CMC Markets, one of the big players in the retail trading space, announced on Monday that it has expanded its cryptocurrency spread betting and contracts for difference (CFD) offering. Traders now have access to bitcoin cash, ripple, and litecoin.
The broker now allows clients to take positions on virtual currencies that are paired with the US dollar. CMC Market’s current cryptocurrency offering, which was launched with bitcoin and ethereum, is now expanded by the addition of these coins.
CMC Markets remains committed to virtual currencies
Back in March this year, the UK-based broker launched its cryptocurrency offering, joining the ranks of foreign exchange and CFD brokers to add virtual currencies to its repertoire. This new asset class was initially offered to institutional clients only.
Finance Magnates reported in June that CMC Markets extended its cryptocurrency spread betting and CFD offer to retail clients. Retail investors were also able to take positions on bitcoin and ethereum, paired against the US Dollar.
David Fineberg, Group commercial director, commented on the expansion. “Since the launch of our cryptocurrency offering (March) and subsequent extension to retail customers in July, our clients expressed an interest in expanding their trading options beyond bitcoin or ethereum. We are happy to give them the opportunity to trade on bitcoin cash and litecoin. These altcoins continue to be popular among traders.
Spread bets and CFDs allow clients to trade on cryptocurrency. Clients can take a position in market movements without actually owning the asset. Funds can be easily deposited and withdrawn by a trusted provider. This avoids the risk of buying cryptocurrencies from an exchange. We recommend that clients do thorough research and understand the risks before trading, just like with all financial instruments.