Russia’s largest native forex broker, Alpari, just announced plans to launch four new altcoins on its platform.
Alpari first made headlines in the crypto community for adding bitcoin contracts for difference (CFDs) in April 2017, and now they’re expanding their offerings after increased demand.
As reported by Finance Magnates, Alpari plans to push further into the cryptocurrency industry by launching CFDs for Ethereum, Litecoin, Ripple, and Bitcoin Cash. CFDs are a popular type of derivative allowing traders to speculate on the rising or falling prices of stocks, commodities, currencies, or indices. Since the rise of cryptocurrencies in 2017, we’ve seen a growing number of CFDs targeting the crypto industry. Alpari is one of several major online platforms offering cryptocurrency CFDs.
Alpari’s new cryptocurrency CFDs will be available to customers in Belarus, Belize, Mauritius, and Russia. Clients will be able to trade the cryptocurrency pairs as an over the counter (OTC) derivative, with access to limited leverage (1:2) and the ability to take both long and short positions.
Meanwhile, as Alpari continues to expand into cryptocurrencies, the company’s native country of Russia is reportedly developing a regulatory framework to deal with cryptocurrencies:
“Russian politicians repeatedly confirmed that it is necessary to draft laws and expand regulatory jurisdiction in this dynamically developing field,” explains Finance Magnate.
The latest Russian law will reportedly define cryptocurrencies as “another property of a special kind”. That’s similar to how the United States is currently treating bitcoin. However, the United States has passed limited legislation defining bitcoin, and cryptocurrencies do not have any special kind of status when treated as property: they’re just ordinary property.
In any case, Alpari clearly noticed strong performance in its existing bitcoin products. The company launched its first crypto CFDs in April 2017. Users have been able to trade bitcoin CFDs in two pairs, including BTC/USD and BTC/EUR.
Alpari expanded its crypto offerings further when it launched its new cryptocurrency-based portfolio, Crypto Capital, which consists purely of digital coins and no other instruments.
Ultimately, Alpari is one of several forex brokers continuing to expand its cryptocurrency offerings. This is good news for traders in Belarus, Belize, Mauritius, and Russia who want to trade cryptocurrency CFDs.