Retail forex broker Alpari is pushing further into the rapidly expanding cryptocurrency business through the launch of additional CFDs contracts on four new altcoins, including Ethereum, Litecoin, Ripple and Bitcoin Cash. The introduction of new instruments adds to Alpari’s existing cryptocurrency contracts-for-difference (CFDs) offering and follows strong demand from clients since the initial launch in 2017.
Russia’s largest native forex broker will offer the expanded Crypto CFD suite to its global customers in Belarus, Belize, Mauritius, and Russia. The clients are now able to trade the cryptocurrency pairs as an over-the-counter (OTC) derivative, with access to limited leverage (1:2) and the ability to take both long and short positions.
Alpari joins a growing list of retail forex and CFD brokers that have expanded their cryptocurrency trading products in recent months.
The organic growth of Alpari’s crypto offering is particularly interesting as its home country, Russia, is developing a regulatory framework for the fledgling industry, which is growing on a daily basis.
Russian politicians repeatedly confirmed that it is necessary to draft laws and expand regulatory jurisdiction in this dynamically developing field. On the contrary, industry participants are concerned about the unwarranted interference of law enforcement authorities in business activities involving the use of blockchain technology.
The latest draft law defines cryptocurrencies as “another property of a special kind.” However, it does not yet describe the rules of taxation or mining activities, which can be considered “an entrepreneurial activity.”
Following its initial launch in April 2017, Alpari has enhanced its already installed Bitcoin offering. In addition to the buck, the company’s client base was able to trade the No.1 digital currency against the Euro (BTC/EUR).
After that, Alpari moved one step ahead of the competition by launching its new cryptocurrency-based portfolio, Crypto Capital, which was created purely upon digital coins with no other instruments.