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Tickmill withdraws Bitcoin trading from its offer
Tickmill, British Forex broker, has decided to withdraw the most popular cryptocurrency from the list of instruments offered for trading - Bitcoin. From today, there is no possibility of opening new transactions on this instrument. Until December 31, customers can only close their currently active positions.
Bitcoin - comes and goes
This decision was surely due to a strong drop in the BTC exchange rate and relatively low volatility in recent months. It is not to be concealed that it was the spectacular price increases of Bitcoin that attracted the interest of investors counting on a quick profit. Meanwhile, along with the decline in the exchange rate, trade on this instrument has become less profitable due to the relatively high ratio of transaction costs to volatility.
A nail to the coffin that has effectively deterred retail traders there were ESMA regulations, forcing the reduction of leverage also on CFDs based on cryptocurrencies - in this case up to 1: 2.
Tickmill message regarding BTC:
Given the basic market conditions and to protect the company and its clients, we have used the close only mode for BTCUSD. Clients are required to close all positions prior to market close on Monday, December 31, 2018.
Will other brokers follow in Tickmill's footsteps?
