UK-based brokerage ICM.com is trying to bridge yet another gap between crypto space and mainstream financial markets, having introduced a new instrument that allows investors to use Bitcoin to trade oil and vice versa.
With the recent volatility of crypto markets, there comes a renewed interest by crypto traders to trade traditional financial markets, including the world’s primary source of energy.
Dubbed ‘BTCOIL’, ICM’s newest asset is the resulting product of dividing the price of the BTCUSD by the price of #WTI, providing ease of exposure and a route for engagement with both digital assets and oil prices.
“This means if the BTCUSD price remains the same and the price of the #WTI goes up, then the price of BTCOIL will be going down and vice versa – if the price of #WTI remains the same and the price of BTCUSD goes up, then the BTCOIL will go up,” the company further explains.
If proved popular among retail investors, BTCOIL could represent a milestone for greater crypto trading standardization and pave the way for the future expansion of developing similar products.
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“ICM.com is in a constant search for improving the trading experience of its clients. The merge of two popular trading products became a breakthrough in the trading industry,” commented Shoaib Abedi, CEO and Director of ICM.com
ICM.com Sponsors Newcastle United
ICM.com is a multi-national forex and CFD trading company with headquarters in London, and offices in Europe, the Middle East and Asia. Since being founded, the firm has been authorized and regulated by the Financial Conduct Authority (FCA). Back in August 2018, the company rebranded itself from ICM Capital to ICM.com to represent all of the firm’s group entities under one brand.
The company has recently bolstered the protection of its clients’ insurance measures, bringing all client funds under the protection of up to £5.0 million. The broker, which is licensed by the UK Financial Conduct Authority (FCA), is required by law to provide up to £50,000 per client under the Financial Services Compensation Scheme (FSCS) in case of its default.
We last reported about ICM.com (Formerly ICM Capital) back in September when the company signed a sponsorship deal with English football club, Newcastle United. As part of the deal, the firm’s logo is placed on the club’s jersey sleeves for the 2020-21 season.