Fibo Group Ltd. today has become the latest forex broker to add a cryptocurrency derivative product to its trading platform, following the lead of several brokers that have recently added altcoins CFDs to their offering.
The step confirms that there is significant demand amongst traders for such derivative products, with the launch coming shortly after Libertex added Bitcoin and Litecoin CFDs to the trading platform dedicated to its European traders.
The list of brokers that have launched cryptocurrency trading pairs in recent months also includes Ayondo, Plus500, Avatrade, FXOpen, XTB, JFD Brokers, Instaforex, and many others. As such, it is likely that more retail platforms will follow suit to avoid falling behind their competitors.
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Fibo’s new cryptocurrency offering gives clients trading exposure to seven of the biggest digital currencies; BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), ETC (Ethereum Classic), ZEC (Zcash), DASH (Dash) and XMR (Monero).
Fibo Group also offers demo accounts for clients keen to try their hand at trading cryptocurrencies before engaging in real dealings. The company has likely turned to CFDs as a way of offering cryptocurrency trading due to the difficulty in hedging positions in the real markets which always makes this derivative type a prime alternative to many underlying assets.
FIBO Group, Ltd. is regulated by the Financial Services Commission (FSC) in the British Virgin Islands (BVI). The group includes FIBO Group Holdings Limited (Cyprus) and FIBO Australia Pty Ltd (Australia), operating under the brand, and offering mainly MT4/MT5.