On Wednesday, LiteForex, a multi-asset brokerage platform, alerted its customers that it has put all cryptocurrency pairings on ‘shut off mode’ due to a technical issue with its liquidity provider.
“Trades in cryptocurrency pairs are temporarily available only in the “shut only” mode due to technical issues with the liquidity provider. Customers can close their current market trades but will be temporarily unable to open new ones, according to the dealer.
LiteForex didn’t mention anything specific about the problem, nor did it reveal the name of its crypto liquidity provider. The dealer, on the other hand, stated that it is working to activate additional liquidity sources to allow merchants to continue buying and selling crypto, but did not provide a timescale for this development.
“Our technical consultants are in the process of activating a more secure liquidity supply, and cryptocurrencies will likely be traded as usual soon,” the dealer stated. “We apologise for the inconvenience and assure you that we are working hard to restore cryptocurrency purchasing and selling to normal.”
Finance Magnates contacted Liteforex for more information on the issue, but had not received a response as of press time.
CFDs on Crypto Currencies Are Increasingly Popular
LiteForex offers nine popular cryptocurrencies for buying and selling: Bitcoin, Bitcoin Money, Dashcoin, Ethereum, Ethereum Traditional, LiteCoin, Monero, Ripple, and ZCash.
It is one of the several brokers that offer contracts for difference (CFDs) for buying and selling crypto assets. These are derivatives products, and the merchants do not own the underlying assets; instead, they profit from price movements. As foreign regulators crack down on cryptocurrency exchanges, demand for such items may rise..