Online forex broker ForexTime (FXTM) said on Wednesday its clients in China can now use Alipay to make deposit payments. The payment system will not be available to traders outside China.
Traders can fund their FXTM accounts through the Alipay payment system from any major bank in China. The broker will refund any transaction fees to its clients, as it does for any payment system. It reimburses clients 100% for any deposit charges, regardless of the method they use.
However, FXTM’s clients cannot use Alipay to make withdrawals.
Alipay is a third-party online payment system based in China’s Hangzhou. The service was launched by the Alibaba Group. It has over 200 financial partners worldide in 30 countries, including in the US, Brazil, Russia, Ukraine, Belarus, Germany, the Netherlands, Spain, Israel, Turkey, and Italy. Alipay offers full or partial refund to user who do not get their purchases. It had more than 400 million active unique users as at the end of June this year.
FXTM accepts client deposits via bank wires, bank cards, and e-wallet systems. The broker supports credit cards such as Visa, MasterCard, Maestro and China UnionPay, and bank transfers to Barclays Bank, Rietumu Banka, Promsvyazbank, and PPF Banka. Its clients can also fund their accounts using the electronic payment systems Neteller, Skrill, WebMoney, Western Union Quick Pay, Payza, Dotpay, and now Alipay.
FXTM is registered in Cyprus and the UK and is regulated by the Cyprus Securities and Exchange Commission (CySEC), thus can operate in and target citizens of all EU member states.
It offers trading with more than 100 instruments, including forex, spot metals, various contracts for difference (CFDs) on to retail and institutional clients. Its clients can choose to open Standard and Cent accounts, or one of four ECN account types. The broker uses the trading platforms MetaTrader 4 (MT4) and MetaTrader 5 (MT5).