Automated forex broker RoboForex said on Wednesday it has started accepting deposits via BitCoin, the world’s leading cryptocurrency network. Its clients can fund their trading accounts with a minimum of 10 currency units, using BitCoin in one of three currencies – US dollar (USD), Euro (EUR), or British pound (GBP). The new service is offered to clients of both the Cyprus and Belize based branches of the broker.
In addition, the broker has expanded its payments offering to clients from Latin America. Traders in Chile can now make deposits using Webpay, while those in Brasil can fund their account via Banco Do Brasil, Bradesco and Itau.
RoboForex charges no transaction fees for depositing via any of the new payment systems.
In addition, traders can deposit funds using a number of banks, bank cards, as well a wide range of e-payment wallets, including international ones Skrill, FasaPay, Qiwi Wallet, Neteller, and others.
As we reported earlier on Wednesday, FBS, another forex brokerage, also expanded its offering with payment systems available to Latin American clients only. The broker added AstroPay, providing its clients with access to local payment methods in local currencies.
BitCoin represents a cryptocurrency and an open-source network for peer-to-peer transactions, using no banks or central authority. The network is accessible world-wide and supports international payments. The problem with BitCoin is that users can make transactions without revealing their identity.
BitCoins was introduced in 2009, setting a new trend among cryptocurrencies. Although there are hundreds of other crypto-currencies, with new onces being introduced daily, BitCoins is the most popular one and accounts for more than 90% of the virtual currency market. The virtual currencies are the subject of huge dispute as most legislations are not certain how to refer to them. Recently, however, many countries, including Japan and Russia, and the EU, announced they are working on setting up a set of regulatory amendments regarding crypto-currencies.
RoboForex is one of many has forex brokers to use BitCoin as a payment system. Others on the list are Grand Capital, FX Choice, FXOpen, TradingForex, and TradersWay.
The brokerage group is headquartered in Cyprus’ Limassol and has representative offices globally. It consists of the holding company RoboForex Financial Group, and its units Cyprus-regulated RoboForex CY Ltd., New Zealand-based RoboForex LP., and Belize-regulated RoboForex Ltd., which until recently was known as RoboTrade Ltd.
Companies within the RoboForex group offer trading in forex, contracts for difference (CFDs), and metals. The group used to provide binary options instruments under the cap of its Cyprus-regulated unit, but it discontinued the service in early June.