Home Monero LiteForex switches cryptocurrency trades to ‘close only’ mode

LiteForex switches cryptocurrency trades to ‘close only’ mode

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 The lineup of foreign exchange brokers which can be planning to limit buying and selling on cryptocurrencies as a result of overexposure to its current volatility are seemingly rising greater. Among the many newest entries into this group of brokers is retail foreign exchange platform LiteForex‎.

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In a notice to its shoppers, the agency mentioned that it’s going to quickly droop its cryptocurrency CFD providing till additional discover in an effort to guard them from opposed market volatility.

LiteForex will switch trades on cryptocurrency pairs to shut solely mode, efficient right now, due to “the liquidity supplier’s technical points.”

This principally implies that merchants won’t be allowed to open new trades with cryptocurrency. Nevertheless, it’s not clear if the agency plans to liquidate shoppers’ open place at a sure date.

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“Our technical consultants are activating a extra secure liquidity supply, and cryptocurrencies shall be traded as common shortly,” LiteForex additional explains.

The transfer to limit cryptocurrency buying and selling got here on the heels of Bitcoin’s selloff Wednesday, the place a flash crash erased billions of {dollars} in market cap. The biggest cryptocurrency by market worth briefly dropped about 18 p.c a day earlier.

‎Based in 2005, LiteForex is domiciled in Cyprus the place its Liteforex (Europe) Ltd model is regulated by CySEC. It additionally maintains an offshore department in Marshall Islands which is topic to a extra versatile, looser regulatory regime.

Along with Bitcoin and main digital currencies, LiteForex has not too long ago expanded ‎its crypto providing amidst burgeoning ‎shopper demand and to put it on par with different brokers within the trade.‎

Recent from starting to help Bitcoin buying and selling again in 2017, LiteForex has ‎ strengthened its product suite to incorporate greater than 20 crypto-pairs.‎ The brokerage additionally enabled the deposit and withdrawal into accounts utilizing crypto cash. Among the many accepted cryptocurrencies ‎are Bitcoin, Bitcoin Gold, Bitcoin Money, Litecoin, ‎Monero, and Ethereum.‎

Aside from measures which have been taken by numerous suppliers to handle their ‎publicity to threat, nearly all of merchants would possibly make a number of ‎changes to cut back their publicity to cryptocurrencies. The present market turmoil may swiftly have a knock-on impact on open trades, set off stop-outs, and liquidate accounts as markets flip.

As such, brokers have already ‎‎ironed out their plans to guard themselves and their clients from any ‎sharp ‎market shifts which have the potential to wipe out account balances in an ‎prompt. ‎

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