The London-based leading international online retail forex exchange broker, FXCM has finally jumped onto the crypto bandwagon with the launch of first crypto CFD for Bitcoin paired against the US Dollar.
The access to first crypto CFD trading will be available to clients trading with Forex Capital Markets Limited (FXCM UK), FXCM Australia Pty Limited (FXCM AU), FXCM South Africa (PTY) LTD (FXCM ZA). Over the course of the next few months, FXCM plans to launch additional crypto CFDs to its clients.
FXCM is bit late to the crypto party considering other leading FX brokers in the market which have already started offering crypto trading with expanded crypto suite. The year 2017 and 2018 has been a turning point for the whole crypto ecosystem which has attracted many traditional players towards it. Brokerages are now focusing on more crypto offering to boost operational revenues and profits amid slow down in Fx trading.
FXCM is implementing a comprehensive Bitcoin offering into its existing services suite. Following benefits are offered to clients trading on Bitcoin CFD with FXCM:
- Directional Trading: Users can open long or short BTC/USD CFD positions and trade market moves in either direction.
- No Crypto Wallet or Cold Storage: With FXCM’s BTC/USD CFD, it removes the necessity for physical delivery of Bitcoin and profits and losses are directly credited or debited to account instantly.
- Low Cost of Entry: It offers micronized CFDs allowing clients to place trades as small as the equivalent of 1/100th of a Bitcoin.
In the UK region, crypto CFDs are very popular among traders and FXCM is likely to get a tough competition from Admiral Markets, Plus500 and IC Markets. FXCM biggest rival, Forex.com and City Index also expanded its crypto offering in the U.K., Europe, Australia, and Singapore. Both offers trading the cryptocurrency pairs either as OTC derivative or as a future and provides access to limited leverage with the ability to open both long and short positions.