XTB has nearly tripled the number of available cryptocurrency-based instruments and introduced new, attractive spread rates.
The Poland-based multi asset broker has added Binance Coin, Cardano, Chainlink, Dogecoin, EOS, Polkadot, Stellar, Tezos and Uniswap to the offering.
The addition complements the previously available cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple.
As to spreads, XTB has lowered its spreads, which depending on the instrument, can be as low as 0.22% of the market price.
XTB has more than 2,100 instruments currently available, from forex to indices, commodities, stock and ETF CFDs, not to mention cryptocurrency based CFDs.
XTB has expanded the cryptocurrency offering to address the never ending requests from clients as the new asset class continues to raise attention from both retail and institutional market participants, from fund managers to individual investors.
In the first half of 2021, 20% of XTB’s clients made at least one transaction with the use of CFDs based on these instruments, and for nearly 10% of new clients, the transaction with the use of crypto CFDs was the first one they made after opening an account.
Customers who mainly care about the utilization of volatility, and not having a physical cryptocurrency, have repeatedly asked for new instruments.
“That’s why we have almost tripled the number of cryptocurrency CFDs we offer and introduced attractive spreads. It is worth remembering, however, that this market is much more susceptible to large fluctuations and the influence of investors’ sentiment towards risk, which our clients often try to use by opposing the market and taking a short position for a given cryptocurrency”, said Joshua Raymond, director of the XTB International.
XTB gave special attention to three cryptos from the nine added to the offering: Dogecoin (DOGE), Polkadot (DOT), and Stellar (XLM).
Dogecoin (DOGE) is a cryptocurrency that was created in 2013 as a joke in opposition to Bitcoin. XTB warned that Dogecoin is a so-called inflationary cryptocurrency, i.e. its supply is not limited.
Polkadot (DOT) is a project that started in 2015 and was initiated by former directors associated with the Ethereum project. “The innovation of this cryptocurrency is the ability to support multiple blockchains. It is the 9th largest cryptocurrency in terms of capitalization”, the broker continued.
“Stellar (XLM) was created in 2013 thanks to the co-creator of another innovative project related to finance, i.e. Ripple. Stellar is generally a large financial network that is designed to enable fast cross-border payments in large amounts of currencies”.
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