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. Now, traders have access to three more coins – bitcoin cash, litecoin, and ripple.
Clients of the broker can now take a position on the three virtual currencies paired against the US dollar. The additional coins build upon CMC Market’s existing cryptocurrency offering, which at launch, consisted of bitcoin and ethereum.
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. Originally, the firm only offered this new asset class to its institutional clients.
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However, in June, Finance Magnates reported that CMC Markets had extended its cryptocurrency spread bet and CFD offering to its retail clients. This meant retail investors could also take a position on bitcoin and ethereum paired against the US dollar.
Commenting on the expansion, David Fineberg, Group Commercial Director, said: “since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond bitcoin and ethereum. We are pleased to offer them the chance to take a position on bitcoin cash, litecoin, and ripple, three altcoins which continue to generate much speculation among traders.
“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset. By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange. However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”