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European FX & CFD broker XTB has announced the release of its massive new cryptocurrency range of markets, including nine new individual Cryptocurrency CFDs including EOS, Stellar and Ethereum Classic as well as 16 Cryptocurrency pairs – or “Crypto Crosses”, meaning you can now trade one Crypto against another and speculate which Crypto will outperform the next. This new and improved Crypto offering includes up to 5:1 leverage depending on your region and much cheaper swap rates, making XTB a huge force in the Crypto CFD space.
XTB now offers complete access to trade across nine individual coins (against the US Dollar):
|● Bitcoin (BTCUSD)
● Bitcoin Cash (BCHUSD)
● Dash (DSHUSD)
● EOS (EOSUSD)
|● Ethereum (ETHUSD)
● Ethereum Classic (ETCUSD)
● Litecoin (LTCUSD)
● Ripple (XRDUSD)
● Stellar (XLMUSD)
Or 16 Cryptocurrency crosses (against either BTC or ETH):
|● Cardano (ADABTC)
● BitcoinCash BTC (BCHBTC)
● Dash BTC (DSHBTC)
● EOS/BTC (EOSBTC)
● Ethereum BTC (ETHBTC)
● MIOTA BTC (IOTABTC)
● Litecoin BTC (LTCBTC)
● NEO/BTC (NEOBTC)
|● TRON BTC (TRXBTC)
● NEM BTC (XEMBTC)
● Stellar BTC (XLMBTC)
● Monero BTC (XMRBTC)
● Ripple BTC (XRPBTC)
● Zcash BTC (ZECBTC)
● EOS/ETH (EOSETH)
● TRON ETH (TRXETH)
While XTB was one of the first brokers in the CFD space to offer Cryptocurrencies initially – launching CFDs on Bitcoin, Ethereum, Ripple, Litecoin and Dash in July 2017 that saw them become the recipient of various Crypto-based awards last year – its revamped offer signifies a significant step in competing with Binance as the central hub of Cryptocurrency trading. Additionally, it provides traders with the unique proposition of being able to trade different digital coins directly against each other using Crypto crosses – one of the few brokers that offers this.
How do Crypto Pairs trading work?
As with all pairs trading if you think that the price of Bitcoin with rise against the price of Ethereum, you can open a trade just like any other fiat currency pair. You buy or go long on BTC/ETH in the hope that the market will move in the way you’ve predicted.
While Binance requires you to buy coins from elsewhere (Coinbase for example) before transferring the Crypto to your Binance wallet in order to exchange for other Cryptos, CFDs hold an advantage because you can open or close positions instantly without owning the underlying asset – there’s no waiting times when exchanging different Cryptos for each other. Additionally, CFDs (contracts for difference) are leveraged at 2:1, so you gain the equivalent level of exposure for half the initial deposit. Going short on a particular coin against the US Dollar or BTC/ETH is also possible.
Joshua Raymond, Director of XTB UK, said:
‘The release of our expanded Cryptocurrency CFD offering epitomises our commitment to cementing ourselves as an innovative broker at the forefront of our industry. No other broker offers the same level of depth, competitive pricing and range of Cryptocurrency pairs as we do. The last year has Cryptocurrency investors become much more experienced and knowledgeable of the short term price volatility that cryptos can attract. They are quickly realising that trading Cryptocurrencies over the short term can be just as fruitful and less risky, especially when you can go both long and short Crypto Pairs such as ETH/BTC or NEO/BTC. So if you have a view that one Crypto is better than another, you can now put that view into practice with our Crypto Crosses.’
XTB’s new offer, totalling 25 new markets to trade from, puts them on par with the likes of Binance and eToro as an essential broker to consider when trading or investing in digital currencies. Known for their transparency and speed of execution, retail investors can trade Cryptocurrencies on the company’s award-winning platform xStation 5 with a broker that is regulated by the Financial Conduct Authority, while funds are protected up to £50,000 by the Financial Services Compensation Scheme (FSCS).
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David Cheetham is the Chief Market Analyst at XTB UK who began his career trading Brent futures on a prop desk. David took the job after completing an MSc in Banking and Finance at Newcastle University. After initially trading Brent futures, he quickly expanded to cover WTI and some fixed income markets. After two years he branched out and started trading for himself, covering a wider range of assets including indices and FX whilst maintaining his core focus on Oil. David actively trades most asset classes. Whilst his approach is predominantly technical, he is well aware of fundamental drivers impacting markets and uses a combination of both when selecting his trades.