In a continuation of the trend of brokers introducing cryptocurrency trading to their platforms, HYCM, a multi-regulated broker for online capital market trading, has announced that it will be adding Ethereum and Litecoin trading for its customers.
HYCM already introduced Bitcoin/dollar trading to its platform in June, under the symbol BTC/USD. Now, with the addition of Ethereum (ETH/USD) and Litecoin (LTC/USD), it has increased the number of cryptocurrencies available on its platform to three.
It has to be noted that these pairs are CFDs and hence, unlike in crypto exchanges, there is no wallet or delivery of coins. Clients can only capitalize on trades that move in their favour to make a profit, and cannot use these to send or receive funds to/from others, unlike those that are purchased at exchanges.
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Decreasing Mining Potential
With the potential for mining cryptocurrencies like Bitcoin, Litecoin and Ethereum decreasing by the day due to the increase in the difficulty rate, we are likely to see increasing numbers of traders and investors moving towards exchanges and brokers to purchase these cryptocurrencies.
With the prices of Bitcoin and Ethereum rising by 300% and 4000% respectively year to date, the interest in trading them has skyrocketed. Trading these on such platforms provides traders with an easy way to make use of the price rise and pocket some profits.
Stavros Lambouris, CEO International at HYCM, said: “The decision to expand our cryptocurrency CFD offering follows the impressive returns recently generated and increased demand from our clients wishing to capitalise on their performance without needing to physically purchase them. HYCM is one of the first brokers to offer traders a range of cryptocurrencies, reinforcing our position as one of the industry leaders.”
HYCM hopes to harness this interest in cryptocurrencies to build its business, as their trading volumes increase every day.