We’ve an assortment of brokers to offer trading in bitcoins and other digital currencies, but as of yet only a handful of firms have begun to offer account funding in bitcoins. Joining those ranks is Gibraltar registered FormulaFX which announced that it was beginning to offer bitcoin payments for funding trading accounts along with its existing options. However, as of yet the broker isn’t offering trading in bitcoins.
Connecting with the broker, a representative from FormulaFX explained to Digital Currency Magnates that they were focusing on bitcoin payments and didn’t mention any plans to offer trading in bitcoins. In their public statement the broker added that “By offering the option to invest [in forex] directly with Bitcoins, FormulaFX innovates by allowing Forex investors to bypass conventional currencies, preserving the advantages, independency and profitability of the virtual currency.”
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While not that many brokers have added bitcoins as a funding option for accounts, the digital currency has shown to have interest from financial firms. Specifically, bitcoins have been cited as providing a low cost funding option in regions where strict limits are imposed by financial institutions on cross-border online credit card purchases. In addition, as a financial product, some countries, namely India have banned banks from allowing credit cards to be used for funding online forex brokerage accounts out of the country. Until last year, Liberty Reserve was a popular option for circumventing regulatory restrictions. However, as a decentralized currency, bitcoins offer a more secure funding option than that of Liberty Reserve which was shut down by US officials last year.