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The forex broker HotForex announced it is launching a co-branded MasterCard prepaid card for its clients.
According to the company statement, the card can be connected to the clients’ trading accounts and used for withdrawing trading earnings and shopping online and paying electronically worldwide. Traders can also make direct deposits from the card to their myHotForex wallet.
The card also offers a complimentary SMS service for transaction notifications, free online statements and a ATM cash withdrawal.
“By combining the strengths of HotForex with a globally recognized name such as MasterCard, we bring flexibility and efficiency to our traders,” a HotForex representative said. “Since the launch of HotForex MasterCard, we have seen an overwhelming popularity for this handy payment solution, mainly because it offers incredible ease and convenience in transactions, allowing our clients instant access to their money.”
The card costs $10 with standard delivery and $40 with delivery by courier and ships to most parts of the world. The ATM cash withdrawal fee is a flat $3 for max withdrawals of $400, POS terminal purchase is free and a Non-Financial Transaction/ Decline/ ATM balance enquiry/ Incorrect PIN fee is €/$ 0.40. The annual card fee is €/$ 5.00. Replacement of Lost PIN or closing of account with return of balance costs €/$ 30.00. The issuer may also charge a monthly card account administration fee in cases of prolonged inactivity (at least 12 months).
HotForex is the unified brand name of HF Markets Group, which operates under its subsidiaries HF Markets, licensed by the Mauritius financial regulator, the Financial Services Commission (FSC), and HF Markets (Europe), which holds a license by the Cyprus Securities and Exchange Commission (CySec).
In June, the HF Markets Group also got license from South Africa’s Financial Services board (FSB).
HotForex joins several other forex brokers offering co-branded debit cards to their clients like FXPrimus and FXOpen.