CMC Markets, a U.K.-headquartered financial derivatives brokerage with shares listed on the London Stock Exchange, revealed on Tuesday that it has expanded its cryptocurrency offering to include bitcoin cash (BCH), as well as litecoin (LTC) and ripple (XRP).
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CMC Markets Responds to Demand
The roughly 60,000 clients that CMC Markets serves around the world can now start taking positions on the three additional cryptocurrencies paired against the U.S. dollar. The move follows the brokerage’s extension of its cryptocurrency offering from professional to retail clients in July. At launch, the trading platform only offered bitcoin core (BTC) and ethereum (ETH).
“Since the successful launch of our cryptocurrency offering in March, and subsequent extension to retail clients in July, our clients have expressed interest in extending their trading options beyond bitcoin and ethereum,” explained David Fineberg, group commercial director at CMC Markets. “We are pleased to offer them the chance to take a position on bitcoin cash, litecoin and ripple, three altcoins which continue to generate much speculation among traders.”
Research Before You Start Trading CFDs
Forex, spread betting and contracts for difference (CFDs) brokerages have been very eager to add cryptocurrency-based instruments in recent years, as the volatility lured their day-trader clients away to crypto exchanges. However, concerns about alerting regulators prevented some of the more established players from doing so as quickly as they could have. Only this week it was revealed that the U.K. government is now on crypto derivatives.
CMC Markets cautiously entered the cryptocurrency CFDs race only after rivals such as Admiral Markets, Gain Capital’s City Index, Plus500 Ltd., and IG Group Holdings Plc. had already established operations in the space.
“Spread bets and CFDs offer a way to trade on cryptocurrencies as clients can take a position on market movements without owning the asset. By trading with an established provider, funds can be deposited and withdrawn with ease, avoiding the risks of purchasing cryptocurrencies directly through an exchange,” said Fineberg. “However, like all other financial instruments we offer, we always recommend clients understand the risks and conduct thorough research before trading.”
Is trading CFDs a good way to get exposure to bitcoin cash? Share your thoughts in the comments section below.
Images courtesy of Shutterstock, CMC Markets.
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Key Highlights:
Consolidation is ongoing;
the price broke out of the accumulation territory;
there is a probability of the bulls taking over the BTC market.
BTC/USD Long-term Trend: Bearish
Distribution Territories: $6,286, $6,439, $6,609
Accumulation Territories: $6,137, $6,032, $5,948
BTC is in bearish trend on the long-term outlook. BTC was consolidating for more than one week. It started shortly after the fall from the distribution territory of $6,818 to the accumulation territory of $6,439. The pair was trading between the range bound of $6,439 and the former accumulation territory of $6,286.
The bears gained momentum on October 29; the pair was pushed to the south with the formation of a strong bearish candle that broke the former accumulation territory of $6,286. The bears are in control of the market. The first candle on the daily chart is bullish indicating that the coin may continue in its bearish movement as accumulation territory of $6,137 may be its target.
Should the bears increase their momentum and break down the accumulation territory of $6,137, the coin will head towards the lower accumulation territory of $6,032. In case the $6,137 level holds the price will bounce to the north and the bull will take over. Also, traders can place long trade setup at the level.
BTC/USD Medium-term Trend: Bearish
BTC/USD is bearish in its medium-term outlook. The coin broke out of the consolidation mode on October 29 with high pressure from the bears. This confirmed with the formation of strong bearish candles that broke former accumulation territory of $6286 downside and the coin started consolidating.
Presently, the price is below 21-day EMA and 50-day EMA and the Stochastic Oscillator is at the oversold level with its signal line parallel without direction which connotes consolidation is ongoing. There is a probability that the coin will continue its bearish movement.