SBI FXTRADE, the retail forex brokerage arm of Japanese financial conglomerate SBI Holdings, has announced that it is adding contract for differences (CFDs) instruments for Cryptocurrencies on its platform.
The platform will initiate trading with the digital assets on Monday and highlighted that given the nature of cryptocurrency markets, they can be traded around the clock throughout the year. Their services will be available on both the platform’s web and mobile interfaces.
As detailed in the announcement, the brokerage will offer trading services with three leading digital currencies: Bitcoin (BTC), Ripple (XRP), and Ethreum (ETH), and will list them against both Japanese yen and US dollar. Hence, traders will have the option to trade six crypto-fiat pairs.
Demand for Crypto Is Increasing Among Retail Traders
Furthermore, the platform set a minimum order limit of its 0.0001BTC, 1XRP, and 0.001ETH, which is approximately 60 yen, 15 yen, and 20 yen respectively, along with a maximum cap of 500BTC, 10,000,000 XRP, and 10,000 ETH.
Note that, as these are CFDs, the traders will not own any digital assets, but can only trade on their prices.
Moreover, traders will receive leverage of 2x, a limit earlier imposed by the country’s financial markets regulator to minimize the risks associated with margin trading in a volatile crypto market.
Though the trades will be executed without any charges, the brokerage will levy a fee on the leverages if the open interest is held over a business day.
The crypto listings on the Forex brokerage came at a time when the digital currency market is showing strong bull signs, creating a massive demand among the retail traders.
Finance Magnates earlier reported that SBI’s forex platform started using R3’s blockchain infrastructure for sharing transaction history among margin traders.
