UK-based brokerage ICM.com has expanded its cryptocurrency offering with the introduction of contracts for difference(CFDs) on multiple virtual coins. The new pairings will incorporate seven cryptocurrencies, which represent the latest additions to a growing portfolio of cryptos available for clients.
Over the past year, ICM.com has steadily added crypto instruments to its offering as client demand continues to see strong growth. Indeed, cryptocurrency adoption by mainstream traders and investors has coincided with their embrace by brokers. Since mid-2020, when Bitcoin price bottomed out followed by a restless rally, ICM.com has been aggressively growing its crypto suite.
By trading cryptocurrencies in the form of CFDs, traders have the opportunity to invest in their price without having to actually buy them. Furthermore, they can take advantage of a wide array of traditional trading tools such as leverage and stop orders.
The massive range of volatility exhibited in these instruments creates an ideal environment for investors in CFDs, many of whom are looking for ways to buy into the cryptos’ bull run, just as they were able to bet against their rapid descension since 2018.
The step confirms that demand amongst traders for such derivative products is still in full swing, with recent launches by regulated brokers coming even after European regulators outlined a set of rules on offering crypto CFDs.
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ICM.com Bridges Gap between Crypto and Oil
“The number one priority of ICM.com has always been maintaining high-quality client support and superior trading conditions to all our clients. In the current situation, adding cryptocurrencies was a logical decision to expand and improve our services,” said Shoaib Abedi, CEO and Founder of ICM.com.
ICM.com has recently introduced a new instrument that allows investors to use Bitcoin to trade oil and vice versa, trying to bridge yet another gap between crypto space and mainstream financial markets.
With the recent volatility of crypto markets, there comes a renewed interest by crypto traders to trade traditional financial markets, including the world’s primary source of energy.
Dubbed ‘BTCOIL’, ICM’s new asset is the resulting product of dividing the price of the BTCUSD by the price of #WTI, providing ease of exposure and a route for engagement with both digital assets and oil prices.
If proved popular among retail investors, BTCOIL could represent a milestone for greater crypto trading standardization and pave the way for the future expansion of developing similar products.