Just when cryptocurrencies are becoming increasingly popular among Australians following the recent surges in price, an international broker, FBS is expanding in the country with cryptocurrency trading support targeted at Aussie FX traders. The development today would further strengthen the support and accessibility of digital currencies in the forex market, not just fiat currency and stock trading.
Crypto Adoption Among FX Traders
The development today is coming after the broker received a regulatory permit from the Australian Securities and Investments Commission (ASIC). As an ASIC-certified trading platform, the company will provide its cryptocurrency instruments alongside forex and stock trading to Australians in compliance with the ASIC regulations, according to the report on Tuesday.
Interestingly, FBS will equally debut Sharia-compliant cryptocurrency trading services for Islamic traders in the country, as their platform supports a “swap-free option for traders who cannot receive or pay the interest due to their faith.”
It’s worth mentioning that FBS would only add to the list of cryptocurrency brokers available in Australia; not the first. Already, eToro offers Contracts for Difference (CFD) on 16 digital currencies, including Bitcoin, Ether, Bitcoin Cash, Ripple, and others. Other crypto brokers in the country include Plus500, IG, and Pepperstone, all of which offer CFDs for not less than five cryptocurrencies.
The increase in the number of crypto brokers in Australia would strengthen the FX-crypto market, thereby creating another entry or capital inflow source for the Aussie crypto market.
Interest in Cryptocurrency Keeps Soaring in Australia
It’s no doubt that Australians are increasingly picking interest in digital currencies, probably due to the increases in market value and news of institutional adoption. Recently, Crypto News Australia reported a 132 percent increase in the volume of unique searches for cryptocurrencies on TradingView, between July 2020 and January 2021. A separate report also confirmed the growing interest in cryptocurrencies among teenagers in Australia.
Already, crypto exchanges like Binance Australia, are seeing increases in user activity.
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