FxPrimus has joined the growing list of FX brokers introducing cryptocurrencies to their trading platforms. The popularity of this asset has been growing at a steady pace over the last couple of years but it is only this year that the focus on them has skyrocketed.
FxPrimus, as a response to the growing popularity and with an intention of ensuring that new and popular products are provided to its clients, has introduced trading in Bitcoin, Ethereum, Ripple, Litecoin and Dash on its platform. As with many other brokers, these can be traded as CFDs, which means that they wont be cleared at an exchange and the clients cannot take physical delivery of them – they can only speculate on their prices with a view to making a profit.
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FxPrimus provides leverage of 1:5 for these instruments which will help its clients take up larger trade sizes than what they could afford to buy at the exchanges. FxPrimus also reports that they will be clearing the trades with a counterparty.
CEO & Director of FXPRIMUS, Costas Kappai, said: “Historically, FXPRIMUS has always had a high touch relationship with its clients and IBs. So, the inclusion of cryptocurrencies to our product offerings is a direct response to the evolving requirements of our most important stakeholders to diversify our instrument range. Whilst our more traditional instruments: Forex and commodities etc. continue to be a popular choice for our clients, we believe that Bitcoin and other cryptocurrencies have an important role to play in the future of trading and of the forex industry as a whole. ”
The popularity of Bitcoin, Ethereum and the like has grown manyfold this year with the strong uptrend in their prices being one of the major driving factors of their popularity. The way that the industry has been able to handle several challenges during the course of the year has also emboldened traders and investors and led to the belief that they are here to stay.