On 6th November, CMC Markets, one of the global providers for CFDs and spreading announced the support for XRP.
Tweet by CMC Markets UK:
“Ripple is now available to trade with CMC Markets. It is both a platform used for the peer-to-peer transfer of currencies (RippleNet) and a digital currency (ripple XRP).”
Contracts for Difference [CFD] is a type of derivative trading which helps the users in trading on margin based on the drop or hike in prices. Whereas, Spread betting the trader will make a profit or loss based on whether or not the market moves in the chosen direction.
Trading XRP with CMC Markets helps the trader use their spread bet or CFD accounts. Unlike traditional exchanges, CMC Markets allows the users to have the opportunity to speculate the price movements without owning the actual cryptocurrency.
The official post by CMC Markets states:
“You aren’t taking ownership of ripple. Instead, you’re opening a position which will increase or decrease in value depending on ripple’s price movement against the dollar.”
In order to use these products, traders need to deposit a percentage of the full value of a trade in order to open a position. This initial deposit will help the traders in getting an exposure to larger amounts, says the post. This leveraged trading is based on the ‘full value of the position’, which means that the returns and losses will be equally magnified.
A Twitterati named Cold_Dose says:
“This is fantastic. Love this coin. So much potential.”
XRP proponent Dr. T says:
“I think it’s not real XRP. Just a contract for the difference in price of XRP.”
Another XRP enthusiast named rippleitinNZ says:
“From what I understand of CFD’s, if correct, what you are doing is wagering on whether an asset class will appreciate or depreciate (short or long), often enticed with leverage, all without holding a single unit of the underlying asset. There would be no benefit to xrp uptake.”
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