Retail broker RoboForex announced that it would be accepting deposits in the cryptocurrency ethereum this Thursday.
“Our clients are actively using all our crypto products and services', said Denis Golomedov, the broker's Chief Marketing Officer. “We launched BTC accounts earlier this year and it was quite [a] successful service supply. ETH accounts launch is the result of our global effort invested towards the improvement of [our] crypto trading solutions.”
Regulated outside of the European Union in Belize, RoboForex is not subject to the European Securities and Markets Authority’s (ESMA) product intervention measures which came into effect in August.
RoboForex 50:1 Leverage
Those rules restrict leverage on cryptocurrency contracts-for-difference (CFDs) to 2:1. As it does not have to adhere to them, RoboForex can offer leverage of 50:1 on them.
Traders using ethereum will have to deposit and withdraw their holdings through the site’s ethereum platform.
The cryptocurrency will also be available to the different RoboForex account holders. Cent accounts, those trading in small amounts of cash, will have access to ethereum, just as Prime accounts, which provide faster execution and tighter spreads, will.
A statement released by RoboForex on Thursday seems to suggest that clients using cTrader and R Trader will not have access to ethereum trading.
Having said this, traders using MetaTrader 4 and MetaTrader 5, which are much more popular platforms to trade on, will be able to start buying and selling ethereum with RoboForex.
As with RoboForex Bitcoin deposits, traders using ethereum can deposit as little as one mETH - equivalent to one thousandth (0.001) of one ethereum token. Ethereum is currently traded at one token to $133.28 which, as our mathematically astute readership can tell, means one mETH is equal to about $0.13. As such, it’s unlikely many RoboForex users will be making any cash off of mETH - at least for now.
