IC Markets expands crypto CFDs suite to include five altcoins

abdelaziz Fathi

Sydney-based IC Markets, an online provider of FX services and ECN trading capabilities, has once again strengthened its offering, this time adding five new cryptocurrencies to its growing suite.

Moving forward, clients will be able to trade AVXUSD, LUNUSD, MTCUSD, GLMUSD and KSMUSD. Together with already installed instruments, IC Markets’ expanded offering places it on par with other brokers in the industry amidst burgeoning client demand.

Investors have been flocking to altcoins as DeFi applications quickly permeated the cryptocurrency space. IC Markets’ expansion of its cryptocurrency suite comes just a few months after launching Binance Coin (BNBUSD), Cardano (ADAUSD), Dogecoin (DOGEUSD), Tezos (XTZUSD) and Uniswap (UNIUSD), a further nod to client demand for such instruments.

The new cryptocurrencies offered by IC Markets are all highly liquid and well supported across multiple exchanges. Traders also benefit from tight exchange pricing and no commissions, the company says.

Of note, IC Markets’ newly expanded cryptocurrency suite will also be offered to clients as contracts-for-difference (CFDs). Crypto CFDs have proven to be a preferred instrument for investors given the dynamic price behavior of many altcoins.

The ASIC-regulated broker broadens its product line as clients’ desire to garner exposure to stock markets has been increasing. The inclusion of single crypto CFDs not only helps expand trading capabilities for its clientele, but also attract more traders that are looking to diversify their trading options. The case for adding more assets has been growing in recent years with both retail and institutional clients keen to actively trade digital assets.

IC Markets has recently signed partnerships with 12 football teams that make up Spain’s La Liga and Germany’s Bundesliga professional leagues for the remainder of the 2021-22 season.

The agreement marked a first foray into sports sponsorship for IC Markets, which is headquartered in Australia but also has offices in Seychelles, Cyprus and other regions.

On the regulatory front, the Sydney-based broker launched operations in Cyprus in 2019 after it secured a CySEC to begin a more Europe-oriented business and, obviously, attract more customers.

The Australian arm, however, has been swinging back and forth after the ASIC asked brokers to part with a lot of confidential information about their foreign clients so that their business could be fully scrutinized.

 

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