Cyprus based forex broker XM has today announced that traders opening XM Real Accounts can now do so with either the South African Rand (ZAR) or Singapore Dollars (SGD) as their base currency.
The decision to offer accounts denominated in these currencies follows ongoing global expansion efforts from the broker, which has seen it receive licenses from regulators including New Zealand’s FSP and Australia’s ASIC. The addition further increases the an already extensive lineup of base currency funding options, providing more choice and flexibility for the broker’s clients.
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Customers wishing to open an XM Real Account using these base currencies will follow the normal account opening procedure specifying SGD or ZAR as the base currency, and will then be able deposit and withdraw funds. All account balances and transactions will also be displayed in the selected denomination.
We rely on three main criteria when it comes to clients’ funds deposits: security, speed, convenience. We process all transactions by using SSL technology to keep clients’ personal data confidential. Deposits via credit card, Neteller, Moneybookers are 100% automatic and instantly processed. Moreover, XM covers fees and charges for all payment options.
Theano Pourouti, Back Office Manager
XM’s aim is to attract potential clients from these regions; when opening accounts from South Africa or New Zealand it will no longer be necessary to incur the costly exchange fees to convert cash into an accepted currency before transferring it to XM.