FXOpen has launched accounts available in Bitcoin, Litecoin and even gold – all for the very first time.
The Forex broker, which launched in 2005 and pioneered an innovative MT4 ECN, allows retail traders to access ECN market via the MetaTrader platform, in 2009, has been looking to expand its cryptocurrency services for some time, reports forexmagnates.
Shaping the image of BTC
Last year, FXOpen also delivered the ability for clients to trade in Bitcoin using MetaTrader, a scheme run in partnership with European Bitcoin exchange BTC-e.
The new accounts will run identically to those denominated in traditional fiat currencies, with the base currency used to calculate balance.
As per our article yesterday regarding the relative unwieldiness of BTC balance, it is pertinent that FXOpen’s Bitcoin-based account will be denominated in millibitcoins (MBT), which will show 1 BTC as 1000 MBT.
Likewise, gold balances will display in GLD, one thousandth of a troy ounce equal to approximately 0.03 grams.
The flexibility such redenomination provides for making exact deposits, as well as overall ease of use, is an interesting development in terms of presenting Bitcoin as a practical tool to a new, possibly hitherto disinterested clientele.
Furthermore, FXOpen’s integrated approach, which couples access to a BTC-denominated MT4 account with direct BTC and LTC deposits, allows customers “to deposit, trade and withdraw profit with no conversion costs and minimal commission (only 0.001 BTC for withdrawals),” it says.
The move appears to be part of a general push into digital, as FXOpen also recently launched a competition “for experts in cryptocurrency”. Provided a customer’s account has at least 20 trades, they may enter with an article entitled “Cryptocurrency trading” to win one of 8 cash prizes ranging from $50 to $400. Included in these is a “People’s Choice” prize of $100, given to the article generating the most attention on social media outlets.
“Considering the ever-growing interest of the Forex community in cryptocurrency trading that is observed in the market today,” said its blog in support of the move, “the organizers of the Forex Article contest wish to create a special environment for exchanging knowledge and experience in transacting in Bitcoins, Litecoins and other virtual currencies.”