it does provide many advantages. Specifically, as online businesses, forex trading brokers market to a global customer base of which poses a payment transfer challenge. Issues include high fees related to credit card payments for some countries as well as currency exchanges costs. Through bitcoins, brokers are able to offer a low fee, quick processing, and a funding option that is available to customers around the globe.
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A provider of forex and CFD trading, according to FXPRIMUS, both deposits and withdrawals will be available in bitcoin. Upon funding an account, bitcoins are converted into fiat which is used as the currency denomination for the trading account. According to the broker, bitcoin withdrawals are sent to the same wallet used for the deposit.
Commenting on the news, Terry Thompson CEO and Director of FXPRIMUS, stated, “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. This announcement forms part of our overall efforts to increase our range of offerings to our clients worldwide, whilst not compromising on safety.”
General Manager of BitPay, Marcel Roelants, added, “We are very excited to be connecting the first FX broker to BitPay’s platform. Bitcoin will complement the already wide trading portfolio of FXPRIMUS, and as such could bring new customers to FXPRIMUS at a lower cost.”