SimpleFX has added nine new cryptocurrencies to its online platform. The emerging crypto coins are available for leveraged trading and add to an already established suite of financial products. With 2021 seeing the price of Bitcoin reaching new all time highs and the overall crypto market reaching $1 trillion, the news of more cryptos will please SimpleFX traders.
The new currencies added by the St Vincent and the Grenadines based broker are:
- Binance Coin
Performance of cryptocurrencies has soared in the last six months. In early January 2021, Bitcoin jumped to more than $40,000 (nearly £30k) while Ethereum’s valuation rose more than 75% between 1st and 9th January. The volatility of the crypto market has meant that savvy retail traders have made profits beyond those usually seen on traditional instruments such as forex and stocks. SimpleFX’s broadened offering shows a strategic move to meet client demand for more exotic altcoins.
The new altcoins have not been immune to the recent price jumps. Cardano more than doubled its valuation in the first few days of 2021 and Binance Coin, regarded as one of the most promising cryptos for long term investors, continued on the steady growth trajectory seen since its last peak in 2019.
Who Are SimpleFX?
SimpleFX offers leverage up to 1:500 which can be used to maximise profits. Accounts are commission-free and traders have a choice of platforms, including MetaTrader 4. Demo accounts are also available. Deposit methods include multiple cryptos, so investors will need to open an e-wallet with another firm and purchase through an exchange such as Coinbase. Overall, SimpleFX is an excellent choice for online crypto traders.