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Bitcoin Binary Options Now Available With IG Group

Apr 17 2013
By
We've spoken at length lately about Bitcoin's newfound popularity since the beginning of the year. The innovative digital currency has managed to turn quite a few heads with its drastic changes in value, from $13.50 per Bitcoin in January, to $266 in April... to a crash as low as $105 in just a matter of hours last week, followed by a slide down to $50 (reached on April 16)! Opinions about virtual money are as varied as Bitcoin's value – while some believe it is nothing but a passing fad for tecchies and very naive people, many consider this to be the future of monetary exchange and currency as a whole. 
 
Though there is no way to know for certain how things will turn out, it is obvious Bitcoin has gathered a large following and increased popularity over the past few months. This is probably why global Contracts for Difference (CFD) provider IG Group has decided to add Bitcoin to its binary options trade offering. IG Group clients will now have the chance to benefit from fluctuations in the digital currency's value simply by guessing whether the market will be higher or lower than the predicted level on May 31 (which is when the options expire). The company is hoping this will make for even higher profits and trader interest, to further improve the very healthy 18% increase in revenue it reported after Q1 2013. 
 
The reasoning behind this decision is logical and straightforward enough: Bitcoin currently offers a lot of market volatility, perfect for binary options trading. This is the result of two main factors. First, after talks of a severe “haircut” for Cypriot banks started, many Russian investors rushed to save their deposits by converting them into Bitcoins. Unfortunately, at the end of last week we saw Bitcoin value go down the drain after a series of hack attacks aimed at the currency's two largest exchanges. Obviously, binary options are a good choice, since all they require is a guess on which way prices will turn at a certain point in time. Also, risk is somewhat limited by the fact that the maximum amount a trader can lose is known from the moment a guess is placed. As IG chief executive Tim Howkins says: "While Bitcoin is still a relatively new phenomenon it has surprised many in the financial markets with its popularity. We're delighted to offer our clients the opportunity to benefit from its price fluctuations using a binary – while limiting their risk exposure".
 
Despite Mr. Howking's reassurance, however, I for one remain unconvinced Bitcoin will be as prolific (or as profitable) as advertised. Call me old-fashioned, but I find it hard to put my trust in a currency that does not, in fact, exist and is backed up by nothing but goodwill and wishful thinking. And although high market volatility is undoubtedly a good way to make fast money, I don't believe it should be caused by lapses in security. True, we have received promises for a safer Bitcoin trading environment, but for now the question still remains: how many will lose their money before that happens, and will Bitcoin survive until then? I have to say though, I do admire IG Group's gall. After all, with this move, the company will join the ranks of brokers Bit4x and FNIB, both dealing in digital currency, both of qustionable legality and low repute. Wise move?
 
 

About IG Group

 
IG Group Holdings plc is a United Kingdom-based company. The IG Group is a global provider of contracts for difference (CFDs) and spread betting to retail investors. IG, through its main brands, IG Index and IG Markets, provides over 14,000 spread betting and CFD products on a range of financial markets, including Forex, stock indices, shares, commodities, binaries, options and interest rates. IG Group Holdings plc, the parent of the IG Group, is listed on the London Stock Exchange. The IG Group employees approximately 1,000 people worldwide and has offices in the UK, France, Spain, Portugal, Germany, Italy, Sweden, Netherlands, Luxembourg, Japan, Australia, South Africa and Singapore.
 
 
TAGS: ig group  ig markets  bitcoin  binary options  bitcoin binary options 

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