Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.
CMC Markets has updated its cryptocurrency offering to include seven new digital currencies – taking the total number of coins available to trade to twelve – and has lowered the margins for professional clients across all their original cryptocurrencies as well as spreads for both retail and professional clients across all their original cryptocurrencies.
The UK FCA-regulated broker, one of the world’s leading contracts for different (CFD) providers, has announced the ability to spread bet and trade CFDs on Dash, EOS, Monero, NEO, Stellar, Cardano, and TRON. Customers were already able to spread bet and trade Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and Ripple.
As the cryptocurrency market grows in volumes and awareness, competition within the industry tends to tighten. To face the new competitors, CMC Markets has decided to also lower the spreads on their previously tradable cryptocurrency CFDs by an average of 50 percent.
David Fineberg, Deputy Chief Executive Officer, commented:
“Recently we have seen that cryptocurrencies are being rediscovered by traders. The volatility seen in early 2018 has subsided making them a less risky, and increasingly attractive, asset class. By expanding our offering, we are now able to satisfy our customers’ desires for alternatives to the original Bitcoin and Ethereum. Not only is the number of tradable crypto-CFDs impressive, but we have also improved the trading conditions for our clients by providing some of the lowest spreads in the industry*.”
Established in 1989, CMC Markets serves retail and institutional clients through regulated offices and branches in 15 countries, with a significant presence in the UK, Australia, Germany, and Singapore. While its financial spread betting offering is available only in the UK and Ireland for legal reasons, the broker enables clients to trade up to 10,000 financial instruments across shares, indices, foreign currencies, commodities and treasuries through CFDs.
The broker first launched cryptocurrency spread bets and CFDs to its professional client base in March 2018. In August 2018, CMC Markets expanded the offering across its retail client base, also allowing clients to take a position on the original Bitcoin and Ethereum cryptocurrencies paired against the US dollar.