The Japanese company SBI Holdings is ready to start offering support to CFD trading for cryptocurrencies. According to a recent press release shared by the company, the forex subsidiary of the company, SBI FX Trade, is going to be supporting CFD Trading for Bitcoin (BTC), Ethereum (ETH) and XRP.
CFD Trading Supported by SBI Holdings
Cryptocurrencies are expanding all over the world and financial companies are following their expansion on a regular basis. Some firms want to offer solutions for users to have exposure and access to the crypto market in a fast, secure and easy way.
According to the press release, SBI FX Trade will start accepting registrations for the new service as soon as on Monday, August 31st. There are going to be six different trading pairs considering clients and users will have the possibility to choose whether to trade their virtual currencies against the U.S. Dollar (USD) or the Japanese yen (JPY).
This shows large financial companies around the world are getting more involved in the cryptocurrency market. Japan is a country where firms have been at the forefront of innovation in the crypto space and SBI Holdings is taking the lead in offering users regulated crypto trading services.
CFDs work in a different way than simple spot exchanges. Users that want to gain exposure to the crypto market would not need to hold the underlying asset. Clients will simply get an arrangement with a broker that will be defining the size of the position the trader is looking for and the fees they will have to pay to handle these funds.
In this way, clients can diversify their portfolios without owning the underlying asset and they can simply have virtual currencies, precious metals and other assets. Furthermore, users would also be able to trade with leverage, which means that the tool has been thought for professional and advanced traders.
Japan has been a leader in the cryptocurrency market by attracting a large number of firms. The country has been one of the first in the world creating a clear regulatory environment for companies to settle their operations. After the Initial Coin Offering (ICO) bubble that exploded between the end of 2017 and the beginning of 2018, local authorities decided to create a better regulatory framework related to virtual currencies to protect investors and help companies operate in a clear legal landscape.