SBI Holdings, the financial giant of Japan, is now going to allow Contract for Difference (CFD) trading for crypto assets. As per the press release shared on August 28, 2020, the internet banking giant is initially offering support for three digital currencies including the world’s largest digital currency by market cap Bitcoin (BTC), the second-largest cryptocurrency Ethereum (ETH), and the third-ranked digital asset XRP.
SBI FX Trade to support CFD Trading for three crypto assets
According to the press release, SBI FX Trade which is the forex trading subsidiary of SBI Holdings will support CFD trading for these three digital currencies. SBI FX Trade has already started accepting new account registrations for the CFD trading service from today onward and will soon make this service available to users as soon as August 31, 2020.
The Japanese financial giant is the first company in Japan that has announced to support the Contract for Difference (CFD) trading for cryptographic assets. While explaining the service in detail, the company said in the press release that there are six trading pairs in total available for the CFD trading of BTC, XRP, and ETH and they can be traded against Japanese Yen and the United States Dollar (USD). The company said
“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, realizing service specifications that satisfy beginners to advanced users. I did. In addition, this service is the first in Japan to handle CFD transactions of crypto assets at FX specialized companies.”
Apart from this, for the accommodation of users, a smartphone application has also been introduced for the cryptocurrency CFDs trading.
Japanese financial behemoth SBI Holdings is also known as one of the partners of the blockchain payments company Ripple.