A cryptocurrency is a form of digital currency created from code that functions outside of traditional banking and government systems. You can read more about cryptocurrencies here.
Bitcoin is a form of cryptocurrency and the first decentralized digital currency to use blockchain technology to function outside of traditional banking and governmnet systems. To learn more about bitcoin read here.
Ethereum is an open software platform which allows users to build a range of decentralised applications. 'Ether' is the digital currency used on the Ethereum network. Like Bitcoin, Ethereum works via a public blockchain network; while Bitcoin is used to track ownership of currency, the Ethereum blockchain focuses on running the programming code of any decentralized application. For more information on Ethereum read here.
You can trade CFDs on a range of cryptocurrencies, including Bitcoin/USD, Ethereum/USD, Litecoin/USD and Dash/USD. View the full list of cryptocurrencies available to trade here.
On the iPhone app, tap 'More' at the bottom-right hand corner then tap Cryptocurrencies. On the web-based platform, click on 'Cryptocurrencies', available in the product library.
If you're new to CMC Markets, you can apply for a live account – just complete our application form. Please note that you can trade Cryptocurrencies with CMC Markets through a CFD account. When your application has been approved and you've verified your email address and funded your account, you will be able to place your first Cryptocurrency trade. If you're already a CMC Markets client, just click on 'Cryptocurrencies' in the top navigation toolbar.
You don't need to deposit any funds to open an account with us, but you will need to make a deposit in order to place your first cryptocurrency trade.
We use the internationally accepted security system SSL (Secure Sockets Layer) for all account functionalities, including fund deposits and withdrawals. This system is automatic and you will receive an instant notification if your browser does not support it.
To close or reduce a position, select the red ‘Close Out’ X to bring up an order ticket. To close ‘All’ select ‘X’ on the aggregate row, or to close an individual trade select ‘X’ on the individual position row. To partially close a position, you will need to reduce the ‘Size’ of the trade. The wording at the bottom of the ticket will change to indicate that you are reducing your position rather than closing it.
Yes, cryptocurrencies are avaialble on our demo account. Login or set up a demo account here.
Your account will be in your home currency. All positions are opened in US dollars and coverted to AUD at the prevailing level 1 mid price for the exchange rate +/- 0.3%
When you trade CFDs, you don't buy or sell the underlying asset, instead you trade on the rising or falling price of the cryptocurrency. You don't need a wallet to trade CFDs on our cryptocurrency products.
The trading hours for cryptocurrencies are Monday 10am to Saturday 8am.
Forks occur when the software of different miners disagree over the best way forward for the currency. It’s up to miners to decide which blockchain to continue using. If there isn’t a unanimous decision, this can result in the creation of two versions of the blockchain. There can be periods of increased price volatility around such events. You can read more on blockchain forks here.
The price of our cryptocurrency instruments are based on the underlying market. They are made available to us by the exchanges and market-makers with which we trade. In the event of a hard fork, we will generally follow the blockchain that has the majority consensus of cryptocurrency users. We reserve the right to determine which cryptocurrency unit has the majority consensus.
Bitcoin cash is a form of cryptocurrency arising as a result a hard-fork of bitcoin. Although both cryptocurrencies use blockchain technology, the main difference for bitcoin cash is the size of the blocks within the blockchain; bitcoin cash increased the size limit to 8MB (vs. 2MB in bitcoin) allowing for transactions to be processed at a much faster speed. Learn more about bitcoin cash here.
Litecoin is a form of digital currency and was an early bitcoin spinoff utilising blockchain technology. Litecoin has a quicker mining process generating blocks up to four times faster than bitcoin. Litecoin also has a higher coin limit market cap (84 million vs. 21 million bitcoin). In this way, litecoin was designed for cheaper, smaller transactions, making it more efficient for daily use.
