Having launched trading in ven, a centrally backed digital currency in January, as well as beginning to offer deliverable FX products, LMAX Exchange has put itself on the radar as a potential venue to accommodate bitcoin trading. Commenting about bitcoins and their interest in digital currencies, LMAX COO, Scott Moffat posted a recent video blog providing an update of the company’s position.
In the post, Moffat stated that LMAX believes “digital currencies are here to stay” and mentioned four main boxes that needed to be checked before they would launch bitcoin trading; platform integration, solutions for bitcoin storage, clearing and regulations. Of the four items, Moffat mentioned that the latter two were still unclear and being investigated as to how they would be conducted. However, Moffat did state that they have been actively speaking to bitcoin product operators, traders, as well as liquidity providers about their interest and possible involvement of a bitcoin listing on the LMAX Exchange. Furthermore, Moffat revealed that they have a few liquidity providers operating in their demo environment testing bitcoin market making. (more on LMAX Exchange’s Bitcoin Plans)
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FXOpen Goes All In With Launch of Crypto-Currency Retail Trading
Various forex brokers have entered the bitcoin trading world since last year’s spring spike in prices. Prededominately in the form of synthethic instruments such as CFDs or binary options, brokers creating product for the field include Plus500, eToro, Anyoptions, and Avatrade. Also active has been FXOpen, which has partnered with digital currency exchange BTC-e to provide bitcoin trading to their clients using the MetaTrader 4 platform. As trading isn’t based on synthetics, traders have the option for true exchange services; with deposits and withdrawals available in both digital and fiat form.
This month, FXOpen has continued to put a strong focus on its digital currency offering with three new initiatives; listing of Chinese yuan denominated bitcoin and litecoin trading, a customer article contest, and affiliate program. Similar to other brokers that have launched product specific affiliate programs for their bitcoin trading products, the FXOpen offering provides an additional resource for partners to pitch the broker to their leads and website viewers. (More on FXOpen’s recent digital currency moves)