ThinkMarkets expands crypto CFD suite to include popular DeFi tokens
ThinkMarkets has expanded its range of cryptocurrency instruments and will now add trading support for additional coins, which join its already installed CFDs on digital assets.
The Melbourne-based broker’s updated list of crypto CFDs now includes 5 of the most popular DeFi tokens: Binance Coin (BNB), Terra (LUNA), Avalanche (AVAX), Cosmos (ATOM) and Algorand (ALGO). The addition of the new crypto assets will allow traders to properly diversify their crypto holdings, the company said.
CFDs are often a more convenient way to trade cryptocurrencies, as they allow traders to speculate on price movements without having to own or store the virtual currencies.
ThinkMarkets recently expanded access to trading CFDs based on cryptocurrencies for its clients. Specifically, the broker has extended trading hours so that its cryptocurrency CFD products can be traded 24/7, including weekends.
Prior to this, ThinkMarkets cryptocurrency CFD traders saw their contracts expire weekly on Fridays, and these rolled over to the following week. This was instituted to avoid potential discrepancies that could be incurred by clients to reflect price changes while ThinkMarkets trading was closed outside of trading hours.
The changes applied by ThinkMarkets have helped address some of the underlying issues that have made it difficult for CFD traders to gain access to 24-hour cryptocurrency trading. Namely, extended trading hours eliminate the inconvenience of carrying positions from one week to the next without quotes on weekends.
ThinkMarkets launches in Japan
Retail traders have increasingly demanded access to cryptocurrency exposure, prompting brokers to expand their respective offerings. As traders now seek to capitalize on the crypto boom, ThinkMarkets has answered the call of its clientele with CFD trading on popular coins.
Continuous cryptocurrency trading is available through the company’s proprietary trading platform, ThinkTrader.
By trading cryptocurrencies in the form of CFDs, traders have the opportunity to invest in their price without having to buy them. Additionally, they can take advantage of a wide range of traditional trading tools such as leverage and stop orders.
We last reported on ThinkMarkets in March after the company launched its trading services in Japan as its global expansion plans continue to gather pace. The move came barely a year after ThinkMarkets acquired Japanese exchange firm, Japan Affiliate. This announcement coincided with the opening of the Tokyo office of ThinkMarkets.