In the prop trading industry, Forex (FX) has undeniably been the dominant market, as it’s where retail investors most frequently want to trade. While cryptocurrencies occasionally appear in offerings, they’re typically part of separate firms. Hydra Funding aims to change this, claiming to be the first to offer accounts that allow trading in both FX and digital assets.
Earlier this week, Hydra Funding announced the introduction of a new type of trading account. From now on, clients of this prop trading company will be able to trade both traditional currency pairs and over 30 cryptocurrency pairs.
For the two most popular tokens, Bitcoin (BTC) and Ethereum (ETH), Hydra offers maximum leverage of up to 5:1, while for other altcoins, it’s 2:1. Cryptocurrency accounts are available from $5,000 to $200,000, with a payout share of 90%.
What other cryptocurrencies are included in Hydra Funding’s offering besides BTC and ETH? According to the prop firm’s website, these include BNB, LINK, SOL, MKR, and LTC, among others.
We’re thrilled to share that @hydrafunding is the FIRST-EVER PROP FIRM to offer dedicated accounts for both forex and crypto traders!
Our new crypto funded accounts offer over 30 crypto pairs to trade, with 5x leverage on $BTC and $ETH, and 2x leverage on other altcoins.
To… pic.twitter.com/3OtZilo0R9
— Hydra Funding (@hydrafunding) September 30, 2024
Although Hydra Funding’s website doesn’t provide specific details on how digital tokens are traded, it’s reasonable to assume that, like FX pairs, they are also CFDs.
Crypto Enters the Prop Trading World
As mentioned above, the prop trading world is dominated by FX CFDs. However, firms are starting to emerge that want to attract those interested in cryptocurrencies to the prop industry as well.
One such company is Crypto Fund Trader, which has been operating in the market for some time. A few months ago, it expanded its offering to include additional accounts that are based on crypto futures contracts rather than crypto CFDs.
Crypto Futures Platform This Week 🚨
Launch on Thursday, August 1st at 16:00 UTC with no country restrictions and +120 Crypto Pairs available!
Ready to revolutionize the crypto space? 👇 pic.twitter.com/snlwvI12tf
— Crypto Fund Trader (@CFTradercom) July 30, 2024
Finance Magnates also reported this week that Funded Friends, a prop trading firm founded earlier this year, announced it would cease operations and be acquired by rival TradingFunds, according to a statement from CEO Arjo Janssens.
Read the full article here
