CMC Markets is yet again expanding its cryptocurrency offering. This Tuesday, the spread betting and contracts for difference (CFD) provider announced that it is rolling out three new cryptocurrency indices.
Clients of CMC Markets are now able to spread bet and trade CFDs on the three new indices, which are bespoke to the company, the statement said. Each index is made up of a different range of major and emerging coins.
By creating these bespoke indices, the UK-based firm has full control of their composition and “absolute transparency in terms of pricing,” the company said. The three indices are Major Crypto Index, Emerging Crypto Index, and the All Crypto Index.
The Major Crypto Index will include top cryptos such as bitcoin, ripple, bitcoin cash, ethereum, and litecoin. The Emerging Crypto Index, on the other hand, is based on dash, EOS, monero, NEO, stellar lumens, cardano, and TRON. Finally, the All Crypto Index will combine all of the above-mentioned digital assets and will be weighted so no one coin can have dominance.
David Fineberg, Deputy CEO, CMC Markets
Commenting on the announcement, David Fineberg, Deputy Chief Executive Officer, said: “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.”
CMC Markets Continues to Dive Deeper into Crypto
Since CMC Markets first added a cryptocurrency derivative product to its trading platform in March last year, the firm has continued to expand its offering. As Finance Magnates reported in April, the FCA-regulated firm updated its list of crypto CFDs to include dash, EOS, Monero, NEO, Stellar, Cardano, and TRON. The addition of the new crypto assets will enable traders to properly diversify their crypto holdings, the company said at the time.
