This Prop Firm Expands into Crypto, Offering Forex and Digital Asset Accounts

Tuesday, 01/10/2024 | 10:56 GMT by Damian Chmiel
  • Hydra Funding claims to be the first prop firm suited for both FX and BTC traders.
  • The new product includes 30 crypto pairs and funded accounts up to $600,000.
BTC

In the prop trading industry, Forex (FX) has undeniably been the dominant market, as it's where retail investors most frequently want to trade. While cryptocurrencies occasionally appear in offerings, they're typically part of separate firms. Hydra Funding aims to change this, claiming to be the first to offer accounts that allow trading in both FX and digital assets.

Trade Dollar and Bitcoin with One Prop Firm

Earlier this week, Hydra Funding announced the introduction of a new type of trading account. From now on, clients of this prop trading company will be able to trade both traditional currency pairs and over 30 cryptocurrency pairs.

For the two most popular tokens, Bitcoin (BTC) and Ethereum (ETH), Hydra offers maximum leverage of up to 5:1, while for other altcoins, it's 2:1. Cryptocurrency accounts are available from $5,000 to $200,000, with a payout share of 90%.

What other cryptocurrencies are included in Hydra Funding's offering besides BTC and ETH? According to the prop firm's website, these include BNB, LINK, SOL, MKR, and LTC, among others.

Although Hydra Funding's website doesn't provide specific details on how digital tokens are traded, it's reasonable to assume that, like FX pairs, they are also CFDs.

Crypto Enters the Prop Trading World

As mentioned above, the prop trading world is dominated by FX CFDs. However, firms are starting to emerge that want to attract those interested in cryptocurrencies to the prop industry as well.

One such company is Crypto Fund Trader, which has been operating in the market for some time. A few months ago, it expanded its offering to include additional accounts that are based on crypto futures contracts rather than crypto CFDs.

Finance Magnates also reported this week that Funded Friends, a prop trading firm founded earlier this year, announced it would cease operations and be acquired by rival TradingFunds, according to a statement from CEO Arjo Janssens.

In the prop trading industry, Forex (FX) has undeniably been the dominant market, as it's where retail investors most frequently want to trade. While cryptocurrencies occasionally appear in offerings, they're typically part of separate firms. Hydra Funding aims to change this, claiming to be the first to offer accounts that allow trading in both FX and digital assets.

Trade Dollar and Bitcoin with One Prop Firm

Earlier this week, Hydra Funding announced the introduction of a new type of trading account. From now on, clients of this prop trading company will be able to trade both traditional currency pairs and over 30 cryptocurrency pairs.

For the two most popular tokens, Bitcoin (BTC) and Ethereum (ETH), Hydra offers maximum leverage of up to 5:1, while for other altcoins, it's 2:1. Cryptocurrency accounts are available from $5,000 to $200,000, with a payout share of 90%.

What other cryptocurrencies are included in Hydra Funding's offering besides BTC and ETH? According to the prop firm's website, these include BNB, LINK, SOL, MKR, and LTC, among others.

Although Hydra Funding's website doesn't provide specific details on how digital tokens are traded, it's reasonable to assume that, like FX pairs, they are also CFDs.

Crypto Enters the Prop Trading World

As mentioned above, the prop trading world is dominated by FX CFDs. However, firms are starting to emerge that want to attract those interested in cryptocurrencies to the prop industry as well.

One such company is Crypto Fund Trader, which has been operating in the market for some time. A few months ago, it expanded its offering to include additional accounts that are based on crypto futures contracts rather than crypto CFDs.

Finance Magnates also reported this week that Funded Friends, a prop trading firm founded earlier this year, announced it would cease operations and be acquired by rival TradingFunds, according to a statement from CEO Arjo Janssens.

About the Author: Damian Chmiel
Damian Chmiel
  • 1832 Articles
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About the Author: Damian Chmiel
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
  • 1832 Articles
  • 41 Followers

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