There is always a question as to how many institutional traders are interested in Bitcoin. Especially when it comes to futures contracts and CFDs, there is very little data to go by right now. Plus500, one of the first major trading service providers to embrace Bitcoin, has seen a pretty good end of 2017. More specifically, the Q4 revenue is a record for the company. This is partially thanks to an increase in cryptocurrency CFDs. An interesting development that will hopefully spill over into the next few quarters.
Most people in the world have heard of Plus500 by now. The company specializes in letting users trade traditional instruments through a convenient platform. Not too long ago, the company integrated support for cryptocurrencies. More specifically, the addition of cryptocurrency CFDs has been incredibly positive throughout Q4 2017. There’s also an option to speculate on cryptocurrencies directly. That feature has been integrated many years ago.It is obvious Plus500 has big expectations for cryptocurrencies moving forward.
A Solid Q4 2017 for Plus500
As one would expect, all of the numbers look pretty strong for the previous quarter. With nearly 250,000 new traders, Plus500 is more popular than ever before. It is possible this is partially thanks to the increase in Bitcoin price. After all, everyone wants exposure to cryptocurrency but with fewer risks and a high degree of convenience. Plus500 is a solid choice in this regard. The company stock has also soared in value and yearly profits were higher than expected. All things considered, there is nothing to complain about whatsoever.
Plus500 CEO Asaf Elimelech comments as follows:
“We are pleased to announce another strong period in both revenues and profits. Momentum in the business has continued to be strong with increased interest in our cryptocurrency CFD offering and record new and active customer numbers, demonstrating our ability to serve our customers’ trading needs through product innovation and technology leadership.”
How all of this will play out, remains to be seen. Cryptocurrency CFDs have been a great addition to financial markets. It is not necessarily the best tool, yet it generates a lot of public interest. Any platform offering exposure to cryptocurrency seems to be more popular compared to previous years. Whether or not this trend will continue, remains to be determined. It is good to see people pay attention to such innovative investment vehicles, though.
Header image courtesy of Shutterstock