Forex Broker Introduces Crypto Accounts - Essay Example

Following a thorough analysis of the latest market developments, FXOpen introduced a new Crypto account. FXOpen is a reputable Forex brokerage company operating since 2003. The company has expanded its footprint in the global markets as a retail broker and an innovator of Forex-related services and technologies.

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Triggered by the shift to crypto currency trading, this new product further demonstrates FXOpen’s desire to meet its clients’ requirements and reaffirms the company’s position as a technological innovator in the forex market.

FXOpen announced new payment options – users can now deposit funds into their account in Bitcoin, Litecoin, Peercoin and Namecoin.

« We’ve already introduced 11 trading tools with crypto currencies. At the moment the multi-currency denominations include USD, EUR, GBP, RUB, and JPY,” commented Denis Peganov, FXOpen Director.

Bitcoin terms:

– Deposit fee: 0 BTC

– Withdrawal fee: 0.001 BTC

– Minimum deposit amount: 0.001 BTC

– Minimum withdrawal amount: 0.01 BTC

Litecoin is an electronic currency similar to Bitcoin.

Litecoin terms:

– Deposit fee: 0 LTC

– Withdrawal fee: 0.01 LTC

– Minimum deposit amount: 0.10 LTC

– Minimum withdrawal amount: 0.10 LTC

Namecoin is an electronic currency similar to Bitcoin.

Namecoin terms:

– Deposit fee: 0 NMC

– Withdrawal fee: 0.1 NMC

– Minimum deposit amount: 0.20 NMC

– Minimum withdrawal amount: 0.20 NMC

Any cryptocurrency transactions are available to clients only after they have logged into My FXOpen, and after their accounts have been approved. FXOpen retains the right to request any additional documents in accordance with the company’s AML procedure.

Clients opening a Crypto account will be able to trade pairs with the following crypto currencies: Bitcoin, Litecoin, Namecoin and Peercoin.

Leverage: 1:1 – 1:3

MG Call/Stop Out: 30/15 %

Deposit Currency: USD, EUR, GBP, RUB, JPY

Financial instruments: 11 crypto pairs

Minimum deposit: $US10

Minimum transaction size: 0.01 lot

Since early February, FXOpen customers have also enjoyed no-commission deposits in Bitcoin, Litecoin, and Namecoin.

Among other advantages of trading in Crypto accounts are the minimum transaction size of 0.01 lot and a minimum deposit of USD 10.

Meanwhile, the company has already launched payments in ‘virtual currencies.’ In order to deposit funds, clients do not need to pay any commission. The withdrawals of cryptos however, require a small fee: 0.001 for BTC, 0.01 for LTC, and 0.1 for NMC, and there are certain limitations on the transaction amount.

“We hope these new payment options will enable our clients to explore Bitcoin and other digital currencies better as well as to join the fast-growing Bitcoin exchange ecosystem,” concluded Denis Peganov.