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QIWI wallet is a payment service provider founded in 2007 that operates primarily in Russia and Eastern Europe before also expanding to the US as well. The company has worked together with VISA in a co-brand and there are over 20 million active consumer accounts at the moment. Users may make payments for phone bills and utility bills online and the company also supports cash collecting terminals and self service kiosks.
One of the main reasons forex brokerages choose to provide e-wallets such as QIWI Wallet as a payment method is because it allows instant online transactions.
Forex brokerages that wish to support the payment method have to sign up with the QIWI Wallet system and integrate their website with QIWI’s. This way when a trader chooses to deposit via QIWI on the brokers website they’ll be redirected to a secure page where the transaction may be performed with minimal risk.
There are four options for traders who wish to withdraw via QIWI wallet and receive their funds. Through an ATM, a bank account, a bank card and another payment system.
Traders that prefer using cards and wish to manage funds through the electronic payment system need only register their credit cards (Visa and MasterCard) with QIWI System.
Some of the foremost forex brokerages provide QIWI Wallet as a payment method. A good example is Cyprus-based eToro which is licensed by UK’s FCA, the local Cysec and ASIC in Australia.