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FXOpen Adds BTC/CNH, LTC/CNH Pairs

New Zealand-based Forex broker FXOpen on Tuesday beefed up the lineup of its trading instruments with two rather intriguing currency pairs: BTC/CNH (Bitcoin vs Chinese Yuan) and LTC/CNH (Litecoin vs Chinese Yuan). The trading instruments join the list of trading instruments which are available for owners of Crypto accounts, the tools that the broker launched early in February and which have since enjoyed great interest from traders and especially fans of virtual currencies, of course. You may recall that Crypto accounts enable traders to test their skills with a variety of pairs involving Bitcoin and its alternatives from the world of digital currencies. 

 

You can see the updated list of trading instruments available for the Crypto accounts:

 

Click on photo to enlarge

 

You've perhaps spotted the new additions and you must have asked yourselves about the rationale for them being introduced. The broker says the new pairs are aimed at suiting the needs of clients from China. However, given that the trading is with offshore Yuan (CNH) and not with onshore Yuan (CNY) – we can safely say that even traders outside of China can benefit from these trading instruments. But there are other factors too, on top of the booming Forex market in China and the growing number of Chinese FX traders: that is the volatility of the Chinese currency. For that matter we should recall the words of Andrew Budzinski, managing director at IC Markets, when the Australian broker introduced trading with the USD/CNH pair early in March. Back then he stressed that there had been a drop in the price of the Chinese currency of nearly 13 big figures since the start of the year. 

 

And while we are talking of volatility, we cannot skip the fact that crypto currencies are traditionally volatile. So, investors in the new instruments have plenty of volatility to tap.

 

The latest additions underline the devotion of FXOpen to the world of virtual currencies in the face of the growing suspicions of global regulators over the status of these trading instruments. At the start of February, FXOpen started accepting payments in Bitcoin, Litecoin and Namecoin. To make things even more friendlier to fans of virtual currencies, the broker has even introduced an Islamic type of the Crypto accounts – that's right one can trade with digital currencies without any swaps.

 

 

About FXOpen

 

FXOpen is a global Forex broker, registered in New Zealand. Unlike so many brokerages founded on commercial incentives FXOpen grew from bottom up and started as an educational center. It launched brokerage services in 2005 and has ever since focused on traders' interests. FXOpen was also the first one to realize that what traders really needed were Micro accounts and that the Islamic audience required a special type of Shari’a compliant accounts. 

Working from the very beginning with the world’s most wide-spread and user-friendly trading platform MetaTrader (MT4) FXOpen had gained the deepest knowledge possible about the technology. In 2009, the first ever MT4 ECN trading platform, coupled with 0.1 minimum lot, super-fast execution and advanced Money Management technology (PAMM accounts), was introduced to the market, thus, completing the ECN technological revolution in the MT4 FOREX trading environment.

 

TAGS: fxopen  fxopen forex broker  new zealand  btc/cnh  ltc/cnh  cnh  chinese yuan  offshore yuan  bitcoin  litecoin  virtual currency  crypto accounts  forex accounts  trading instruments  currency pairs  crypto currency  forex trading 

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