Clients of the renowned forex brokerage firm FXPrimus will now be able to fund their trading accounts via Bitcoin, the company announced in its new blogpost.
According to the further available details, the Cyprus-based forex giant has partnered with BitPay, a celebrated Bitcoin payment processing company known for its impeccable management of digital currency transactions. FXPrimus’s CEO and Director, Mr. Terry Thompson, further recognized the abilities of its new Bitcoin transaction manager, saying:
“With security at the forefront of our operations here at FXPRIMUS, we are now delighted to announce the appointment of BitPay – an experienced and established provider of the virtual currencies. This announcement forms part of our overall efforts to increase our range of offerings to our clients worldwide, whilst not compromising on safety.”
Launched in 2008, Bitcoin emerged as a viable payment alternative to tedious and costly traditional banking methods. It is basically a digital token, minted through a computational process called mining, and distributed via various regulated and unregulated channels. Each unit of Bitcoin carries a certain fiat value, and therefore, can be used to pay for a number of goods and services. Furthermore, it only takes 10-60 minutes for one to transact Bitcoins from one place to another, making it a speedy and less costly mode of transaction.
But despite its greater benefits, Bitcoin’s value is highly volatile and has fallen around 80% in over the past 2 years. The introduction of payment processors like BitPay, therefore, protects merchants from such volatile behavior. It simply converts the transacted Bitcoin into the destined fiat money in real time, eliminating volatility risks from the entire process.
Before FXPrimus, many other forex brokerage firms have started offering deposits/withdrawal services in Bitcoin. They include the world’s leading companies like Plus500, AvaTrade, eToro, LiteForex, FXChoice, and many others.