If you are looking to invest in bitcoin margin trading but don’t have the time to manage your portfolio by yourself, a solution is on the way. First Global Credit, a firm that enables cryptocurrencies to be used as collateral margin to trade stocks, commodity futures and ETFs, will launch a forex and CFD brokers style copy trading service later this year.
First Global Marketing Director Joe Belmonte explains: “The Star Trader Program is something we are really excited about because it pairs the talents of profitable traders with people who hold bitcoins but may lack the skills to trade profitably on their own. This service will allow bitcoin holders to review live track records and use them to select traders to follow. When the Star Trader places a trade for his account, the person tracking them will have trades placed on their behalf at the same time.
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The follower gets the profit. The Star Trader will set a performance fee and get that when they deliver a return for their followers. This is a completely hands-free solution. We know there are similar systems in the conventional trading community, but these generally require the trader to figure out how to apportion their trades. Our trading platform will handle this entirely for the trader and their trackers, deliver report and profits directly to everyone’s account.”
First Global also announced that it is to about to launch a new bitcoin trading competition in April looking for traders that can generate the most profit by using bitcoin as trading collateral in four different categories: the most profitable stock trader, the most profitable currency trader, the most profitable futures trader and the most profitable all around trader. Each player is provided with a free account loaded with 100 competition bitcoins which are used as collateral to trade over 200 US and UK stocks, dozens of ETFs and futures contracts. The 100 competition bitcoins can also be traded against 4 fiat currencies.
”The launch of futures bought a lot of new users to our trading platform” says First Global’s Communications Director Marcie Terman. “There new traders use index futures and markets like the VIX in a completely different way to those looking for opportunities in the stock markets. This is a rich field and we know that opening it up for people using digital currency as a method of value store continues to set First Global apart from our peers in the digital currency space. And, of course, the competition is a great risk free way for people to get comfortable trading futures on the site with the added benefit of a cash prize.”