Trading App BUX Launches CFDs for Bitcoin Cash & Other Cryptocurrencies
The mobile trading app known as BUX, announced support for raft of new cryptocurrency contracts for difference (CFDs), allowing investors to take part in the virtual currency market in an alternative way.
The application permits users to trade in different stocks and financial instruments with fake or real money. Now, CFDs will be available for positions in Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Ether (ETH).
These are important news for Bitcoin Cash that it has been receiving support from different exchanges, startups and companies. Bitcoin Cash is becoming a much more appreciated network compared to Bitcoin due to its scaling potential, low transaction fees, and fast payments.
Contracts for difference give the possibility to traders to buy a contract for the difference in the asset between the price today and the price at a future date. This is an alternative way of investing in the market without buying the underlying asset.
According to a post on BUX’s blog, investors will have a safer option to invest in the market.
“What about hackers? It’s not easy to find a cryptocurrency exchange that hasn’t been hacked. Every time an exchange is pierced, hundreds of investors and traders lose their cryptos forever. Most crypto exchanges aren’t subject to regulation, so there are no protection measures in the event of hacking or bankruptcy.”
Moreover, BUX and CFDs allow investors to trade on leverage. That means that they would be able to have higher gains from incremental movements in the market.