UK-based financial derivatives dealer CMC Markets has recently listed over half-a-dozen new digital assets onto its platform, LeapRate reported April 15.
Aside from adding support for multiple leading digital currencies, including Bitcoin, Ripple, Ethereum, Litecoin, as well as Bitcoin Cash, the online FX and CFD brokerage firm has also recently listed a slew of other cryptocurrencies, including Cardano, EOS, Tron, Monero, Dash, NEO, and Stellar, all of which are now available for trading, purchasing, and selling.
As it stands, CMC Markets is one of the first brokerage firms to offer a crypto derivative product in 2018, allowing users to trade and generate profits without any tax fees. While the product was initially limited to professional traders, it was eventually released to all of CMC’s customers worldwide.
As CMC Market’s deputy chief executive officer David Fineberg stated during a recent interview:
“Recently, we have seen that cryptocurrencies are being rediscovered by traders. The volatility seen in early 2018 has subsided, making them a less risky and increasingly attractive asset class. By expanding our offerings, we are now able to satisfy our customers’ desires for alternatives to the original bitcoin and Ethereum. Not only is the number of tradeable crypto-CFDs impressive, we have also improved the trading conditions for our clients by providing some of the lowest spreads in the industry.”
As it would appear, the crypto markets have been gradually recovering from last year’s massive price collapse, as Bitcoin exceeds its $5,000 mark earlier this month, with other major digital assets also seeing significant improvement thereafter.
While Ethereum’s price recently spiked to over $176 after months of trading between $80 to $90, other leading digital assets including Bitcoin Cash has also escalated beyond $300, while Litecoin has seen a two-fold increase after months of trading at just roughly $50, a stark contrast compared to its previous prices.
For the most part, the crypto markets have remained largely steady in the last few months, a massive difference compared last year when Bitcoin and Ethereum have shed nearly 80 to 90 percent of its value.
With the addition of spread bets and CFDs trading on seven more digital assets, users will now have more access to both financing and margin, as well as take both short and long positions on trades. To yield stable prices for all its products, CMC Market has also established liquidity relationships with multiple crypto trading platforms across the globe.
As it stands, digital currencies and blockchain products including spread bets and CFDs have been significantly gaining traction in the U.K., as more firms have also begun offering similar products, including Gain Capital’s City Index, Admiral Markets, as well as Plus 500.