Major German FX Broker Adds Bitcoin and Cryptocurrencies to its CFD Services
FXFlat, a German foreign exchange broker, has concluded plans to increase the various cryptocurrencies it supports with five additions to the already supported Contract-For-Difference (CFD) on Bitcoin. This is supposedly to give traders and stakeholders the opportunity, if they choose to expand their crypto options.
The new additions for support include Bitcoin Cash (BCH), Ripple, Dash, Ethereum and also Litecoin. Other Additions to the FXFlat platform are the TecDax and MDax indices. These two are the largest indices currently being traded in Germany.
Sometime in 2018, the FXCM Group, upon making the decision to delve into the cryptocurrency sector, started by trying out its service with a Bitcoin offering and has been in the sector since then.
A contract-for-difference (CFD) is seen by many as a very easy and suitable way of handling the cryptocurrency trade because of the fact that it gives traders the opportunity to make suppositions on possible crypto prices and exchange the difference between the opening and closing prices of these cryptos without compulsorily having to hold or keep them.
History and Background of FXFlat
FXFlat is a completely developed STP broker in Germany and was inaugurated in 1997. It is a registered trademark of FXFlat Wertpapierhandelsbank GmbH, fully controlled by the Federal Financial Supervisory Authority (BaFin) and is highly regarded in Germany as a leading institution in the sector.
The company has a division called CapTrader which has rendered services for futures and stocks for about a decade now.
It is important to note that in 2017, the company was heralded as the very first broker in Germany to abandon the MetaTrader4 platform and render services on the MetaTrader 5 (MT5), as a much better and significantly improved substitute.
FXFlat on the New Development
Rafarl Neustadt, the Managing Director of FXFlat, while remarking on the new development, said it was almost completely inevitable for the company to avoid adding more cryptocurrencies on their platform as they are generally regarded as the ultimate future in finance, worldwide. He said:
“Blockchain is widely considered the next technological revolution that can even change our world. Cryptocurrencies are considered by some experts to be the future of the financial markets, but at least they are considered one of the next asset classes. The extension of our offer by CFDs to the most popular cryptocurrencies and the most popular indices is therefore the next logical step for us.”