Cryptocurrencies have been an exciting addition to our offering and a highly popular tradable asset. Please see our cryptocurrency contract specifications listed below.
|INSTRUMENT Name||MT4 Symbol||MT4 Leverage||Min/Max Trade Size||Standard Contract Size||Spread Points||Overnight Interest (daily) BUY/SELL||Trading Hours GMT||Trading Hours GMT|
|Bitcoin||BTUSD||5:1||0.01-5 LOT||1 Lot = 10||80.00||-0.14%||24/5||00:00-24:00|
|Litecoin||LTCUSD||5:1||0.10-30 LOT||1 Lot = 100||30.00||-0.14%||24/5||00:00-24:00|
|Ripple||XRPUSD||5:1||0.10-50 LOT||1 Lot = 10000||0.018||-0.14%||24/5||00:00-24:00|
|Etherium||ETHUSD||5:1||0.10-50 LOT||1 Lot = 10||10.00||-0.14%||24/5||00:00-24:00|
Cryptocurrencies are digital currencies which can be bought through a cryptocurrency exchange and stored in digital wallets on the internet.
Bitcoin is the first and most prominent cryptocurrency, however, altcoins such as Litecoin, Ethereum and Ripple have rapidly grown in popularity recently.
While you can easily buy some Bitcoin through an online exchange, it’s time consuming process which requires accounts with different exchanges and online wallet services as well as converting your local currency to Bitcoin and vice versa.
Trading cryptocurrency CFDs, however, is a much more user-friendly method of gaining access to the cryptocurrency markets since it only requires a trading account and a low initial deposit to get started.
In fact, traders in cryptocurrency CFDs also have the option of buying when crypto prices are going up as well as selling when the prices are dropping and make a profit in both market climates. Whereas simply owning Bitcoin only benefits owners when prices are rising.
Cryptocurrencies are traded on a peer-to-peer decentralized network and as such they aren’t affected by the same external forces as fiat currencies. For example, cryptocurrency is exempt from central banks and their monetary policy and interest rate decisions.
However, investor sentiment and market confidence in the mainstream adoption of cryptocurrencies plays a key role in the valuation of Bitcoin and other altcoins.
Altcoins such as Ethereum, Litecoin and Ripple themselves are largely correlated with Bitcoin which effectively means that they mirror Bitcoin price movements quite faithfully – when the value of Bitcoin goes up, so does the value of all the altcoins.
Therefore, even if you aren’t interested in trading Bitcoin and want to focus on the smaller cryptocurrencies, you should still keep abreast of any market developments that may affect the price of Bitcoin.
Instrument– The underlying asset of the CFD product to be traded.
Standard Contract size– The lot size traded on each platform (Note: CM Trading in MT4 represents the standard lot size).
Standard Spread– The difference between the BID & the ASK price quote for each instrument under normal market conditions per lot.
Margin Per Lot– The required margin to open a single lot of each instrument (Note: It is shown in notional terms).
Overnight Interest Sell/Buy– The overnight interest debited/credited in daily % terms for each instrument.
Trading Hours– The time that trading is available for the specified instrument.
Trading CFD’s on margin carries a high level of risk, and may not be suitable for all investors.
BTCUSD, ETHEREUM, LITECOIN, XRP(RIPPLE) – Trading is 24/5 for MetaTrader accounts.
All Cryptocurrency have USD underlying asset
Cryptocurrency spreads can be volatile and depend on current market conditions.
Margin Requirements on Crypto pairs may increase during periods of volatility.
Crypto Currency trading is not available on Islamic accounts.
BTC = $500K Max*
ETH = $421K Max*
XRP = $449K Max*
LTC = $630k Max*
* Maximum Position Limits may be reduced during periods of volatility.
* Maximum exposure and Margin Requirement will change according to the current instrument price
* Trading hours will be 24/5
CM Trading reserves the right to cancel any excess trades or exposures that exceed the outlined threshold limits, all cancelled trades will be closed at their opening rates.
CM Trading rese rves the right to modify its threshold limits, affected clients will be notified in advance and may be required to reduce their exposure.
CM Trading may modify these Trading Conditions at any time and without prior notice.
Did you know…?
While financial regulators have denounced Bitcoin and cryptocurrencies as a viable currency, several tech giants and financial institutions are trying to utilize the technology behind Bitcoin to improve their own offering and optimize their internal processes.
Companies such as Microsoft, JPMorgan Chase and Mastercard are just a few brands that have launched their in-house cryptocurrency projects and this has sparked renewed interest in the cryptocurrency sphere.