By Hassan Mehmood (Saudi Arabia)
Foreign exchange trading platform SBI FX Trade, the subsidiary firm of SBI Holdings, launches CFD trading for cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP).
SBI FX Trade
SBI Holdings is a Japan-based financial giant that is operating trading platform SBI FX Trade. It is not the first company to offer CDF trading as Monex Securities has already started CFD trading for BTC, ETH, XRP, and BCH. However, SBI FX Trade is the first specialized forex exchange in Japan offering this service.
The submission of applications for the opening of accounts is starting from August 28. “We are the first specialized company to start handling the CFD trading service for crypto assets. Therefore, we are pleased to inform you that we have started accepting new account openings for this service from today,” the announcement reads.
Facilities
There are some good features about it which are not provided by any other trading platform in Japan. First, one can take leverage up to twice as mentioned in the announcement. The minimum amount for orders placement is fixed at 15 yen (almost $0.14), while the maximum position is set at 500 Bitcoin (almost $5.73 million) in BTC/JPY pair only. CFD trading service of SBI FX Trade will remain active for 365 days and 24 hours a day. According to the announcement:
Also read:“We handle three types of crypto assets: Bitcoin (BTC), XRP (XRP), and Ethereum (ETH). For each cryptocurrency, there are stocks against the yen and the first financial products trader to handle the stock against the US dollar, so you can trade a total of 6 stocks. Also, while the minimum order quantity can be traded from about 15 yen, the maximum open position can be up to 500 BTC in the case of BTC/JPY.”
Japan is top in the list of countries that are making transparent regulatory policies about the usage of digital assets in the country. Cryptocurrency derivatives products are going to popular in Japan but the financial watchdog of the UK is thinking about banning these crypto derivatives for retail traders.
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