Joining a growing list of FX brokers, Tickmill announced the launch of Bitcoin trading on its platform today.
This marks the entry of Tickmill into the cryptocurrency space which has been on the rise since the beginning of the year. We have seen many FX brokers adding cryptocurrencies to their list of trading instruments.
Tickmill is venturing into this space with the introduction of Bitcoin, under the symbol BTC/USD. Another interesting point is that the company specified that Bitcoin trading will be available 24/5. While the main Bitcoin market is open 24/7, the brokerage will only be offering the asset for trading within normal market hours. Considering the volatility in the Bitcoin market, clients could be dealing with large gaps at the market open every week.
Some brokers add 3 or 4 cryptocurrencies to their platforms while others prefer to start with Bitcoin only so that they can better grasp the market. Once brokers get accustomed and are comfortable with the flow, they are making decisions on whether to introduce more cryptocurrencies to expand their offerings. Tickmill is offering Bitcoin trading with a leverage of 1:20.
Also, it has to be noted that the instruments are CFDs, which means that clients cannot receive cryptocurrency to their wallets. They can only speculate on the price. This is different from an exchange, where the cryptocurrencies can be stored in wallets and clients can send and receive them as well.