Foreign Exchange Firm FXCM Adds Ripple And Bitcoin Cash To Expand Crypto CFD Offeringbr>
Forex Capital Markets (FXCM) has expanded its cryptocurrency offering with the addition of Bitcoin Cash (BCH/USD) and Ripple’s XRP (XRP/USD).
Based in London, FXCM is a retail broker for trading on the foreign exchange market. It allows people to speculate on the foreign exchange market and provides trading in contract for difference (CFDs) on major indices and commodities such as gold and crude oil. In 2018, the firm launched its crypto CFDs with support for bitcoin (BTC/USD), ethereum (ETH/USD) and Litecoin (LTC/USD).
In its latest announcement, the company said that they decided to add Bitcoin Cash and XRP to its cryptocurrency offering after experiencing rising demand from retail clients seeking to expand and add new cryptocurrencies to their portfolios. According to the firm, by trading these cryptocurrencies as CFDs, traders have the incentive potential opportunity to go both long and short.
“Micronized CFD contracts allow clients to place trades in fractions, which lowers the minimum margin required to enter a position,” FXCM said. “In addition, profits are credited to a trader’s account instantly, rather than held in a crypto wallet or cold storage.”
Brendan Callan, CEO of FXCM Group, said that 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 their clients.
“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,” said Callan.