CMC Markets, one of the largest publicly listed spread betting and CFD brokers has launched Bitcoin and Ethereum trading exclusively for professional clients.
It’s probably a sensible move for CMC Markets because clients that have upgraded to professional status waive some of the protection retail clients are afforded by the FCA. On the basis that professional clients know what they are doing they are entitled to trade more volatile instruments with greater leverage.
On the basis that any cryptocurrency could go to zero at any point it means that CMC Markets, won’t have to offer things like guaranteed stops and no negative balance protection. Which is fair enough really, as cryptocurrencies are very difficult for brokers to hedge, especially, for lots of small traders. Professional traders are deemed to understand the risks.
It’s a sensible move, from a sensible broker.
Anyway, if you’re interested in trading Cryptocurrencies with CMC Markets here’s what they say are their selling points…
- No auto expiry – unlike some providers we don’t automatically close you out each week, so you can hold positions without having to pay spread costs to reopen the trade
- Trade on margin – take a position on bitcoin or ethereum without tying up all of your capital*
- Buy or sell – take advantage of cryptocurrency price movement by going long or short. Learn more about cryptocurrency risks
- Support – contact our award-winning Customer Services team^ from Sunday evenings through to Friday evenings
- Trade anywhere – our enhanced mobile app makes trading on the move better than ever
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.