GAIN Capital is pushing further into the rapidly expanding cryptocurrency business through the launch of additional CFDs contracts on four new altcoins, including Ethereum, Litecoin, Ripple and Bitcoin Cash. The introduction of new instruments adds to Gain’s existing cryptocurrency contracts-for-difference (CFDs) offering and follows strong demand from clients since the initial launch in December 2017.
GAIN Capital’s FOREX.com and City Index brands will offer the expanded Crypto CFD suite to its customers in the U.K., Europe, Australia and Singapore. The clients are now able to trade the cryptocurrency pairs either as an over-the-counter (OTC) derivative or as a future, with access to a limited leverage and the ability to take both long and short positions.
GAIN Capital has established liquidity relationships with multiple digital currencies exchanges and uses these venues to produce tradable rates based on volume-weighted average prices.
GAIN has also enhanced its already installed Bitcoin offering. In addition to the buck, the company’s client base will be able to trade the No.1 digital currency against the Euro (BTC/EUR), British pound (BTC/GBP) and Australian dollar (BTC/AUD).
Commenting on this, Glenn Stevens, CEO of GAIN Capital said: “The expansion of our cryptocurrency offering provides new opportunities for our clients to trade a variety of digital currencies through an established, regulated firm, without the need for a digital wallet. Aligned with our strategy to invest in organic growth and enhance our product offering, the addition of Ethereum, Litecoin, Ripple, Bitcoin Cash and additional Bitcoin pairs enhances our crypto offering to include the most popular digital currencies and further differentiates our service, where traders can access over 12,000 markets, including FX, indices, commodities, equities and rates.”