IronFX Adds ADA Coin to Base Currencies

Australian dollars in Sydney, Friday, Jan. 15, 2016. (AAP Image/Joel Carrett) NO ARCHIVING

IronFx has added an ADA Coin option to base currencies offered through the MetaTrader 4 forex platform. ADA Coin is the native token (virtual coin) for the Cardano Blockchain, created by Hong Kong blockchain accelerator EmurgoHKGroup. The enhancement will allow account holders to withdraw balances, make deposits and set margins on traditional assets that include stocks and forex. The broker has also added the ADA/USD currency pair as a CFD contract, offering even greater opportunities to tap into the arcane world of cryptocurrencies.

The ADA Coin has just listed on Hong Kong’s OKEx Exchange and is being examined by the U.S.’s Coinbase for addition to its exchange. IronFx and EmurgoHKGroup are also building the IronX Exchange, which should be operational within current regulatory guidelines. This will allow account holders to switch funds back and forth between the exchange and MetaTrader 4 platform.

Markets.Com ‘Staying Put’ Despite ESMA Regulations

In a recent interview, Markets.Com CEO Joe Rundle advised that the Cyprus-based broker has taken the steps required to comply with European Securities and Markets Authority (ESMA) regulations going into effect on Aug. 1. The new rules will offer negative balance protection while lowering margins on major currency pairs to 30:1 from levels that now run as high as 200:1. Rundle believes that “ESMA changes are a good thing for the industry, and our goal is always better outcomes for our customers: anything that’s good for clients is good for us.”

He noted that the broker has many account holders outside the European Union, lowering the financial impact, and he sees the rules as an opportunity to build market share because many small brokers are expected to close. He further states the company has a “decent number” of professional traders not subject to the new restrictions while anticipating that the upcoming Markets X platform will retain and build business. The new software will have advanced features designed for retail clients and professionals while offering “much better pricing with lower spreads.”

[Check out Investopedia’s  forex broker reviews to find a reliable broker for your currency trades.]

Plus500 Ready for New Rules

Plus500 says that approximately 12% of its client base will be classified as professional traders after ESMA rules go into effect on Aug. 1. That small group is generating three-quarters of the broker’s revenue, lowering the expected impact in the coming months. The broker believes that “the Group’s Elective Professional Clients (EPCs) offering puts it in a strong position to maintain revenue from those customers following the implementation of the new ESMA rules.” 

CMC Markets Expands Crypto Offerings

CMC Markets retail clients can now trade bitcoin and ethereum cryptocurrencies through CFDs and spread bets paired with the U.S. dollar. This follows the March rollout of crypto trading for the company’s professional clients. Group Commercial Director David Fineberg noted that, since the rollout, “we have received increasing interest and demand from our retail client base to trade this unique digital asset class.”

CMC Markets recently released CMC Pro, a professional-level product that the brokerage hopes will encourage qualified retail traders to make the switch to pro following Aug. 1 ESMA rules. The program features a laundry list of benefits that include cash rebates and rewards, a personal account manager, and priority access to new products. The broker will also sponsor pro events that feature guest speakers, trader networking and advanced technical analysis.

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