Interactive Brokers has introduced a branded debit card that allows clients to draw cash from trading accounts for purchases and ATM withdrawals. The card is issued through Metropolitan Commercial Bank and a MasterCard license, but the broker is underwriting all interest and borrowing. Interactive offers a broad variety of forex trading venues that feature dozens of currency pairs, currency futures and more exotic instruments including bitcoin futures and the Stockholm-based Bitcoin Tracker One ETN.
Clients borrowing against accounts using the debit card will be charged between 2.21% and 3.41%, lower than the rates on credit cards, personal loans or home equity lines of credit. Idle balances currently earn 1.41%, much higher than checking accounts at rivals TD Ameritrade and E*TRADE. There are no monthly minimum payments or late fees, and the card can be configured to handle one-time or recurring bill pay. Only U.S. residents can get these debit cards at present, but the broker expects to roll out Canadian and European access later this year.
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eToro Adds 12th Cryptocurrency
Cyprus-based eToro has added a 12th cryptocurrency to its growing roster ahead of a major U.S. expansion. Traders can now buy and sell IOTA, which is powered by a blockless technology called “Tangle” rather than a traditional blockchain. As the company states, the IOTA Tangle ledger can “settle transactions with zero fees so devices can trade exact amounts of resources on-demand, as well as store data from sensors and data-loggers securely and verified on the ledger.”
The digital coin is aimed at businesses, enabling them to open B2B opportunities by “making every technological resource a potential service to be traded on an open market in real time, with no fees.” It’s being added to eToro’s unique Crypto CopyFund, which European traders can access through a contract-for-difference (CFD). The instrument rounds out a dozen digital offerings that include bitcoin, ethereum, litecoin, dash and cardano.
IG Group Adds Language Support to Mobile App
IG Group has added Swedish to eight languages supported by the IG Academy app. Version 2.6 marks the latest enhancement to the popular software, following the addition of Dutch, Italian, Norwegian and Spanish support in July. A May upgrade added live webinars while eliminating minor compatibility issues with iPhone. The app encourages new clients to trade directly from smartphones through tutorials and examples while building skill sets through asset class and risk management education.
Pepperstone and City Index Face New Dispute Requirements
Pepperstone, GAIN Capital Holdings, Inc.’s (GCAP) City Index, IG Group, IronFX, AvaTrade and other brokers doing business in Australia must inform their clients about a new external dispute resolution process going public on Nov. 1, according to the Australian Financial Complaints Authority (AFCA). That entity will accept and resolve disputes starting on that date and is telling forex brokers and other financial operations to inform customers about the new requirements.
Brokers must provide customers with AFCA and predecessor dispute authority contact details and include the information in relevant disclosure documents by July 1, 2019. The first deadline comes on Sept. 21, when the details must be included in communications pertaining to current disputes. ASCA still hasn’t decided on a final funding model, which is expected to include levies against member companies.