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European forex broker Admiral Markets announced on Wednesday it launched trading in the newest cryptocurrency on the market, Bitcoin Cash. The new cryptocurrency has officially broken off from the main Bitcoin network on August 1, forging ahead with its own blockchain, and immediately becoming the third largest cryptocurrency by market cap.
In the announcement on its website Admiral Markets further disclosed all the details on trading in Bitcoin Cash (BCHUSD):Leverage: 1:5
Typical spread, USD: 23
Contract size, BCH: 10
Minimum contract size and step, lots: 0.1
Maximum contract size, lots: 3
Commission, USD: 0
Swap (long), interest rate: -10%
Swap (short), interest rate: not applicable
3-day swaps: Friday
Minimum margin, BCH: 2
Minimum hedged margin, BCH: 1
Trading schedule: 24 hourly, 7 days a week.
In the announcement, the broker also stated that the maximum leverage levels for trading in Bitcoin, which have been cut off, are brought back to normal (1:5). Although the “Bitcoin fork” was expected to push the price of Bitcoin lower, this did not happen, as the event didn’t resemble a traditional split.
In addition to Bitcoin Cash, Admiral Markets offers CFD trading in Bitcoin (BTCUSD) Ether (ETHUSD), Litecoin (LTCUSD) and Ripple (XRPUSD), which were added in July this year.
Admital Markets is a collective brand of Admiral Markets UK, which is based and regulated in the UK, and its Australian-based and regulated sister company Admiral Markets Pty. Both brokers are units of Estonia-based Admiral Markets AS, part of the holding company Admiral Markets Group, which also includes a Cyprus-regulated company.