FX Broker FXCM Adds Ethereum CFD Trading to Crypto Service With Focus on Rolling Out More Types
The FXCM Group, which is a global FX brokerage has gone ahead to expand its range of the crypto instruments that they have, and now it will be able to offer its users the CFDs on the second most popular coin that is available in the market, the Ethereum, this is all for its trading accounts.
The company went ahead to introduce the new asset early last year when it initially began to test the service; this is when their Bitcoin offering was already installed.
The year of the crypto world has prospered in the years 2017 and 2018, as we have seen the retail brokerages integrating the digital currency into the offerings. And from this, the FXCM group has joined the crowd, and this is by ensuring that they have implemented a diverse crypto offering into the current service suite they have in place.
With the FXCM Group introducing the CFD trading on Bitcoin, it has been marked as the very first stage for the company making a decisive move into the crypto arena. And from this, we should expect to see the release of other crypto coins taking place in the near future.
The expansion of the current crypto services
Amongst the UK based bettering and CFDs providers, there has been rapid growth as they are looking for ways they are able to cash in on the current meteoric rise that is taking place in the crypto world. This is including the Admiral Markets, ICM Capital, Plus500, just to name a few.
Some of the big rivals of the FXCM, this is including the GAIN Capitals FOREX.com together with the City Index brands, have also been able to offer expanded Crypto suite to the customers that are based in the U.K, Singapore, Australia, and Europe. Their current clients will be able to easily trade crypto pairs as a future or an over the counter derivative. There is also limited leverage access together with the ability to take both the short and long position.
For the other brokers in the market, they tend to offer their users a crypto coin with a spread bet, and from this, it has been able to give them an added advantage to the tax-free profits when the trade of digital assets takes place.
The FXCM group could have turned to the CDFs as a way to offer its users a crypto trading because of the current difficulty that exists in the hedging of positions in the real market. Thus, this will make this derivative to be a prime alternative to several underlying assets.
The CEO of the FXCM Group, Brendan Callan, went on to comment that after the successful launch of the Bitcoin CDF by the company together with the client demand they went on to add the Ethereum service to their CFD list, and from this it plans on continuing to roll out more CDFs for the crypto market.
It is clear that the crypto coins have gained popularity, as more trading opportunities keep making their way into the market.
At the moment there is a massive demand from the retail foreign exchange traders for the crypto CDF service, especially for the fact they are able to either go short or long. The company might not be the first in the market to launch this service, but they are still looking forward to offering a competitive suite of the crypto coins.