CMC Markets sees growing interest for Crypto trading
Leading spread betting and contracts for difference (CFD) provider, CMC Markets has seen an increase in client demand for cryptocurrencies.
Interest in the asset class has been accelerating since mid-May with clients looking to gain exposure using derivatives.
The move coincides with Facebook’s Libra project and G20 scrutiny of the asset class just being two factors which have served to drive interest. In late June 2019, CMC Markets also launched three bespoke cryptocurrency index baskets, complementing the 12 individual coins which can also be traded by clients.
David Fineberg, Deputy Chief Executive Officer, commented: “Cryptocurrencies are catching the attention of traders who may have traditionally been focused on equity indices or fiat currencies. Our proprietary Next Generation trading platform ensures that we can easily cater to client demand with innovative products like our new range of cryptocurrency indices and we will continue to ensure we are offering access to instruments which are most appealing for today’s trading community.”
The new indices are bespoke to CMC Markets and allow clients to gain exposure to a bundle of different coins while doing this as a single transaction means order minimums and trading costs are also kept low. Their creation and management in-house give the company full control over composition and absolute transparency in terms of pricing. Each index is made up of a different range of ‘major’ and ‘emerging’ coins.