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Why Crypto Industry Needs to Expand, Rather than Contract Under Pressure

UTC by Devan Harmon · 3 min read
Why  Crypto Industry Needs to Expand, Rather than Contract Under Pressure
Photo: Eightcap

Users might feel less apprehension about the stringent KYC requirements if exchanges and brokers were constantly expanding their offerings.

For as long as it has existed, the cryptocurrency industry has had a notoriously complicated relationship with regulatory bodies. Cryptocurrency, by its very nature, is designed to circumvent centralized control and naturally, this makes it somewhat at odds with regulatory bodies. For years, there were accusations of cryptocurrency being a scam or a medium for criminal activities, and the industry saw global regulatory pushback.

Many exchanges and brokers currently require government-issued identification to open accounts and for large transactions, even more stringent requirements exist. This has not gone without its downsides and as a result large crypto exchanges like Binance have shut down their derivatives trading operations in several countries including Germany, Italy, and Hong Kong.

There is more concern these days among crypto derivative traders that can’t access their funds  and are now facing limitations in how they can continue to trade crypto derivatives. It seems that now crypto derivative traders could be looking for a new home to house their crypto derivative trades, one that they can trust. One company that is leading the way  and offers a solution to crypto derivative traders is Eightcap, which recently made the news with an exciting announcement.

What Makes Eightcap Stand Out from the Rest

Eightcap, an award-winning CFD broker, announced on August 6, 2021, the launch of over 250 new crypto derivatives, positioning themselves as the largest crypto derivative offering. Additionally, the broker has quelled investor fears about withdrawal limits by announcing that trading accounts be funded with as little as $100 through different payment methods such as PayPal, Skrill and Credit/Debit cards.

However, what crypto derivative traders will find the most attractive is Eightcap’s swift withdrawal process. With current problems in the industry, crypto derivative traders are undoubtedly looking for a broker that meets their needs. Eightcap is the apparent choice for those traders.

“The regulatory issues crypto exchanges such as Binance are facing means traders are left with unnecessary worries about their funds and if they can withdraw them. With us, Crypto derivative traders can have a seamless experience from the moment they open an account to when they want to withdraw their funds,” said Joel Murphy, the CEO, Eightcap.

“The Eightcap offering focuses solely on creating regulated leveraged derivative trading opportunities for Cryptocurrency traders that offer more security than traditional offshore exchange platforms. We are thrilled to provide a solution that meets the needs of crypto derivative traders,” said Marcus Fetherston, the Director of Operations at Eightcap.

The Future of Derivatives

We are at a crucial point within the crypto industry that has been in the making for over a decade. Cryptocurrency as an industry has been seeking mainstream acceptance and the last year, in particular, has shown that this is indeed possible. With companies like PayPal, WeWork, and Time Magazine embracing cryptocurrency in many ways, global use is within reach.

Users might feel less apprehension about the stringent KYC requirements if exchanges and brokers were constantly expanding their offerings. A number of companies are clearly getting the memo, such as Eightcap that has stepped in as the new home of crypto derivatives.

Guest Posts
Julia Sakovich
Author: Devan Harmon

Devan is a crypto trader and Bitcoin enthusiast. He does his best to keep up to date with all the latest trends and innovations in the blockchain industry and likes sharing his expertise.

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