The lineup of forex brokers that are planning to restrict trading on cryptocurrencies due to the over exposure to its one-sided uptrend are growing bigger. Among the latest entries into this group of brokers is Polish FX brokerage XTB.
In a note to its clients, the listed firm said that it will temporarily withdraw its Cryptocurrency CFD offering until further notice in an effort to protect clients from adverse market volatility.
XTB will transfer trades on Cryptocurrency CFDs to the close only mode, effective today, at 3pm GMT. On January 5, 2018, the open positions on these instruments will be closed at the company’s market close price whilst pending orders will be deleted. This basically means that traders will not be allowed to open new trades with the any cryptocurrency.
Another broker that notified its clients that crypto pairs have been placed under trading limitations is IC Markets. The regulated brokerage today hiked margin requirements for crypto CFDs from 5% to 20%. The changes will be applied to both new and existing positions, and the broker has issued a message to its clients to check the impact of these changes on their respective trading accounts.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.