In line with many other forex brokers who are adding cryptocurrencies to their offerings, easyMarkets has announced the launch of Bitcoin CFD trading on its platform.
The company said that it will soon be launching other cryptocurrencies too.
Regarding cryptocurrencies, Brokers offer them only in the form of CFDs. Unlike in an exchange where the asset is delivered to the wallet of the client, which the client can then put to use, a CFD is not delivered. It is a purely speculative instrument which is used to trade and profit.
Evdokia Pitsillidou, Director of Risk Management at easyMarkets, said: “The excitement surrounding recent record highs in the cryptocurrency markets has now evolved into intense interest in the future of digital currencies like Bitcoin. easyMarkets’ expansion into cryptocurrency CFDs is driven by increasing demand from our clients and we want to give them the option to explore the most fascinating asset class to emerge in years.”
The company offers leverage of 1:10 for trading bitcoins, in contrast to the leverage of 1:5 that many brokers have been offering. The company says that clients can trade bitcoins for as low as $100 and also guarantees stop loss and take profit. It provides negative balance protection as well.
The company offers an ebook on Bitcoin for those who are new to trading cryptocurrencies.
With this move, the company hopes to capture some of the growing volume of the cryptocurrency industry.