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XRP is now available for Spread betting and CFDs on CMC Markets UK

Laira Rebecca

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XRP is now available for Spread betting and CFDs on CMC Markets UK
Source: Pixabay

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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Laira is a full-time writer at AMBCrypto. She is a Computer Science graduate and she has about 1-year experience in writing. Her enthusiasm and keen interest in developing her knowledge about blockchain and cryptocurrency led her to be a part of AMBCrypto. She currently does not hold any value in cryptocurrency or its projects.

XRP

Ripple: SCB Thailand asks crypto-enthusiasts to wait for announcement regarding XRP adoption

Namrata Shukla

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SCB Thailand asks crypto enthusiasts to wait for announcement regarding XRP adoption
Source: Pixabay

The nascent field of cryptocurrencies has been seeking major mainstream adoption, especially from financial institutions. Ripple, the native company of the third largest cryptocurrency, managed to promote its services and would provide payment services to the oldest Thai bank, Siam Commercial Bank [SCB].

The bank however, has not confirmed whether it would be making use of XRP. The Bank had informed its approach towards blockchain technology in various industries and the XRP community rejoiced after rumours of XRP adoption surfaced. However, when a Twitter user asked about the bank using XRP, SCB replied,

“We will be using Blockchain Technology for ripple but as for XRP, you may have to wait for further announcement.”

However, another Twitter user, @_bjb, jumped the gun when he saw the following on SCB,



The user then shared that when he went to use the service, he was informed that the service will be available soon. SCB Thailand apologized for the inconvenience through a tweet and informed all users,

“The information about ripple transfer will be announced soon, we are sorry for the inconvenience.”

The bank also stated that at the moment, it was using Ria Ripple transfer for banks in Japan and that users and crypto-enthusiasts will have to wait for an official announcement.





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