FXCM Group, an international provider of foreign exchange (forex) and contracts-for-difference (CFD) trading, has yet again expanded its cryptocurrency offering, by announcing this Friday that it has added two new digital currencies to its platform – Bitcoin Cash (BCH) and Ripple (XRP).
The two new cryptocurrencies are available to trade with the New York-headquartered company as CFDs – BCH/USD and XRP/USD. The addition of the new cryptocurrencies are to meet a rising demand from its retail clients to add new cryptos to their portfolios, the statement said.
At the time of publishing, BCH is ranked as the fourth largest crypto in terms of market cap, which is $6,559,262,026 and is trading at $368.77, according to CoinMarketCap. The asset was born from Bitcoin but can process higher levels of transactions due to a larger block size.
XRP, on the other hand, is ranked as the third largest virtual currency in terms of market cap, which is at $16,207,743,784 and is currently valued at $0.384678 according to CoinMarketCap data.
Could Advanced Execution Engines Help Exploit Volatile Markets?Go to article >>
Commenting on the announcement, Brendan Callan, the Chief Executive Officer of FXCM Group, said: “Having successfully launched three different cryptocurrencies in the past 12 months, our clients are asking us to improve the range of crypto CFDs they can access.”
“The addition of Bitcoin Cash and Ripple marks the latest stage of growth for FXCM’s burgeoning cryptocurrency offering and is in direct response to increased demand from our clients.”
Cryptocurrency CFDs allow traders to take both long and short positions on the chosen currency pair. FXCM also offers micronized CFD contracts for XRP and BCH, where traders can place trades in fractions. This lowers the minimum margin required to enter a position.
FXCM Jumps on Crypto Bandwagon
The FX broker first launched cryptocurrency trading in October of 2018 by launching a Bitcoin CFD, as Finance Magnates reported. Since then, the company has added CFDs on Ethereum and in February added Litecoin CFDs to it crypto offering.