UK’s CMC Markets has announced the launch of contracts for difference (CFDs) and spread betting on bitcoin and ethereum paired against the US dollar, following significant interest from its clients.
CFDs and spread bets are financial products that give an investor exposure to price movements in securities and speculate on financial markets without actually owning the underlying assets such as a currency, commodity or stock.
“With the cryptocurrency market growing rapidly over the past 12 months, we have received significant interest from our clients for bitcoin and ethereum CFDs. As a result, we have developed a new offering for this unique digital asset class. We recognise that cryptocurrencies can be regarded as a volatile market, so we are initially only offering trading, on an exclusive basis, to our experienced professional client base,” Grant Foley, chief operating and financial officer at CMC Markets, commented in a press release.
“We have built our bitcoin and ethereum cryptocurrency offering with our clients in mind. Like all other financial instruments we offer, we always recommend that clients understand the risks and conduct thorough research before trading,” Foley said.
CMC’s move to cryptocurrency trading follows that of its rival Plus500 Ltd.
Last month, Plus500 said the spike in interest in cryptocurrencies brought more customers to its trading platforms and the company 2018 revenue forecast “significantly ahead” of market expectations.
UK-based CMC Markets is a financial derivatives dealer. The company offers online trading in contracts for difference (CFDs), spread betting, and foreign exchange (forex). CMC has 15 global offices and over 60,000 clients worldwide.