Cyprus-regulated forex broker FXTM said it has added support for Baidu Pay e-wallet and its clients can make deposits or withdrawals using the Chinese payment method. The new service is exclusively available to traders from China, Taiwan, Singapore and Hong Kong. Transfers are made in US dollars (USD).
Traders need to open an account with Baidu Pay in order to transfer funds to and from their trading account with the broker. Once they have an account, they can log into their MyFXTM space and make a deposit. The system has a Scan & Pay feature which makes transfers fast and easy.
Baidu Pay is the payment service division of Baidu, one of China’s largest search engines.
“As the largest Chinese website in the world, Baidu enjoys internet traffic of up to 730 million users, putting Baidu Pay in a great position to become one of the most popular e-wallet services around,” the broker noted.
FXTM also supports other major payment systems, including bank cards Visa, MasterCard, Maestro and China UnionPay, as well as bank transfers and several online payment systems – Neteller, Skrill, WebMoney, Qiwi, Payza, Yandex.Money, Dotpay, Wester Union Quick Pay, and Alfa-Click.
FXTM is based in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC), which allows it to provide its services in all EU countries. The broker also holds a license from the Financial Services Board (FSB) of South Africa. It has also set up a London-based unit, but it has provided no information at the time as to whether it plans to acquire a UK license.