Kraken Expands Trading Pairs to 155 with New Conversions - Finance Magnates

Posted: 30 Apr 2020 03:21 PM PDT

Kraken, a cryptocurrency exchange operating from the United States, is adding 11 new trading pairs through expanded options for converting ether (ETH), USDT and Pound Sterling (GBP).

Prior to today's move, Kraken users had to convert their crypto holdings into fiat currencies in order to buy another crypto coin. The exchange is finally adding direct cryptocurrency-to-cryptocurrency conversions.

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For example, converting Bitcoin Cash (BCH) to ETH on Kraken previously required two distinct trades. But with the new BCH/ETH trading pair, clients can save more fees as this conversion can be done directly, allowing clients to simply sell BCH directly for ETH — but there's some inevitable spread

The move comes as the San Francisco-based platform is turning to traditional forex trading to allow their cryptocurrency traders to expand their horizons and begin trading into a $6 trillion market. With the news, Kraken's total number of trading pairs grows to 155, further diversifying their portfolios and trading options.

Non-leveraged FX offering

Not to be confused with its fiat-crypto offering, the new service allows Kraken users to directly trade between CAD, CHF, EUR, GBP, JPY, and USD. The venue already allows users to trade between cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin against various fiat currencies, namely the US dollar, the Canadian dollar, Euro, British pound and Japanese yen.

Most recently, the Swiss franc joined the roster of fiat currencies that Kraken currently supports. But unlike its trading service for crypo, the exchange is not providing margin trading on its forex offering at launch.

Kraken has recently joined the Silvergate Exchange Network (SEN), developed by crypto-friendly lender Silvergate Bank, to enable its customers to deposit and withdraw US dollars from their bank accounts with no fees.

Further trading pairs will be added to the exchange in the future, and Kraken's stablecoin fee schedule will apply for current instruments, the company said.

While the number of trading platforms is growing, Kraken has recently made infrastructure upgrades to create an ecosystem that integrates both fiat and crypto trading in one platform. Now to stand out from the crowd, Kraken allows traders to set up advanced orders such as stop loss and take profit options through its web-based trading portal.

Forex trading during lockdown: If it sounds too good to be true, it probably is, regulator warns - Fin24

Posted: 15 Apr 2020 12:00 AM PDT

The Financial Sector Conduct Authority (FSCA) has warned the public against conducting "any financial-related business" with forex trading platforms that promise an income stream during the Covid-19 lockdown.

The FSCA said in a statement on Wednesday that it was alerted to some forex trading platforms telling the public that risks associated with forex trading were quite low and that people with limited trading experience could earn a steady income in volatile financial markets.

These platforms also offer Contracts for Difference (CFDs), a highly leveraged financial product that could result in significant losses, the FSCA warns.

"Even though these trading platforms offer demo accounts, these accounts have been set up to simulate normal trading conditions that would lead to favourable outcomes, and do not simulate the high volatility the financial markets are currently experiencing," the regulator said.

The regulator further said that, although some of these financial service providers (FSPs) are licensed under the Financial Advisory and Intermediary Services Act, they also need to be licensed as OTC Derivative Providers in order to trade CFDs.

Consumers who wish to conduct financial services with an institution or person are advised to check beforehand with the FSCA on 0800 110 443 or on www.fsca.co.za whether such an institution or person is authorised to render financial services.

* Compiled by Carin Smith

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