HYCM, of the Henyep Capital Markets Group, has announced its launch of a contract-for-difference (CFD) for Bitcoin Cash paired against the US dollar. The introduction of BCH/USD trading brings the total number of cryptocurrency pairings offered by the Hong Kong-based broker to five, with HYCM simultaneously introducing a pairing for XRP/USD.
HYCM Launches Bitcoin Cash CFD Citing Client Demand
Hong Kong-based provider of forex and CFD trading services, HYCM, recently announced that it has launched a CFD pairing Bitcoin Cash against the US dollar. The broker has described widespread customer demand as the driving factor behind the company’s decision to launch the new pairing. The new BCH/USD contract has been launched alongside a pairing for XRP/USD, with HYCM describing Ripple trading as having also been the subject of significant client demand.
The chief executive officer of HYCM, Stavros Lambouris, has welcomed the introduction of the new cryptocurrency pairings, stating “There is no doubt that cryptocurrencies play a key role in forex trading as well as in the industry as a whole. We are expanding our offerings to help our clients diversify in cryptocurrencies in the same way as they do in traditional instruments. By adding Ripple and Bitcoin Cash to our platform, HYCM is making it easier and more accessible for investors seeking opportunities to capitalize on the performance of even more of the most in-demand cryptocurrencies”.
HYCM Now Offers CFDs for Five Different Cryptocurrencies
The introduction of the Bitcoin Cash pairing comes approximately seven months after the company first launched a CFD for BTC/USD during June 2017. Roughly six weeks after introducing the BTC/USD pairing, the company then launched ETH/USD and LTC/USD contracts, seeking to capitalize on an increase in demand for trading products derived from leading altcoins.
The launch comes just days before GDAX is expected to relaunch BCH/EUR trading – with an initially limited reintroduction of the BCH/EUR pairing having been scheduled for the 24th of January at 02:00 AM Pacific Standard Time.
Do you think that more companies will move to launch bitcoin cash CFD pairings? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, HYCM
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Author: Samuel Haig