FXCM Group Becomes the Most Recent Retail Addition to Bitcoin Trading
FXCM Group has established themselves as one of the most recent retail trading venues to get involved with Bitcoin trading. The global FX brokerage is a little behind the rest of the industry, considering how many retailers have already adopted cryptocurrency into their companies. For FXCM Group specifically, this means a new contracts-for-difference (CFD), which pairs Bitcoin and the US dollar.
The last few years have been prominent for cryptocurrency, considering how retail brokers have been welcoming digital currencies lately. With FXCM’s new adaption, they are able to provide a Bitcoin offering their current services. CFDs are also becoming popular within the UK, broadening the audience of consumers that have managed to get involved in cryptocurrency. Some of those UK-based providers include Admiral Markets, Plus500, and ICM Capital.
The biggest competition for FXCM, like GAIN Capital’s FOREX.com and brands from City Index, have a Crypto suite to offer services to customers in many different countries. As a result, the clients have the options to trade pairs as OTC derivatives or as futures. Other brokers give their clients a spread bet, which means that they will not have to worry about taxes on their asset.
Some experts believe that the reason FXCM decided to take on CFDs is due to the way that hedging positions have experience undue difficulty lately. That makes the use of digital assets a great alternative to users that want to preserve their funds and other assets.
This decision also comes as the first stage on FXCM’s strategy to get more deeply involved with cryptocurrency. Additional partnerships with other cryptocurrencies could happen in the future, but there has been no press released on this plan yet.