HYCM, a Hong Kong-based broker that provides trading in FX and CFDs, has launched trading on Ripple and Bitcoin Cash, according to a company press release.
It added the new cryptocurrencies because of client demand. It also offers Bitcoin, Litecoin and Ethereum. Trading on the coins is offered in the form of CFDs, in dollar pairs.
Bitcoin Cash is a popular cryptocurrency which spun off from Bitcoin last year, amid disagreement as to the appropriate way to deal with the issue of block size. It has a market cap of $25,917,162,341, according to coinmarketcap.com.
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Ripple is a payment system which is already well-established with financial institutions, especially in Japan. It has overtaken Ethereum in the cryptocurrency market cap rankings several times recently, although it is currently in third place again with a cap of $47,991,212,289.
HYCM first introduced Bitcoin trading in June of last year, back when a bitcoin was worth around $2,000. It added Ethereum and Litecoin the following August.
HYCM is a division of Hong Kong-based Henyep Group. It is regulated by the Financial Conduct Authority in the United Kingdom, the Dubai Financial Service Authority, and the Cyprus Securities and Exchange Commission. It has offices in the United Kingdom, Cyprus, Dubai, and Hong Kong.
Stavros Lambouris, CEO of HYCM, commented: “There is no doubt that cryptocurrencies play a key role in forex trading as well as in the industry as a whole. We are expanding our offerings to help our clients diversify in cryptocurrencies in the same way as they do in traditional instruments. By adding Ripple and Bitcoin Cash to our platform, HYCM is making it easier and more accessible for investors seeking opportunities to capitalise on the performance of even more of the most in-demand cryptocurrencies”.