IFC Markets, an offshore forex and contracts for difference (CFDs) broker, said over the weekend it has made available to clients deposit and withdrawal transactions via China UnionPay.
When using China UnionPay, traders pay no deposit fee, but there is a fee of 0.3% for withdrawals. The minimum transfer amount is $5.
In addition to the new method, IFC Markets also offers deposits and withdrawals via wire transfers, Visa and MasterCard bank cards, e-wallets WebMoney, Skrill, Neteller, OKPay, as well as via Western Union.
Shanghai-based China UnionPay is a card provider and a type of inter-bank transaction settlement system with about 400 domestic and overseas associate members. It is the only such organization in China. The system is among the most widely spread payment systems, accepted in more than 150 countries worldwide. It is used by a number of forex brokers, including RoboForex, FXOpen, FreshForex, Pepperstone, FxPrimus, ForexTime (FXTM), and others.
IFC Markets is based in the British Virgin Islands and is licensed by the local financial regulator, the Financial Services Commission (FSC). It is the trading brand of IFCMarkets Corp., which is part of financial technologies holding company IFCM Group. The group also includes online forex broker IFCM Cyprus, former Infin Markets, which is licensed by the Cyprus Securities and Exchange Commission (CySEC), and financial software developer NetTradeX Corp.