ForexTime, or FXTM, a Cyprus-regulated forex broker, said on Wednesday it has included Yandex.Money, a Russian-based e-payment system, to its payment methods available to Russian clients. The broker’s clients can fund their trading accounts or make withdraw using the Russian e-wallet.
FXTM said it will charge no handling fees on funds transferred via Yandex.Money. When withdrawing, traders will see the drawn out amount relocated to their Yandex.Money wallets. Yandex.Money is Russia’s largest e-payment system based on PayCash Platform. It can be used for daily payments and business transactions. Transfers are instant and are reflected on users’ online wallets instantly. The payment system is used by more than 13 million clients. Other forex brokers that allow fund transfers via Yandex.Money include Russia-based Alpari and Belize-regulated FXCL Markets, as well as Cyprus-based RoboForex.
Money transfers to and from traders’ FXTM trading accounts can be made in several different ways. The broker accepts Visa, MasterCard, Maestro, and China UnionPay credit cards and bank wire transfers to Barclays Bank, Rietumu Banka, Promsvyazbank, and PPF Bank. The broker also works with electronic payment systems Skrill, Neteller, WebMoney, Payza. In addition, withdrawals are also possible via FXTM Virtual Mastercard and broker-to-broker transfers, while deposits can be made using e-wallets Western Union Quick Pay, Dotpay, and Alipay.
FXTM’s product portfolio consists of more than 100 instruments, including forex, spot metals, and contracts for difference (CFDs). It serves retail and institutional clients alike. The broker has adopted the world’s most popular trading platforms – MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Its clients can choose to open Standard and Cent accounts, or one of four ECN account types.
The broker is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC), which allows it to operate in and target citizens of all EU member states.