A large handful of cryptocurrencies – from Cardano to EOS to Tron – are getting a major publicity push from London-based trading provide CMC Markets.
Crypto Gets a “British Boost”
The platform already offers several mainstream cryptocurrencies, such as bitcoin, Ethereum, bitcoin cash, Litecoin and Ripple. Among the cryptocurrencies being added – aside from the three listed above – include Monero, Dash, NEO and Stellar. Altogether, the company is adding more than half-a-dozen new cryptocurrencies for customers to trade, purchase and sell.
CMC Markets was one of the first companies to add a cryptocurrency derivative product back in March of 2018. The product provides users with a trading method that does not invoke taxes on profits. At first, the product was only available to professional traders, though it was later rolled out to CMC’s global customers.
David Fineberg – deputy chief executive officer of the company – explained in an 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 of late, cryptocurrencies appear to be on a roll. For the most part, the nasty price drops many enthusiasts and traders witnessed throughout 2018 have taken a solid break. Bitcoin, for example, shot beyond the $5,000 mark in early April, and many of its crypto-cousins have followed suit. Ethereum shot up to $176 despite many months of trading in the $80 – $90 range. Other currencies, such as bitcoin cash, rose beyond $300, and Litecoin spiked to more than $100 after months of hovering around $50.
For the most part, these cryptocurrencies – and several others – have managed to sustain their present momentum and keep their prices steady. It’s a massive difference from 2018, when currencies like bitcoin and Ethereum were experiencing price losses of roughly 80 and 90 percent.
CMC Markets allows customers to trade cryptocurrencies either as a contract for difference (CFD) or as a spread bet. Granted users engage in the former method, they will gain access to both financing and margin, and can take both short and long positions on trades.
Steadying Prices Lead to Stronger Usage
For this to occur, CMC has established liquidity relationships with exchanges across the globe to produce steady prices for all its products and crypto offerings.
Cryptocurrency assets and additional blockchain products – particularly CFDs and spread betting – have experienced solid gains in popularity throughout the United Kingdom. Among the companies now offering these items include Admiral Markets, Gain Capital’s City Index and Plus 500.