FXCM has addressed growing demand for more crypto CFD instruments by expanding its cryptocurrency offering with the addition of Bitcoin Cash (BCH/USD) and Ripple (XRP/USD). The leading retail FX and CFD broker online foreign exchange trading first launched crypto CFD trading in 2018.
The larger block size embedded in Bitcoin Cash, which was launched in August 2017, provides it with the capacity to process more transactions than Bitcoin. On 15 November 2018, Bitcoin Cash split into two cryptocurrencies originated from what was described as a “civil war” in two competing bitcoin cash camps. Today, Bitcoin Cash trades just below $400 as the cryptocurrency market makes its way back to bullish territory.
Brendan Callan, Chief Executive Officer of FXCM Group, commented: “Having successfully launched three different cryptocurrencies in the past 12 months, our clients are asking us to improve the range of crypto CFDs they can access. The addition of Bitcoin Cash and Ripple marks the latest stage of growth for FXCM’s burgeoning cryptocurrency offering and is in direct response to increased demand from our clients.”
Crypto CFD contracts allows traders to place trades in fractions, which lowers the minimum margin required to enter a position. Leveraged trading in crypto CFDs is subject to regulatory restrictions. The United Kingdom and the European Union allow leverage up to 2:1, while Switzerland residents can go up to 6.66:1, similarly to the rules in Australia, and New Zealand.
The FXCM Group is authorized and regulated in the UK by the Financial Conduct Authority with registration number 217689. FXCM is also regulated by other leading financial watchdogs including the Australian ASIC and South Africa’s FSCA.
Profits from crypto CFD trading at FXCM are credited to a trader’s account instantly, rather than held in a crypto wallet or cold storage.