de | cn | ru

Brokers News

BTC.sx Offers Bitcoin Spread Betting

May 21 2013
By
Forexbrokerz.com
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 
Forex
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Cyprus, SVG CySEC MT5, Web,
cTrader
$100 Review Website
Australia, Cyprus ASIC, CySEC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT5 $5 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website
UK, Cyprus, Dubai FCA, CySEC, DFSA MT4, MT5, Web,
PrimeTrader
$100 Review Website

More Forex Brokers News

Trip For Pip: FBS To Launch A Quest Game For A Trip To London, Tokyo, Or Dubai

Oct 29 2019 14:09:54

FBS broker starts its new marketing campaign, and it has already attracted many eyeballs on social media. The promotion is called “Trip for Pip,” and it is very engaging for several reasons:    a) it’s playable;  b) it features a dream trip for two as the main prize. Read more

HYCM tops the list of brokers with highest percentage of winning clients

Oct 23 2019 12:12:59

The importance of choosing a reliable broker is paramount to trading. Most traders have given a serious thought to the security of their investments and these concerns are increasingly common in this highly competitive market. Read more

FXCM expands its crypto offering with CryptoMajor baskets

Oct 14 2019 14:49:01

  Major forex broker FXCM Group enhances its CFD offering with the launch of CryptoMajor- cryptocurrency baskets, which will allow its clients to trade in to multiple digital assets in one go. Read more

FXTM Launches 30% Welcome Bonus

Aug 06 2019 13:38:53

  As part of FXTM’s mission to provide clients with an exceptional trading experience, the international broker has launched its latest offering – the 30% Welcome Bonus!   This promotion, available under Exinity Limited, boosts your account by an extra 30% when you deposit $100... Read more

XM parent actively prepares for the launch of its US brand Trading.com

Jul 03 2019 14:19:28

  Trading Point Group, the owner and operator of the XM brand, actively prepares for the future launch of its US brand Trading.com. Read more

FBS Invites 20 Best Partners To a VIP Party

Jul 02 2019 15:04:24

Partner parties is a great way to get to know company’s local promoters and celebrate loyalty, motivation, and cooperation. In 2019, FBS broker launches the FBS Stars contest with a round trip flight to Russia’s second largest city and a VIP party invitation as a prize. Read more

Vantage Prime will no longer service non-Australian clients

May 20 2019 13:36:39

  Vantage Prime, which is a part of the Vantage FX group, announced it will no longer service non-Australian clients, online media Finance Magnates reported today. The broker’s decision is taken due to regulatory concerns. Read more

Dukascopy warns it has no cooperation with shady broker GCG Asia

May 16 2019 13:29:47

  Swiss forex brokerage and bank Dukascopy has repeatedly warned investors that it is has no cooperation Guardian Capital Asia (GCG Asia) and that the latter is likely involved in a fraudulent scheme. Read more

$75 mln forex Ponzi scam revealed in the US

May 03 2019 16:46:08

The Commodity Futures Trading Commission (CFTC) in the US has filed charges against Florida based Oasis International Group, Oasis Management and Satellite Holdings along with their owners for running a 75 million USD Ponzi scheme, concealed as forex investment program. Read more

Australians lost $86 mln to investment scams in 2018

May 02 2019 17:04:18

Australians lost over 86 million USD to investment scams in 2018 alone – the biggest portion of the almost 490 million USD  in losses from over 378 000 scam reports, the latest report of the Australian Competition and Consumer Commission’s (ACCC) reveals. Read more

de | cn | ru