San Francisco-based Kraken has become the first major cryptocurrency exchange to launch traditional forex trading.

From 14:30 UTC today (12 March), Kraken users from most countries, excluding the United States, will be able to trade directly between euros, US dollars, Canadian dollars, Japanese yen, pound sterling and Swiss francs.

The trading pairs available on the Kraken platform are EUR/CAD, USD/CAD, USD/JPY, EUR/CHF, USD/CHF, EUR/USD, EUR/GBP, EUR/JPY, GBP/USD.

Kraken says although it isn’t offering margin trading on forex at the moment, it is setting “industry-low order minimums”, with transactions as low as 10 units of base currency allowed.

According to Kraken, offering forex services will allow its clients to employ “more agile and sophisticated” trading strategies.

AYO.NEWS says:

This is a bold move by Kraken, but reflects the fact that in 2020 many traditional traders are also involved in with cryptocurrencies. Allowing traders to do more of their business in one place will clearly appeal in terms of convenience, and we’re sure that if this service proves popular, other major crypto exchange will follow suit.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.

All original content featured on this site is © Pentagon Digital Limited, 2020.