International forex and contracts-for-difference provider FXCM Group recently expanded its offerings in the cryptocurrency sector. It announced this Friday that it had added the third and fourth largest digital currencies to its platform. These two coins are Bitcoin Cash (BCH) and Ripple (XRP).
Moving on to more digital currencies
The New-York headquartered company will now be offering CFDs in both digital currencies against the US Dollar. The new options will be- BCH/USD and XRP/USD. The company took this move to accommodate the rising demands from its retail customers who want to add more cryptocurrencies to their portfolios.
At press time, BCH is the fourth largest cryptocurrency in the market. It is a fork or offshoot of the original Bitcoin cryptocurrency and was designed to process transactions faster with larger block size. It is selling for $368.77 and has a market capitalization of about $6.5 billion.
XRP is the cryptocurrency of San Francisco based startup Ripple. It is the native crypto coin of the Ripple blockchain network which helps in processing payments across various payments corridors. It is the third largest digital currency in the world selling for $0.384678 with a market cap of over $16.2 billion.
FXCM brings users more digital coins
Brendan Callan, the CEO of FXCM Group, commented on the latest move, saying that the company has already launched three cryptocurrencies in the previous 12 years. Now, they are working on fulfilling client demands for new digital currencies. He said that the addition of BCH and XRP is the latest stage of growth for the company and is a direct response to the increasing client demand.
Cryptocurrency CFDs offered by FXM allow users to take both short and long positions in the crypto pair they choose. The company also offered micronized CFD contracts for both BCH and XRP where traders are allowed to trade infractions. This helps in lowering the minimum margin required to enter the position. This will help more people enter the cryptocurrency space.
The forex broker first entered the cryptocurrency sector in October 2018 by launching a Bitcoin CFD. At the time, cryptocurrencies were going through a bearish phase, called the “crypto winter.” However, Bitcoin remained the most popular cryptocurrency throughout the period. Later, it added an Ethereum CFD to the platform followed by a Litecoin CFD in February this year.
With the addition of BCH and XRP, the platform now provided five crypto-based CFDs.