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Offshore Forex broker LiteForex adds Bitcoin to their trading instruments, joining the long list of exchanges who made the move sooner.
A Digital Breakthrough
SMNWEEKLY reported that Liteforex has launched trading for Bitcoin on their site. Liteforex’s launch tweet refers to the addition as a “Digital breakthrough!”, citing trading pairs of BTC/EUR and BTC/USD will be available to all of their clients.
Digital breakthrough! LiteForex launches Bitcoin cryptocurrencies for trading https://t.co/RCBZ9gvzW8
— LiteForex Official (@liteforex) July 7, 2017
“Bitcoin is the leader of the Forex market among currency pairs in terms of cost growth expressed in major global currencies. With the threefold growth registered over the past 3 years, it exceeds 2.5 times the cost of gold. ” states the LiteForex blog announcement.
Bitcoin’s Volatility a Potential Boon for Traders
The site does not pull any punches either in emphasizing Bitcoin’s volatility as can be seen in the chart below:
While this stands as a warning, it also demonstrates that traders could potentially use these swings in price to their benefit. The site also provides a handy blog post for traders new to Bitcoin, which serves to educate those new to the cryptocurrency, as well as dispelling some of the rumors that have spread around the coin, chief among them the rumor about Bitcoin being a pyramid scheme.
According to the post:
Any pyramid has a top (a person or a group of people) that owns the whole of money in the end. The BTC system has neither a top nor an interested party.
The guide really shows that Liteforex has put some thought and research into their launch and have not just followed the herd.
Only Bitcoin Trading
The site currently only offers a Bitcoin trading instrument, with other sites offering a wider range, so it remains to be seen if they will eventually add others. There are also plenty of other exchanges that offer Bitcoin trading options now, but at least the addition marks another step in the growing trend and wider recognition for the coin.
Would you like the site to offer more cryptocurrency trading options? Do you use the site? Let us know in the comments below.
Images courtesy of Liteforex, Shutterstock