Leading Contract for Difference (CFD) and spread betting provider, IG Group, is actively marketing bitcoin, bitcoin cash and ether CFD trading to the mainstream. While customers speculate without owning actual cryptocurrencies, IG purchases and sells them to hedge its clients’ positions.
Also read: New FCA Rules Could Reduce UK Bitcoin Spread Betting AppealIG’s Crypto Products
IG Group has been stepping up its game in promoting cryptocurrency products. Currently, products based on three cryptocurrencies are offered; bitcoin, bitcoin cash, and ether.
“We’re the no.1 provider of CFDs and spread betting worldwide,” the company’s website states. IG is regulated by the UK’s Financial Conduct Authority (FCA). It operates in 17 countries and its subsidiaries are regulated by the relevant authorities in the countries where they operate such as Australia, Japan, South Africa, UAE and Singapore. The platform provides 185,000 active traders and retail investors access to more than 15,000 financial markets. In the U.S., it operates under the brand Nadex. The platform facilitates almost 8 million transactions a month.
Users can speculate on the price of bitcoin and bitcoin cash against the USD, EUR, and GBP. However, only USD is offered for ether.Clients Want Choices
Spread bets come in two varieties; Daily Funded Bets (DFBs) and forward bets, IG detailed. The former run for as long as the user wants to keep them open, whereas the latter expire after a set period of time. Therefore...