The Japanese firm SBI Holdings is prepared to start providing support to CFD Trading for cryptocurrencies. As per a new press release published by the company, the forex subsidiary of the firm, SBI FX Trade, is set to support CFD Trading for Bitcoin (BTC), Ethereum (ETH) and XRP.
According to the press release, SBI FX Trade will accept registrations for the service starting with Monday, August 31st. There are going to be six trading pairs considering clients, and users will be able to choose whether to trade their digital currencies against the U.S. Dollar or the Japanese yen.
This advancement shows giant financial companies around the world are starting to get more involved in the cryptocurrency market. Japan is a country where companies have been at the leading point of innovation in the crypto sector, and SBI Holdings has now established itself as the dominating entity by offering users regulated crypto trading services.
CFD Trading Supported by SBI Holdings
CFDs operate in a different manner than simple spot exchanges. Users that want to become known in the crypto market would not need to hold the underlying asset. Clients simply get an arrangement with a broker that will be explaining the size of the position the trader is looking for and the fees they will need to pay to handle these funds.
Therefore, clients can diversify their portfolios without actually owning the asset, and they can simply have virtual currencies, precious metals, and other assets. In addition, users would also have the possibility to trade with leverage, which means that the tool has been created for professional and advanced traders.
After the Initial Coin Offering (ICO) bubble that exploded at the end of the year of 2017 and the beginning of 2018, Japan authorities have decided to come with a better regulatory framework when it comes to digital currencies, in order to protect investors and help companies function in a clear legal sector.