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CMC Markets, a UK-based financial derivatives dealer, has announced that it has expanded its cryptocurrency spread betting and contracts for difference (CFDs) offering to include three additional coins: bitcoin cash (BCH), Litecoin (LTC) and ripple (XRP).
The cryptocurrency offering was first launched in March this year. In July, CMC Markets expanded its cryptocurrency offering from professional to retail clients. At launch, the platform supported two cryptocurrencies – bitcoin (BTC) and Ethereum (ETH).
Since the launch of the crypto offering, CMC Markets’ clients expressed interest in extending their trading options beyond BTC and ETH, David Fineberg, Group Commercial Director, said.
With the latest announcement, clients would be able to take a position on the three altcoins paired against the US dollar.
“We are pleased to offer them the chance to take a position on bitcoin cash, litecoin and ripple, three altcoins which continue to generate much speculation among traders,” Fineberg added.
CFDs are derivative products that allow investors to trade on the price movement of underlying financial assets (such as indices, shares, and commodities). It is an agreement to exchange the difference in the value of an asset from the time the contract is opened until the time at which it is closed.
Spread betting is a way of speculating on the price movement of various financial instruments, including indices, shares, currency pairs, commodities and treasuries. It involves taking a position based on whether one expects the price of an instrument to rise or fall in value. Investors will make a profit or loss based on whether or not the market moves in their chosen direction.
“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset,” Fineberg explained.
“By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange. However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”
