FXCM Adds Litecoin CFDs to Cryptocurrency Offering

FXCM Group has expanded its range of cryptocurrency instruments and will now add trading support for Litecoin, which joins its already installed CFDs on Bitcoin and Ethereum.

At the time of writing, Litecoin (LTC), which ranks at the 5th spot on the global coin ranking list, is changing hands at $46.28 after an increase of two percent over the past twenty-four hours. The digital currency currently boasts a market cap of $2.8 billion and its trading volume over the past 24 hours is $1.2 billion million.

The FX broker introduced the new asset type earlier last year when it began testing the service with its Bitcoin offering, which marked the first stage of FXCM’s decisive move into the surging cryptocurrency arena, with the release of other Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term could take place in the near future.

Expanding Crypto Services

There has also been rapid growth among UK-based CFDs and spread betting providers looking to cash in ‎on the popularity of cryptocurrency – including Admiral Markets, Plus500, ICM Capital, ‎and many others.

FXCM’s big rivals, including GAIN Capital’s Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term.com and City Index brands, also offer an expanded Crypto suite to its ‎customers in the U.K., Europe, Australia, and Singapore. Their clients can trade the ‎cryptocurrency pairs either as an over-the-counter (OTC) derivative or as a future, with ‎access to limited leverage and the ability to take both long ‎and short positions. ‎Other brokers offer their client base the crypto coins as spread bet, giving them the added advantage of tax-free profits when trading the digital asset.

Commenting on the news, Brendan Callan, CEO of FXCM Group said: “We’ve chosen to go to market with the most popular and highly traded crypto products. Offering these as CFDs gives clients the advantage of being able to go both long and short when trading. Additionally, FXCM offers micronized CFDs so it’s a low cost of entry with no hassle of a crypto wallet or cold storage.”