HYCM adds 50 cryptocurrency CFDs, reduces spread of cryptocurrency products

HYCM, a well-established global forex broker, has added over 50 cryptocurrency CFD pairs on its MT5 platform.

While expanding its crypto portfolio to satisfy an increasing demand in the trading of various crypto-to-fiat options, it has also drastically reduced its spreads for all cryptocurrency products.

The broker now offers pairs with Bitcoin, Bitcoin SV, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Ripple, as well as EOS, Stellar, TRON, Dash, IOTA, Monero, Zcash and NEO, against fiat currencies, USD, EUR, GBP and JPY, thus providing traders with a rich choice for trading.

The new crypto products are available for trading on HYCM’s fixed, classic, and raw accounts on its MT5 platform with 1:20 leverage and significantly low spreads.

Giles Coghlan, HYCM’s Chief Currency Analyst, who commented on the market situation in the crypto space said, “Cryptocurrencies popularity looks set to grow as investors look to hedge deflationary risk by keeping some of their portfolios in the crypto space.”

He added that, “In the midst of our global COVID-19 crisis, central banks around the world are both cutting interest rates and increasing bond-buying programmes.

“Furthermore, governments around the world have pledged more than $8 trillion in stimulus measures in order to cushion the financial impact of the coronavirus. This all means that nations are now running the risk of inflation levels devaluing investors’ cash in the bank.”

This is all pushing renewed interest in areas like the cryptocurrency space.

Recently high profile investor Paul Tudor Jones advocated the crypto space in the current environment saying “Bitcoin reminds me of gold when I first got into the business in 1976”.

For those who don’t know, gold had a very strong bull run in the 1970s.

“Cryptocurrencies popularity looks set to grow as investors look to hedge deflationary risk by keeping some of their portfolios in the crypto space. This is why we are delighted to announce the expansion of our cryptocurrency products today.” Giles added.

By trading cryptocurrencies* with HYCM, traders benefit from the safety of a regulated broker, the possibility to withdraw funds at any time without the need of an exchange, and MT5 charting tools with many available indicat