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The bullishness of Bitcoin last year meant never being less than 6 degrees away from a Crypto-trader.
Bitcoin peaked close to $20,000 only to suffer from its worst-ever slump at the start of this year. However, this month saw Bitcoin gain 5 percent in price off the back of the annual blockchain technology conference in New York, offering speculative hope that Bitcoin had ditched the bear and was finally back on the bull.
The volatility of Cryptocurrencies can prove unsettling for some investors. While ownership means you require the asset to rise in value to generate profits, spread betting the market enables you to go long, or short, offering opportunities to capitalise on both rising and falling prices.
Capital Gains Tax can also prove to be an issue for investors, especially when realising profits on a physical cryptocurrency account. However, UK residents do not need to pay CGT on profits generated through spread betting or CFD trading, although you can not use losses to offset taxes elsewhere.
Spread bets and CFDs are leveraged products, so you are not required to have an exchange account or wallet to start trading. Instead, you can simply set up an online spread betting or CFD account through a derivatives broker.
If the recent Bitcoin excitement has awoken forgotten feelings about cryptocurrencies, consider opening a spread betting account. ETX offers opportunities to spread bet on Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Ripple (XRP) and Bitcoin Cash (BCH).
Arman Tahmassebi, CEO at ETX Capital, admits there is huge potential for Crypto-traders.
“Spread bets and CFD s open up huge trading opportunities. The ability to go long, or short, enables traders to take a position without risking their asset. The latest additions to our portfolio are empowering our clients to capitalise on this highly volatile market.”
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Richard started the Good Broker Guide in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.