FXCM Group, also known as forex capital markets has further expanded its cryptocurrency offerings and will now add trading support for Litecoin (LTC/USD). FXCM already had installed CFDs on Bitcoin and Ethereum.
Litecoin is currently the fifth largest cryptocurrency market cap, rank wise at $2.7 billion. Currently, it is trading at $45 level with daily volumes turnover of around $1.2 billion. FXCM had introduced the new asset type offering last year, starting with testing the service with its Bitcoin offering, marking its first move in the expanding cryptocurrency space. Later last year, it added trading support for Ethereum.
FX brokers around especially in the UK region including Admiral Markets, Plus500, ICM Capital has witnessed the rapid scaled its cryptocurrency offerings, in a pursuit to cash in on the popularity of the new asset type. FOREX.com and City Index brands, Gain Capital’s retail Fx unit also offers expanded crypto suite to its customers in the UK, Europe, Australia, and Singapore. FOREX.com offers cryptocurrency trading pairs either in OTC derivate or as a future, with access to limited leverage and allowing both short and long positions.
Commenting on the news, Brendan Callan, CEO of FXCM Group said:
“We’ve chosen to go to market with the most popular and highly traded crypto products. Offering these as CFDs gives clients the advantage of being able to go both long and short when trading. Additionally, FXCM offers micronized CFDs so it’s a low cost of entry with no hassle of a crypto wallet or cold storage.”