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BTC.sx Offers Bitcoin Spread Betting

A new service has just been launched on the financial scene, available only to a few selected people for beta testing: BTC.sx. The service advertises “long and short leveraged bitcoin position trading”, which I read as simple bitcoin spread betting. 
Now, this is no longer a unique thing – IG Group already offers spread betting on bitcoin, with Plus500 you can trade the Bitcoin/USD currency pair as a CFD, and AnyOption offer binary options on the virtual currency. What's supposed to set BTC.sx apart is the fact that the platform will operate in bitcoin and bitcoin alone – meaning that your account balance will be in the virtual currency, rather than in USD or any other traditional form of payment. 
Trading will be done with a leverage of 1:100, which is way higher than the one offered by Plus500 (1:5), and as you might have guessed, bitcoin will be the only instrument available for betting on.
Personally I don't think a leverage that high on bitcoin is a good idea – the cryptocurrency is an extremely volatile instrument, carrying a high degree of risk; the high leverage only amplifies this risk, preventing traders from proper risk/money management – keep that in mind if you decided to try out BTC.sx. 
The trading platform that the company offers is a proprietary one and was designed by Joe Lee, the owner of BTC.sx. He coded his own algorithmic trading bots from scratch, and apparently when these proved to be profitable, he decided to share it with the bitcoin traders worldwide in order to “improve the bitcoin ecosystem through injecting more liquidity into the global bitcoin space”. 
Here is what I got to know about the platform after playing with it for a while (I got my beta access, yay!): it's quite basic. There's a simple tab-organized menu on the left, where you can fund your account and edit your profile info, and on the right there are the buy and sell buttons. That's all – no unnecessary clutter. A chart of the bitcoin price movement would have been really useful but I guess Lee thought we can do without it. 
Positions can be kept open overnight (a daily fee will be charged on such positions); and positions are automatically closed if the trader's equity can't sustain the loss of an unprofitable position. Something you should keep in mind is that a maximum of two potisions can be opened in both directions (long and short) at the same time.
Safety-wise, Lee promises advanced security measures. Traders' logins will be protected by two-factor authentication, all funds will be kept in an offline vault, and no private keys will be held on the BTC.sx servers.
Withdrawals from BTC.sx will be processed within 24 hours and this will be done manually for additional security. 
Currently, BTC.sx is backed by a private capital of $150,000 but Lee is seeking for other investors who would be interested in the project. Considering the high level of interest venture capitals express in bitcoin, I am guessing he'll have no troubles finding investors. 


TAGS: bitcoin  forex  forex trading  Plus500  forex broker  forex spread  forex volatility  spread betting  forex leverage  binary options 
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