The currencies of some of the world’s most prominent emerging economies have been added to trade the pound, the US dollar, and the euro, on the popular Bitcoin-based trading platform, PrimeXBT. There are 15 new assets added to the platform to do Forex.
PrimeXBT expands its Forex service with more exotic pairs
The Mexican peso, the South African rand, the Hong Kong dollar, the Thai baht and the Chinese renminbi are open to trading. Five additional pairs have also been added, including the Turkish lira which trades against the pound and the euro. As well as more trading options for gold and silver.
The new coins, and their pairs, include:
- EUR / MXN
- EUR / HKD
- EUR / ZAR
- GBP / HKD
- GBP / MXN
- GBP / ZAR
- USD / CNH
- USD / MXN
- USD / THB
- USD / ZAR
The new trading pairs are:
- GBP / TRY
- EUR / TRY
- XAU / EUR
- XAU / AUD
Exotic and popular pairs
Traditionally in Forex trading, major pairs include EUR / USD, USD / JPY, GBP / USD, and USD / CHF. However, there is an emerging trend surrounding more exotic pairs trading, and especially those currencies linked to promising emerging economies.
These more exotic currencies, which include the MXN, HKD, ZAR, THB, and CNH, are often more volatile, and therefore present more opportunities for currency traders. However, they are often more difficult to find, and therefore less liquid.
The South African rand, the Mexican peso, and the Thai baht are considered some of the most popular exotic currency assets, as well as the Turkish lira. Furthermore, in April 2016, the Chinese Yuan Renminbi (CNH) became the eighth most traded currency worldwide, and outperformed the Mexican Peso as the first most traded emerging market currency.
Benefits of New Forex Assets at PrimeXBT
Some of these currencies have strong markets that are often not seen at face value for currency traders. For example, the South African Rand was ranked 18th of the most traded currency in the world in 2019, with an average daily volume of $ 72 billion and 84 percent of trading in the Rand was conducted outside South Africa.
Or, the Hong Kong dollar has a low interest rate today, and this makes it an attractive currency for traders. carry. It is possible to exchange low-priced Hong Kong dollars and then use the money to buy higher-yielding debt in a country like the euro or the pound.
More opportunities to do Forex
As some of the world’s popular currencies stabilize and show little price action, currency traders are often forced to search for new opportunities and trading pairs to find viable opportunities. However, many platforms choose to trade only the major pairs without focusing too much on emerging markets and economies where volatility and potential are greatest.
The fact that PrimeXBT opens doors for traders in emerging markets means that there will be more liquidity available overall, and traders will also be able to expand and use more forex trading opportunities.
PrimeXBT is a Bitcoin-based platform, a margin trading leader that was established in 2018. PrimeXBT not only offers cryptocurrency trading, but also Forex, stock indices, and commodity trading. The company has an impressive average daily volume of 375,000,000 and has more than 12 liquidity providers.
Serving 150 countries with a wide range of business tools, PrimeXBT continually seeks to innovate and expand its business tools as it has established strong business technology.
PrimeXBT infrastructure is powered by Amazon AWS and is known to offer executions on operations that average around 7ms. They also have industry-leading trading engines with real-time risk management.