Forex brokerage company Admiral Markets just announced that the Admiral.Markets account now gives you the ability to trade the following instruments:
- BTCUSD – Bitcoin vs US Dollar
- ETHUSD – Ether vs US Dollar
- LTCUSD – Litecoin vs US Dollar
- XRPUSD – Ripple vs US Dollar.
All cryptocurrencies are based on blockchain technology, and are currently going through a surge in popularity, comparable to that of the Gold Rush of the mid-nineteenth century.
The major cryptocurrencies are purchased heavily during the crowdfunding stages of numerous blockchain-based startups.
There’s an increased demand for these currencies, which translates to rapid price movements, e.g. Bitcoin’s price has increased by 300% this year, while Ether’s price has skyrocketed by 5000%.
After reaching the peak price of around $400 per 1 Ether, it corrected by 50% in two weeks, with 8-12% fluctuations per day a regular occurrence, while Bitcoin ‘moderately’ declined (by 20%) within the same period.
Admiral Markets states that during the initial stages of this offering the following two rules will be in force:
- You can be long only (i.e. open and close ‘Buy’ positions only). Short selling will not be allowed as all your transactions are backed by Admiral Markets on the exchange.
- Your net exposure on any or all cryptocurrency instruments will not exceed 10,000 EUR or the equivalent.
The instruments are available for trading 24 hours a day, 7 days a week.