FXPrimus, a forex and CFD broker based and regulated in Cyprus, announced it is launching its own co-branded prepaid MasterCard.
It can be used by the broker’s clients to easily fund their accounts, including in their local currencies, as well as in USD and EUR, for example. Besides this, the traders can use the card to pay for services and goods anywhere MasterCard is accepted, in physical stores and online, and to withdraw cash from ATMs. The company promises no hidden fees and accumulated interests.
The card holders will be able to view their transaction history, card balance, manage their card account and more through a customized online banking tool.
Applying for the card is available free of charge for FXPrimus’ clients with live trading accounts.
“Providing Prepaid MasterCards to our clients enables us to deliver a more personalised service to our traders,” said Holly Fitzgerald, head of Back office at FXPrimus. “We also offer the option for our clients to have their very own physical card which provides them with further flexibility to reach their funds in an instant. We value transparency and security, so we want our clients to know that they can access their funds anytime and anywhere.”
FXPrimus is a broker of forex, commodities, energies and indices. It holds a license by the Cyprus Securities and Exchange Commission (CySEC) since December 2014 and can offer its services to clients from all EU member states.
It used to hold a license in the Mauritius, but in late March this year the local financial regulator, the Financial Services Commission (FSC), revoked the broker’s license, after suspending it in May 2015 for an indefinite period. The reason was that the Mauritius regulator found FXPrimus guilty of breaching several local laws.
It appears that the co-branded debit cards are the latest fad among the forex brokers. Only recently FXOpen announced it is launching such card, again in partnership with MasterCard.
Another forex brokers offering co-branded debit cards connected to their clients’ trading accounts are XM and HotForex.