The number one universal exchange Bitget is removing barriers between crypto and traditional finance. It would be allowing users to trade forex and gold directly on its platform. Hence, the exchange has launched a new TradFi feature.
It lets crypto traders access FX and gold markets using USDT, without relying on traditional brokers or banks. It is an indication of a more significant change in the competition among crypto platforms with traditional brokerages.
Are Cryptocurrency Exchanges Replacing Conventional Brokers?
The official statement showed that all trades are completed on the same platform as are spot crypto and futures trading. Users no longer have to have different accounts with the brokers or bank funding sources.
Trading volume worth trillions of dollars are traded in the forex market every day. Therefore, Bitget makes it easy for its customers to join this market by enabling access through USDT.
Users are able to transfer funds between cryptocurrency and conventional forex assets without any conversion lag. Bitget’s TradFi is regulated under the Financial Services Commission of Mauritius.
The platform also provides institutional grade liquidity and narrow spreads to first-time participants. This adds to the platform’s trading stack.
Recently, Bitget made AI-driven insights available, making execution speed and decision-making for trades faster. Furthermore, traders can use leverage to further gain macro exposure, and fees are also competitive like traditional CFD brokers.
This new feature is due to the increased demand to have round-the-clock access to financial instruments in the world. This update may also increase platform stickiness. Users are less likely to move funds across different platforms to access financial services.
Are Universal Exchanges the Future of Crypto?
Bitget describes the approach as part of its universal exchange model. The goal is to have a unified access to digital and traditional markets. The launch arrives as crypto adoption expands beyond speculative trading.
The approach is in line with Bitget’s awareness campaigns, such as mainstream collaborations to bring about a faster crypto adoption all over the world.
As of this writing, the TradFi feature by Bitget is still in its test phase. Once this phase is concluded, it would become available to a larger number of customers.
Source: https://coingape.com/bitget-offers-forex-and-gold-trading-to-crypto-users/
