Spreadex was the first UK company to offer genuine leveraged trading on Bitcoins (BTC).
...but the markets got a little volatile and they suspended their market.
...and then it never re-opened.
Live Bitcoin Chart
Below a real-time BTC chart (BTC-e exchange):
Live Litecoin Chart
Below a real-time LTC chart (BTC-e exchange):
What are Bitcoins?
Bitcoins are an online currency being labelled as ‘digital gold’ in some quarters due to its lack of government control.
Due to the difficulty and expense in being able to own Bitcoins, Spreadex launched a market allowing investors leveraged access to trade on the currency’s value.
The firm took its first Bitcoin trades in April 2013.
The market offered was based on the Bitcoin value according to the MtGox exchange.
MtGox 'was' where 80% of Bitcoin transactions took place at the time, it's currently going through some rather well publisced bankruptsy proceedings (just to confirm, those proceedings have nothing to do with Spreadex).
At the time Andy MacKenzie of Spreadex said: “No-one is truly sure how important this form of currency could become.
“The currency’s appeal is that there are a fixed number of ‘coins’ - around 21m in total, that they are entirely unique, that there exists no central bank to control supply and that governments cannot apply tax.
“In essence, the currency is viewed as digital gold and as a potential inflation/devaluation hedge.”
Spreadex’s Bitcoin market was offered via phone trade only, with a minimum stake size of 50p and on a 50% margin. So a £1 bet on Bitcoin price movements at around the £90 level would require £45 to trade.
Trading Bitcoins with Spreadex
The following market is no longer available with Spreadex
Basic facts, charges etc.
You will not be able to set a stop on this market
You are betting per pound movement
You can go long and short
Daily rolling market only (the interest charged when rolling is 5% + 1Month LIBOR)
Minimum stake size of 50p
The spread is 2.5% either side of the underlying market
It’s also important to note that financial spread betting carries a high level of risk to your capital and can result in losses larger than your initial stake/deposit. It may not be suitable for everyone, so please ensure you fully understand the risks involved. See site for details.
'Bitcoin Spread Betting Guide' last update by James White, 20-Feb-2017
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