Trend Set To Continue, FXOpen Adds PAMM Service for Cryptocurrency Traders

Retail 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 broker FXOpen is again showing its commitment to cryptocurrency community by launching a new service to add PAMM accounts to its offering, a move that effectively allows digital currency traders to become money managers for other users.

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The PAMM technology, or Percent Allocation Management Module, has been widely used by traders in the forex and similar markets, though it was relatively rare to find managed accounts services available to users of Bitcoin or its likes.

This new service facilitates the relationship between skilled traders and their followers and provides crypto portfolio managers the ability showcase their performance in a relatively uncharted space.

The money managers can open a PAMM Crypto account as a Master and trade CFDs on FXOpen’s suite of 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 such as Bitcoin, Ethereum, Litecoin and DASH. On the other side, the new offering allows investors to follow trading strategies of Master traders by selecting this type of account as a Follower.

PAMM products have been a significant trading volume generator for retail brokers in traditional markets, and the recent hype around cryptocurrency is more than enough to justify FXOpen’s step to offer a product that is attractive for clients, and we even expect more brokers to follow suit.