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CMC Markets Plc launches Crypto Trading, UK

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UK has witnessed the inception of digital currency based derivative instruments after great interest form customers. CMC Market Plc, the online trading platform, said that on Thursday they launched two new offerings in the crypto category. Namely, contract for differences, or, CFDs, and spreadbettings. The company claim to have launched it after a significant amount of interest shown by its users.

Contract for difference are like binary options. These are financially engineered products that allow the holder or investor to be exposed to the price movements of an asset or security without actually owning the underlying asset. This asset can be a company stock, a bond, foreign currency or some commodity.

This new feature on the trading platform would be made available to only its profeesional client base, asserted CMC Market Plc. This move comes in a rather hazy backdrop. First, it comes as a second move to the same offerings made by competitor Plus500 Ltd. Second, it comes at a time where this is a sector wide clampdown on the trading and dealing in CFDs.

Last month, Plus500 actually optimistically predicted a 2018 revenue forecast that was significantly ahead of market expectation. They believed that the current frenzy and hype surrounding the virtual currencies markets would draw more and more people towards trading platform like theirs. Obviously, this prediction is to be taken with a pinch of salt.

Bitcoin, which is the most known cryptocurrency of all skyrocketed by more than 1000 percent last year. However, as of now, it has lost almost half of its value this year, amidst incidences like Coincheck Heist and increasing calls for regulations of the industry in general.

Also, internet moguls like Alphabet Inc. and Facebook are imposing clampdowns on cryptos. They banned all advertising of ICOs and cryptos on their platforms amid concerns and threats of scams and spams.

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