Kraken Expands Kraken Pro with Forex Perpetual Futures

Cryptocurrency exchange Kraken has expanded its offerings by introducing foreign exchange (forex) perpetual futures contracts to its Kraken Pro platform. This move, announced on April 18, provides traders with further exposure to global currency markets. The first two perpetual forex futures available on the platform are the euro-US dollar (EUR-USD) and the British pound-US dollar (GBP-USD) contracts.

Both contracts feature 20x leverage and no expiry date, meaning they do not have to be rolled or settled by a deadline, unlike traditional futures contracts, which have an expiry date. This feature allows traders to engage in round-the-clock trading without the constraints of expiration dates, providing a seamless trading experience with orders placed and executed in real-time.

Kraken's move into the forex market with perpetual futures contracts is a strategic decision that aligns with the growing demand for diverse trading instruments. By offering these contracts, Kraken aims to attract a broader range of traders, including those with experience in traditional financial markets. This expansion not only enhances the platform's appeal but also positions Kraken as a versatile exchange capable of catering to the needs of both crypto and forex traders.

The launch of these contracts is expected to foster increased liquidity and trading activity on the Kraken Pro platform. Traders can now leverage the platform's advanced trading tools and infrastructure to engage in forex trading, benefiting from the same level of security and reliability that Kraken is known for in the cryptocurrency space. This expansion into traditional markets underscores Kraken's commitment to innovation and its efforts to provide a comprehensive trading experience for its users.

Kraken's foray into the forex market is part of a series of expansions from the company, as it seeks to blur the line between digital assets and traditional financial products. In March 2020, Kraken rolled out spot forex trading to clients worldwide, giving crypto traders access to nine major currency pairs on the platform. The crypto exchange also signed an agreement to purchase NinjaTrader, a retail futures platform, for $1.5 billion, positioning Kraken to offer crypto futures trading to US residents. Additionally, Kraken partnered with Mastercard to release a crypto debit card that gives holders the ability to spend cryptocurrencies in standard retail transactions. On April 14, the exchange introduced stock and ETF trading in select US states.