After much demand from clients, HYCM, a forex and CFDs broker, has announced the newest addition to its trading instrument list: Bitcoin. Clients will now be able to trade the BTC/USD pair.
Bitcoin was the first cryptocurrency to appear in the financial industry, and has gained popularity among traders and investors. In addition, it is a highly volatile asset, which means that gains and losses may be significant. Interest in cryptocurrencies has skyrocketed this past year, as most blockchain assets were traded up significantly around the world. Recently, Bitcoin’s value rose above $2000, and now its market cap is estimated at $34 billion.
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HYCM is a broker that offers a forex and CFDs trading environment to both retail and institutional investors. The firm is part of the Henyep Capital Markets Group, which is an international corporation running businesses in property, education, financial services, and charity.
The group is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, the Dubai Financial Service Authority (DFSA), and the Cyprus Securities and Exchange Commission (CySEC). HYCM has offices in the United Kingdom, Cyprus, Dubai, and Hong Kong.
In early May, Finance Magnates covered HYCM’s strategic report and audit related financial statement for the fiscal year ending December 31 2016. The directors of the company expressed their approval regarding the results, saying that it was a “satisfactory year”. There had been noted, however, a slight decrease in turnover which translated into an increase in the operating profit.