CMC Markets, a U.K.-headquartered financial derivatives brokerage with shares listed on the London Stock Exchange, revealed on Tuesday that it has expanded its cryptocurrency offering to include bitcoin cash (BCH), as well as litecoin (LTC) and ripple (XRP).
The roughly 60,000 clients that CMC Markets serves around the world can now start taking positions on the three additional cryptocurrencies paired against the U.S. dollar. The move follows the brokerage’s extension of its cryptocurrency offering from professional to retail clients in July. At launch, the trading platform only offered bitcoin core (BTC) and ethereum (ETH).
“Since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond bitcoin and ethereum,” explained David Fineberg, group commercial director at CMC Markets. “We are pleased to offer them the chance to take a position on bitcoin cash, litecoin and ripple, three altcoins which continue to generate much speculation among traders.”
Forex, spread betting and contracts for difference (CFDs) brokerages have been very eager to add cryptocurrency-based instruments in recent years, as the volatility lured their day-trader clients away to crypto exchanges. However, concerns about alerting regulators prevented some of the more established players from doing so as quickly as they could have. Only this week it was revealed that the U.K. government is now considering a ban on crypto derivatives.
CMC Markets cautiously entered the cryptocurrency CFDs race only after rivals such as Admiral Markets, Gain Capital’s City Index, Plus500 Ltd., and IG Group Holdings Plc. had already established operations in the space.
“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset. By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange,” said Fineberg. “However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”
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Images courtesy of Shutterstock, CMC Markets.
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