LCG expands to crypto

12 September 2018

London Capital Group (LCG) has expanded its offering to enable its clients around the world to trade contracts for difference (CFDs) products in cryptocurrencies.

The new service will open up trading options to popular cryptocurrencies such as Bitcoin and Ethereum, both of which have seen their value rocket in recent years.

Customers will be able to trade cryptocurrencies as pairs against fiat currencies, including the US dollar, euro, Swiss franc, Great Britain pound and Japanese yen.

LCG has linked up with Global Advisors Holdings Limited to develop the extended service.

“Cryptocurrencies have grown in prominence and popularity amongst traders in recent years,” LCG said.

“Underpinned by innovative blockchain technology, cryptocurrencies are not issued or controlled by central banks or government agencies.

“Their decentralised nature forms part of the appeal for traders, as cryptocurrencies, theoretically, cannot be manipulated or interfered with by outside forces.

“Highly susceptible to news and announcements, cryptocurrencies are prone to market volatility, providing ample trading opportunities.”

Opening up to crypto will carve out a new opportunity for LCG.

On average, crypto customers are worth double the value of those who are yet to embrace the payment method, Winning Poker Network CEO Phil Nagy said in June.

Last December, LCG started trading on the London Stock Exchange’s NEX Exchange Growth Market.