Global provider of online trading CMC Markets Plc (NYSE:CMC) just announced that they have added CFDs trading on another seven cryptocurrencies.
The company has also started offering spread betting to its clients.
In addition to bitcoin, ethereum, bitcoin cash, litecoin and ripple, now also available to trade on the Next Generation platform are:
- cardano, and
CMC Markets has added bitcoin cash, litecoin and ripple to its offering back in October 2018. The addition of seven new cryptocurrencies takes the total number of coins available to trade to twelve.
CMC Markets has also lowered the spreads on their previously tradable cryptocurrency CFDs by an average of 50%. CMC Markets has also lowered the margins for professional clients across all their original cryptocurrencies.
David Fineberg, Deputy Chief Executive Officer, commented:
Recently we have seen that cryptocurrencies are being rediscovered by traders. The volatility seen in early 2018 has subsided making them a less risky, and increasingly attractive, asset class. By expanding our offering, we are now able to satisfy our customers’ desires for alternatives to the original bitcoin and ethereum. Not only is the number of tradable crypto-CFDs impressive, we have also improved the trading conditions for our clients by providing some of the lowest spreads in the industry.
CMC Markets reported earlier this month that overall performance in FY 2019 has been impacted by ESMA’s CFD leverage cap and the reduced client trading activity that followed. The company expects to report 37% YoY lower CFD and spread-betting revenue (c. £110 million for FY 2019), and net operating income of c. £131 million.