Ayondo to Offer Bitcoin Trading Through Tradehub and Wetrade
Ayondo have joined the growing list of mainstream contracts for difference (CFD) brokers who are offering bitcoin trading, with Ayondo announcing that bitcoin pairings will be available through its social trading platform Wetrade in addition to Tradehub. Also Read: HYCM Offer Bitcoin-USD Pairing Bitcoin Trading Will Also Be Made Available by Ayondo via Wetrade and […]
Ayondo have joined the growing list of mainstream contracts for difference (CFD) brokers who are offering bitcoin trading, with Ayondo announcing that bitcoin pairings will be available through its social trading platform Wetrade in addition to Tradehub.
Also Read: HYCM Offer Bitcoin-USD Pairing
Bitcoin Trading Will Also Be Made Available by Ayondo via Wetrade and Tradehub
Ayondo has become the latest notable CFD broker to announce that it will offer Bitcoin trading. Ayondo provides the financial services industry with social trading and brokerage services and technology for both business-to-consumer and business-to-business CFDs, and is part of Ayondo Holding AG which domiciled in Zug, Switzerland. The company was founded in 2008.
The company will be introducing BTC pairings via Ayondo Holding Ag’s trading platform, which facilitates the trade of a range of financial instruments including indices, commodities, and interest rates. Bitcoin trading will also be made available on Wetrade, Ayondo’s social trading platform, which provides a social media styled trading platform in which users can discuss stocks with one another, publish technical analysis, and follow other traders.
Ayondo’s decision to integrate bitcoin trading into its social trading platforms comprises an attempt to capture a larger market share than its competitors through building a community around its cryptocurrency pairings.
The Cryptocurrency Community Must Be Cautious in Welcoming a Greater Presence From CFD Brokers
With bitcoin’s hype reaching its historic peak in recent months, a flood of new investors have entered the markets, many of whom have no previous experience with the financial markets. Being able to garner the loyalty of new users could give the company a significant advantage over its competitors, as successful new traders will be likely to trade other financial products offered by Ayondo.
Although the recent proliferation of CFD brokers moving to offer bitcoin pairings will expose new audiences to bitcoin’s profit potential, the cryptocurrency community must be cautious in welcoming a greater presence from conventional CFD brokers.
Trading bitcoin via derivative markets such divorces the cryptocurrency from its underlying use-values. The benefits of fluid, frictionless circulation of capital, complete financial autonomy and the neutralization of counterparty risk are all negated by trading an abstract expression of bitcoin’s exchange-value as opposed to bitcoin itself. The mainstream financial markets will be more than happy to profit from traders who do not possess the patience for learning the technical basics required to safely store and manage one’s bitcoin autonomously.
Do you think that CFD brokers can rival the presence of major bitcoin exchanges for cryptocurrency trading market share? Share your thoughts below!
Images courtesy of Shutterstock and Ayondo
Need to calculate your bitcoin holdings? Check our tools section.