Thanks to their mass media presence, the support of influencers such as Elon Musk, Mark Cuban and others, and impressive price rallies, cryptocurrencies are gaining popularity – more variable than ever. Cryptocurrency
This means that more people own and operate crypto accounts. As a result, crypto exchanges and brokers have seen more trading volumes. Public awareness of cryptocurrencies is currently at an all-time high. With this newfound popularity, the cryptocurrency sector is full of competitors offering products and services to consumers to meet fans’ needs.
Change of the transaction structure
In the past, the demand for crypto-related products and services was generally high. While this still exists, the demand for the crypto derivatives market is even greater. However, the path to providing derivative services has not been smooth. The current regulatory environment is not favorable for cryptocurrencies, especially since some legislators are still disdainful and skeptical of the market.
Even Binance, one of the largest crypto exchanges in the world, was forced to suspend derivatives trading in several countries due to regulatory issues. As a result, derivatives traders are now worried about their trades and funds, especially as the withdrawal limits have been reduced on a daily basis. So is there a broker that potential new traders and traders of crypto derivatives can turn to?
Derivatives traders don’t have to look for answers to their problems. Eightcap, an Australian broker, recently announced the launch of over 250 crypto derivatives. This has positioned it as the largest crypto derivatives trading service in the industry.
Eightcap is regulated by the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CYSEC), and the Bahamas Securities Commission (SCB). Customers at other brokers and exchanges who are currently affected by current problems will now have a new home for their trading in crypto derivatives.
Other crypto derivatives brokers have benefited from government regulations. For example, dYdX experienced a boom after China decided to classify all crypto transactions as “illegal”.
On September 26, 2021, dYdX exceeded Coinbase’s daily trading volume by more than 15%, reaching a record $ 4.3 billion. Antonio Juliano, founder of dYdX and former Coinbase employee, bragged about the achievement on Twitter.
I left 5 years ago @coinbase and finally founded dYdX
– Antonio | dYdX (@AntonioMJuliano) September 26, 2021
“I left Coinbase five years ago and founded dYdX.
Today, for the first time, dYdX has more trading volume than Coinbase. “
The crypto industry is known to be resilient and it seems that neither derivative brokers nor investors themselves are under pressure, but instead innovate towards the future and have more success.
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According to Cryptoslate