LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
Retail forex broker FXTM just informed that it now offers clients the opportunity to trade CFDs on Bitcoin, Ethereum and Litecoin against the US dollar (BTC/USD, ETH/USD, LTC/USD).
The launch of this product coincides with a recent surge in demand for digital currencies.
The implementation of Bitcoin’s SegWit2x solution on the 1st August, designed to optimize data storage on the network and to boost the cryptocurrency’s transaction capacity in the long term, was arguably the biggest driver of that month’s rally,” FXTM’s Global Head of Currency Strategy and Market Research, Jameel Ahmad, comments on the broker’s latest product offering. “Within four days of release, the number of Bitcoin Cash tokens in circulation totaled US$7.6bn, further igniting investor interest in both currencies. The result has been a significant increase in demand for cryptocurrency trading instruments. FXTM was well placed to meet this demand with the planned launch of our Cryptocurrency CFDs in MetaTrader in September. This newest product is a reflection of our commitment to innovate and grow in line with the needs of our traders.
There is some debate over the sustainability of current cryptocurrency rallies. However, I think the early enthusiasm for this innovative asset is a reaction to one of the most interesting developments the financial markets have seen in years. Their volatility is often precipitated by knee-jerk reactions from regulators and market sentiment, but cryptocurrencies should become more stable when regulators and governments have figured out how to integrate them into the current financial system. A number of Central Banks, including the Bank of Russia, South African Reserve Bank, Belarus Central Bank and Sweden’s Riksbank have all signaled interest in cryptocurrencies and blockchain technology. A consortium of Japanese Banks are reportedly developing a national digital currency that will be launched in time for the 2020 Olympics. Cryptocurrencies will eventually find a permanent niche in financial markets. As a broker dedicated to delivering exceptional customer service and market-leading products, FXTM is proud to be one of the first to embrace cryptocurrency trading instruments in the MetaTrader 4 platform.
Cryptocurrency CFDs are currently only available to clients of FT Global Limited, part of the FXTM brand.