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FX Global Brokerage FXCM Group has expanded its range of cryptocurrency tools and will now offer CFDs on the second most popular currency, Ethereum, for all of its trading accounts.
The FX broker introduced the new asset type at the start of last year when it started testing the service with the Bitcoin offering already installed.
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2017 and 2018 were largely the years of cryptography, with retail intermediaries rapidly integrating digital currencies into their offers. FXCM has recently joined the crowd, implementing a diversified cryptographic offering in its current suite of services. The introduction of CFD trading on Bitcoin marked the first stage of the decisive action of FXCM in the surge of the cryptocurrency, with the release of other cryptocurrencies that could take place in the near future.
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Expansion of cryptographic services
There has also been rapid growth among UK-based CFDs and spread betting providers seeking to cash in the dramatic increase in cryptocurrency – including Admiral Markets, Plus500, ICM Capital and many others.
FXCM's major rivals, including GAIN Capital's FOREX.com and City Index brands, also offer an expanded Crypto suite to its customers in the United States, Europe, Australia and Singapore. Their clients can exchange cryptocurrency pairs both as over-the-counter (OTC) derivatives and as futures, with access to limited leverage and the ability to take both long and short positions. Other brokers offer their customer base cryptographic coins a spread bet, giving them the added advantage of tax-free profits when they negotiate the digital asset.
FXCM has probably turned into CFD as a way of offering cryptocurrency trading due to the difficulty of hedging positions in real markets, which always makes this type of derivative a primary alternative to many underlying assets.
Commenting on the news, Brendan Callan, CEO of FXCM Group, said: "Following the successful launch of FXCM's Bitcoin CFD and customer demand, we have added Ethereum to our CFD list with the intention of continuing to implement additional cryptographic CFDs Cryptocurrencies have increased in popularity, with many new trading opportunities, in particular, there has been a strong demand from retail currency traders for cryptographic CFDs, in particular because of to go both long and short, and while we may not have been the first to launch, we are trying to offer a competitive suite of cryptocurrencies. "
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