Cyprus-based forex broker RoboForex said on Friday its clients can now withdraw funds using the China UnionPay payment system. Investors can already make deposit payments to their trading account via the same payment system.
Withdrawals via China UnionPay can be made in Chinese yuans (CNY). The minimum amount investors can withdraw in a single transaction from their trading accounts is CNY 50 and the maximum amount is CNY 50,000. They can make withdrawals in CNY without the need to pay conversion fees, but all transfers are subject to a fixed commission fee of CNY 5.
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. China UnionPay cards are accepted in 150 countries worldwide. This payment system is supported by many forex brokers, including, FreshForex, JustForex, OctaFX, ForexTime (FXTM), and Pepperstone, among others.
RoboForex’s clients can also withdraw funds using Visa and MasterCard bank cards, as well as e-payment systems WebMoney, Skrill, FasaPay, Neteller, Qiwi Wallet, and Yandex Money. In addition, they can make withdrawals via bank transfers from Barclay. Traders can also use all these payment systems, together with nine more banks and another seven e-wallets to fund their trading accounts.
Automated forex broker RoboForex is registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC). It is part of the RoboForex group. The brokerage offers forex and contracts for difference (CFD) trading via the MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader trading platforms. Its clients can choose between Cent, Standard, and ECN accounts with either fixed or Pro conditions.
The RoboForex group consists of the holding company RoboForex Financial Group and its subsidiaries Cyprus-regulated RoboForex (CY) Ltd, Belize-regulated RoboTrade Ltd, and RoboForex LP, which is based in New Zealand.