Spread betting and CFD provider CMC Markets announced that it is rolling out to its customers the ability to spread bet and trade CFDs on three new cryptocurrency indices.
- Major Crypto Index will include bitcoin, ripple, bitcoin cash, ethereum and litecoin.
- Emerging Crypto Index is based on dash, EOS, monero, NEO, stellar lumens, cardano and TRON.
- All Crypto Index, combines all of the above constituents and uses a bespoke weighting methodology to avoid dominance by any one coin.
The new indices are bespoke to CMC and each index is made up of a different range of ‘major’ and ‘emerging’ coins. Clients will now be able to gain economic exposure to a wide range of cryptocurrencies in a cost-effective manner, from a single transaction.
Crypto index spreads will also typically be tighter than those of the individual underlying coins.
David Fineberg, Deputy Chief Executive Officer, commented:
Cryptocurrencies are moving back into focus for many traders, given the price action seen in the first few months of the year. These new indices allow CMC Markets’ clients to gain exposure to a bundle of different coins, while doing this as a single transaction means order minimums and trading costs are also kept low. Our proprietary Next Generation trading platform ensures that we can easily cater to client demand with innovative products like this and will continue to ensure we are offering access to instruments which are most appealing for today’s trading community.