At the time of writing, Litecoin (LTC), which ranks at the 5th spot on the global coin ranking list, is changing hands at $46.28 after an increase of two percent over the past twenty-four hours. The digital currency currently boasts a market cap of $2.8 billion and its trading volume over the past 24 hours is $1.2 billion million.
The FX broker introduced the new asset type earlier last year when it began testing the service with its Bitcoin offering, which marked the first stage of FXCM’s decisive move into the surging cryptocurrency arena, with the release of other cryptocurrencies could take place in the near future.
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Expanding Crypto Services
There has also been rapid growth among UK-based CFDs and spread betting providers looking to cash in on the popularity of cryptocurrency – including Admiral Markets, Plus500, ICM Capital, and many others.
FXCM’s big rivals, including GAIN Capital’s FOREX.com and City Index brands, also offer an expanded Crypto suite to its customers in the U.K., Europe, Australia, and Singapore. Their clients can trade the cryptocurrency pairs either as an over-the-counter (OTC) derivative or as a future, with access to limited leverage and the ability to take both long and short positions. Other brokers offer their client base the crypto coins as spread bet, giving them the added advantage of tax-free profits when trading the digital asset.
Commenting on the news, Brendan Callan, CEO of FXCM Group said: “We’ve chosen to go to market with the most popular and highly traded crypto products. Offering these as CFDs gives clients the advantage of being able to go both long and short when trading. Additionally, FXCM offers micronized CFDs so it’s a low cost of entry with no hassle of a crypto wallet or cold storage.”