20 August 2017
Find out more

First Global Credit adds bitcoin to currency switch service

16 February 2015  |  2947 views  |  0 Source: First Global Credit

Downward moves in the price of Bitcoin doesn't have to cause big losses to those bullish on the digital currency.

At least not for customers of First Global Credit's 'Bitcoin as collateral' stock trading services who now have the option of using their new Currency Switch Service to move that collateral into one of four Fiat currencies (USD, EUR, GBP of CHF.) This means shrewd investors can hold onto their profitable stock market trades while moving their margin capital into fiat currency, buying back their Bitcoins at a more advantageous price later on.

First Global Credit clients are really using the value of their Bitcoins in 2 ways at the same time, maximizing the asset's potential. The stock or commodity positions the customer holds do not need to be closed to perform the Currency Switch; the existing trades will just now be secured by the Fiat currency in the account instead of Bitcoins. When the trader feels the moment is right they can switch back into Bitcoins at the current rate. A modest transaction commission of 0.1 percent is charged if the trader is a price maker; placing an offer above the market or a bid below the market, or 0.2% if the order is 'at market,' wherever the market is currently trading.

Bitcoin's price has recently been subject to substantial volatility and has at times in the last few weeks lost or gained as much as 20% of its value in a single day. This can expose those holding Bitcoins to considerable risk if they can't divest themselves quickly enough to protect their portfolio's value.

"The Currency Switch Service provides a benefit over other Bitcoin Exchanges by allowing our customers to actively trade both stocks and Bitcoin movements with the same collateral, doubling their opportunities and increasing the potential for portfolio growth," stated Marcie Terman, Communications Director at First Global Credit. "This service supports both customers that want to enhance their returns and customers that are concerned about short term exposure to Bitcoin's price fluctuations."

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.niceactimize.comvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9037 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7861 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7272 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
6481 views 1 | 5 tweets | 3 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
6350 views comments | 14 tweets | 12 linkedin

Featured job

Find your next job