FX Broker ThinkMarkets Switches XRP Trades to Close Only Mode

The lineup of Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokers that have restricted trading on XRP pairs, following an SEC complaint against its developer, has been growing bigger. Among the latest entries into this group of brokers is ThinkMarkets.

In a note to its clients, FCA-regulated ThinkMarkets, a multi-asset brokerage offering forex, CFDs, and commodity products, said it had transferred trades on XRPUSD pairs to the close only mode until further notice.

The new restrictions will take effect as of market open on Jan 4. Clients that hold positions in XRPUSD will be able to close them whenever they wish to post this date, but no new positions will be allowed.

As Finance Magnates reported earlier, many FX brokers said they would take special measures in anticipation of higher Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term and trading volumes. Additionally, the SEC's lawsuit has promoted social trading network, eToro to join the ranks of cryptocurrency platforms suspending XRP trading.

Although the US regulators’ action is against Ripple and its executives, not the XRP itself, most online brokers have already ‎‎ironed out their plans to protect ‎themselves and their customers from any ‎sharp ‎market shifts that have the potential to wipe out account balances in an ‎instant. ‎

Major crypto exchanges including Crypto.com, OKCoin, Bitstamp and Coinbase, as well as crypto market maker B2C2, payment providers Simplex and Wirex have either temporarily suspended XRP trading or removed it entirely.

Open a Trading Account Today with These Recommended Brokers

Soon after the SEC announced charges against Ripple, lesser-known crypto platforms such as OSL, CrossTower and Beaxy suspended XRP trading effective immediately and until further notice. Further, crypto fund managers such as Bitwise and Grayscale liquidated part or all of their positions in XRP, citing regulatory concerns.

However, the XRP price was resilient on Thursday against the new wave of the token delisting as bargain hunters are seemingly taking advantage of cheaper prices to pile into the fourth-largest cryptoasset. The XRP token has crashed from $0.64 to $0.20 in under a week, losing 75% in value since hitting a two-year high last month, as traders and investors process the news.

The SEC complaint accused Ripple of effectively raising $1.3 billion via ongoing unregistered securities offerings since 2013.