RoboMarkets to stop offering trading services for crypto CFDs

Photo: Leaprate

European Financial services provider RoboMarkets, has announced that it will no longer provide trading services for crypto CFDs. The company has made this decision to protect its clients from the high risk associated with the crypto market.

The investment company announced that on Mar 24 server time all positions in BTCUSD, BTCEUR, XRPUSD, DSHUSD, LTCUSD, LTCBTC, ETHUSD, ETHBTC, ETHEUR, EOSUSD will be closed by current quotations.

Denis Golomedov, CMO at RoboMarkets commented:

"We have claimed repeatedly that our priority is the protection of clients’ interests. That is why we have decided to close crypto for our clients. This will help us make the clients’ assets safe from high risks entailed by operations with crypto instruments."

The decision is influenced by UK FCA’s official ban on selling derivatives and exchange-traded notes based on certain types of crypto assets to individual clients that took effect on Jan 6 2021.

Denis Golomedov added:

"We see that large regulators, such as the FCA, have already made steps to limit access of retail investors to cryptocurrencies and expect other European regulators to do the same in the nearest future. The crypto market is rather toxic and connected to high risks, quite often neglected by retail investors. The growth of the crypto market and the hype around this segment can lead to a serious disturbance among retail investors and brokers in 2021."

Financial broker IG Group announced earlier this week its decision to remove cryptocurrencies from its offering to UK-based retail clients.

Reprinted from Leaprate, the copyright all reserved by the original author.