Client demand for cryptocurrencies continues to surge heading into years’ end, with brokers answering the call. LiteForex has become the latest brokerage to support new functionality with cryptos, enabling the deposit and withdrawal of funds into accounts using six different coins.
The retail industry has been radically transformed by cryptocurrencies in 2017. After being confined to alternative exchanges for years, these instruments have finally managed to burst onto the trading scene amidst wider support. Since the adoption of Bitcoin, Ethereum, and others, digital currencies become a staple offering in the retail space, though the deposits and withdrawal of cryptos has lagged behind.
Six different crypto funding methods
LiteForex has become the latest group to support this new capability, allowing for clients to fund their accounts with Bitcoin, Bitcoin Gold, Bitcoin Cash, Litecoin, Monero, and Ethereum. The move represents a shifting stance on funding and withdrawal options that are now more openly offered, and by extension demanded from clients.
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Seeking to satisfy this demand, LiteForex is trying to stay ahead of others by enabling these deposit and withdrawal methods. Proponents of funding accounts with cryptocurrencies will point to the safety in doing so, given the lack of data and personal information that needs to change hands.
2017 has seen no shortage of hacks and systematic breaches of data, leaking sensitive information in the process. By relying on Bitcoin and other large cap altcoins, these risks dissipate. In addition, LiteForex will not be charging any commissions for clients looking to deposit cryptocurrencies.
Instead, respective cryptocurrencies are converted into a trading account currency at the internal exchange rate of the company at the moment of deposit.