IC Markets, an online provider of foreign exchange and CFDs trading, has become the latest broker to add Bitcoin (symbol BTCUSD) trading to its platform. The growing popularity of cryptocurrency trading is prompting retail brokers to add Bitcoin to their range of tradable instruments over the past few months.
The move comes at a period when Bitcoin has been gaining more and more popularity in the trading world. Its price skyrocketed as daily volatility remained attractive for traders. The price of Bitcoin has risen from just below $1000 at the beginning of the year to over $4200 as of writing.
How to Prepare for CySEC’s New Tiered LeverageGo to article >>
The Bitcoin network did face a challenge at the beginning of this month when it split into two separate blockchains. After the challenge was overcome, the cryptocurrency remained unscathed and the increasing confidence of traders and investors in this market pushed its value to new all time highs.
Bowing to the growing popularity of Bitcoin, brokers have started adding cryptocurrency trading to their platforms and IC Markets has become the latest to follow suit. Bitcoin is offered as a CFD, which means that there would not be physical delivery of Bitcoins as in an exchange deal. IC Markets also offers leverage of up to 1:20 on Bitcoin trading.
The Director of IC Markets, Angus Walker, commented: “We’re pleased to be giving investors the opportunity to go long or short Bitcoin with an Australian owned and regulated broker. This allows traders to focus on their trading instead of the risks and complexities of using an unregulated Cryptocurrency exchange.”
With this addition, IC markets hopes to capture some of the cryptocurrency’s trading volume, that has seen an explosive growth both in price and market cap over the last few months.