ThinkMarkets expands crypto CFD suite to include popular DeFi tokens
ThinkMarkets has expanded its range of cryptocurrency instruments and will now add trading support for additional coins, which join its already installed CFDs on digital assets.
The updated list of crypto CFDs at the Melbourne-based broker now includes 5 of the most popular DeFi tokens: Binance Coin (BNB), Terra (LUNA), Avalanche (AVAX), Cosmos (ATOM), and Algorand (ALGO). The addition of the new crypto assets will enable traders to properly diversify their crypto holdings, the company said.
CFDs are often a more convenient way of trading cryptocurrencies, as it allows traders to speculate on price movements without having to own or store the virtual currencies.
ThinkMarkets has recently widened access to trading CFDs based on cryptocurrencies for its clients. Specifically, the broker extended trading hours for its CFD cryptocurrency products to be traded 24/7, including on the weekends.
Before that, cryptocurrency CFDs traders at ThinkMarkets were having their contracts expire each week on Friday, and these were rolled over to the next week. This was instituted to prevent potential gaps that could be incurred by clients to reflect price changes while ThinkMarkets trading was closed outside of trading hours.
The changes applied by ThinkMarkets helped resolve some of the underlying issues that have made it challenging for CFD traders to have access to cryptocurrency trading around the clock. Namely, the extended trading hours eliminate the inconvenience of carrying positions from one week to the next without weekend quotes.
ThinkMarkets launches in Japan
Retail traders have increasingly demanded access to cryptocurrency exposure, which in turn has prompted brokers to expand their respective offerings. With traders now looking to tap into the crypto boom, ThinkMarkets has answered the call for its client base with CFD trading on popular coins.
Non-stop cryptocurrency trading is available via the company’s proprietary trading platform, ThinkTrader.
By trading cryptocurrencies in the form of CFDs, traders have the opportunity to invest in their price without having to actually buy them. Furthermore, they can take advantage of a wide array of traditional trading tools such as leverage and stop orders.
We last reported on ThinkMarkets in March after the company launched its trading services in Japan as its global expansion plans continue to accelerate. The move came barely one year after ThinkMarkets acquired the Japanese FX firm, Japan Affiliate. This announcement coincided with the opening of ThinkMarkets’ Tokyo office.