The recent rollout broadens IG’s current cryptocurrency services, building on its previous offerings of crypto-based contracts for difference (CFDs).
IG Group, a trading and financial services firm listed in the United Kingdom, is introducing cryptocurrency trading for retail investors, further extending its presence in the digital asset sector.
According to a June 2 announcement shared with , IG now allows its customers to trade 31 different crypto assets, including Bitcoin (BTC), Ether (ETH), XRP, and various altcoins and memecoins like Bonk (BONK).
While IG had earlier provided access to cryptocurrencies via contracts for difference (CFDs), this development signifies the company’s direct entry into spot crypto trading.
IG’s introduction of crypto trading services aligns with the rising adoption of digital assets in the UK, coinciding with the government’s ongoing efforts to establish a comprehensive regulatory framework for the crypto industry.
Uphold Delivers Infrastructure and Compliance Solutions
IG’s newest crypto product has been introduced in collaboration with Uphold, a U.S.-based crypto asset firm that holds regulatory approval in both the United States and the United Kingdom.
The service has been incorporated into both the IG platform and the IG Invest app, enabling users to seamlessly transition between their crypto accounts and other IG accounts, such as those used for stock trading.
According to a joint statement from the companies, Uphold is responsible for managing all customer transactions and supplying pricing data, with its infrastructure completely embedded within IG’s user interface.
“This marks a significant achievement for IG and a key milestone in the UK’s crypto evolution, as retail investors can now purchase, trade, and store crypto assets through a well-established firm,” stated Michael Healy, IG’s UK managing director.
IG’s Past Initiatives in the Crypto Space
With its latest offering, IG is introducing crypto spot trading to retail investors, following the company’s earlier launch of crypto CFD trading tailored for institutional clients.
Unlike spot trading, where traders buy and sell crypto assets at current market rates, contracts for difference (CFDs) allow them to speculate on asset price movements without owning the actual cryptocurrencies.
As stated on the IG website, the company offers its clients the ability to trade CFDs on 11 leading cryptocurrencies, including Bitcoin, Ether, Litecoin, Cardano, among others.
In early 2021, IG discontinued its retail crypto services in the UK after the UK Financial Conduct Authority imposed a temporary ban on trading crypto derivatives.
UK Advances Toward Comprehensive Crypto Regulation
IG’s recent expansion into the crypto space represents a significant step forward for adoption in the UK, as regulatory authorities continue developing industry standards and establishing clear regulations.
On May 28, the UK Financial Conduct Authority initiated a public consultation to gather feedback on its proposed regulations for stablecoin issuers and crypto custody service providers.
In April, the UK government released draft regulations concerning cryptocurrencies like Bitcoin, aiming to protect crypto asset investors from high-risk ventures and fraudulent schemes.
This development arrives amid a surge in crypto adoption across the UK, as the nation has experienced a significant rise in new cryptocurrency holders over the past year—surpassing growth rates seen across Europe, according to Gemini.
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