Payment giant PayPal has partnered with CFDs trading technology provider FDCTech to provide a payment option for forex brokers on the FX Pro trading platform.
With the integration, traders of the Condor FX Pro users will now be able to fund their accounts immediately.
A more interesting feature of the new addition is the low level of transaction fees the customers will be charged.
Also, it will help both parties and the customers maintain the complaint policies of regulators on money laundering laws.
An integration for more cryptocurrency adoption
Condor FX Pro is the flagship product of FDCTech. It offers professional clients an institutional trading platform, as well as level II pricing, advanced account types, and proprietary charting tools.
Condor FX is already integrated into mobile terminals, web trader, as well as desktop GUI. The parent company, FDCTech, was initially known as Forex Development Corporation. The New York-based firm is renowned for providing technological platforms that allow companies to operate as prime brokers. It also has an ongoing partnership deal with PrimeXM, a top institutional liquidity provider in the world.
PayPal increases presence in the crypto industry
The collaboration is coming shortly after the payment giant entered into the cryptocurrency market to offer crypto deposit and withdrawal services.
Before the widely publicized entry into the crypto market, PayPal has been making some moves and hitting headlines to show its interest in the market.
Besides, PayPal also showed interest to buy crypto custodian, Bitcoin. It also made series of moves to invest in TRM labs, the company’s risk management, and compliance platform.
The integration will be attractive for margin traders
FDCTech said that the decision by PayPal to enter into the digital currency industry has made a huge impact in the industry. As a result, it has given room for the present partnership between the two companies to make crypto payments and transactions easier and faster for users.
The firm added that the use of Paypal’s funding wallets may induce the use of cryptocurrency as a funding source for FX/Crypto trading accounts throughout the world.
This trend seems to be heading in the right direction amidst the volatility in the market, making them viable for both margin traders and speculators.