Cyprus-regulated forex and CFD broker FxPrimus has added trading support for 5 of the most popular cryptocurrencies on its platform. The newly added cryptocurrencies are bitcoin, ethereum, Ripple, Litecoin and Dash.
The cryptocurrencies can be traded as contracts for differences (CFD), which means that they wont be cleared at an exchange and the clients cannot take physical delivery of them – they can only speculate on their prices with a view to making a profit. The company provides leverage of 1:5 for these instruments which will help its clients take up larger trade sizes than what they could afford to buy at the exchanges. FxPrimus also reports that they will be clearing the trades with a counterparty.
FxPrimus CEO and director Costas Kappai said that historically, the company has always had a high touch relationship with its clients and IBs. So, the inclusion of cryptocurrencies to its product offerings is a direct response to the evolving requirements of their most important stakeholders to diversify their instrument range.
“Whilst our more traditional instruments: Forex and commodities etc. continue to be a popular choice for our clients, we believe that bitcoin and other cryptocurrencies have an important role to play in the future of trading and of the forex industry as a whole,” said Kappai.