Monex, Inc. announced this Wednesday that it will begin offering crypto asset contract for difference (CFD) services, thanks to recent changes in the Financial Instruments and Exchange Act in Japan.
Monex, Inc., a brokerage based in Japan and part of the Monex Group, now offers the following crypto assets for trading – BTC/JPY, ETH/JPY, XRP/Jpy and BCH/JPY, which are available for trading 24 hours a day all year round.
Monex, Inc is first major Japanese broker to offer crypto CFDs
According to the Japan-based company, Monex is the first major online brokerage company to offer crypto asset CFD services within Japan, out of au Kabucom Securities, SBI Securities, Matsui Securities, Rakuten Securities and Monex, Inc.
The CFDs are available to trade via Monex’s smartphone app – MONEX TRADER CRYPTO, the company said in its statement today. For clients of the broker who want to trade this new offering, they first need to open a general brokerage account and then a crypto asset CFD account.
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The new changes to the Financial Instruments and Exchange Act came into effect on the 1st of May 2020. As part of these changes, crypto assets were stipulated as financial products.
“Crypto asset-related OTC derivative transactions were included under the Act to protect customers and create risk management regulations for financial instruments business operators,” Monex said in the statement today.
“Since the birth of the Bitcoin, the crypto asset market has grown steadily, and the number of crypto asset and crypto asset derivative transactions is increasing. With the expansion of transaction categories under the amendments to the above-mentioned Act, Monex has decided to begin offering crypto asset CFD services.”
Via the MONEX TRADER CRYPTO app, users can view crypto asset charts, technical indicators, and rates. This is available to customers regardless of whether they have a Monex crypto asset CFD account.
However, for clients who do have the account, they will be able to look up their crypto asset CFD transaction positions, orders, executions, margin status, execution history, deposit/withdrawal history and other functions via the app.