Bitcoin trading at Plus500
At Plus500 you can trade virtual currencies. The popular bitcoin as well as the lesser known litecoin are already traded but in the future, other crypto currencies will become available at Plus500, such as the Dash, Ripple, IOTA, and Ethereum. The difference with trading virtual currency at Plus500 compared with a bitcoin exchange is that you do not actually become owner of the coins but only buy CFD contracts on bitcoin or litecoin. (You do own them on paper, but if you are hungry you cannot order the home delivery service and pay them with your bitcoins on your Plus500 account).
Risk warning: ‘CFD Service. 80.6% lose money’
At Plus500 you can buy bitcoin CFD with a leverage of up to 1:30. Of course, another advantage of Plus500 is that you can trade in 2000 other instruments as well and not just in the few virtual currencies.
You can find the Bitcoin in the Plus500 platform under the heading “Forex”, virtual currency. This is the place to be to buy or sell bitcoin through Plus500. Trading bitcoin is alreay possible with a few Euros at Plus500 through the leverage and can be very profitable (more on that later).
Since recently, Plus500 has changed Bitcoin from “Bitcoin daily” to just “Bitcoin”. This implies that one can now keep these positions from multiple days, or weeks. Before, one could only keep the “Bitcoin daily” for one day maximum.
If you open a bitcoin position at Plus500 you automatically are -€ 3.36 per unit traded contract. These costs are similar to “pip spread” on regular instruments. If you keep watching the bitcoin you will see this value will rapidly move upwards or downwards. Trading virtual currency at Plus500 is, relatively speaking, quite expensive because it involves a lot of risk for the broker. Fortunately, traders do get a lot of trader points for trading crypto currencies.
*As of March 2017, CySEC, the Cypriot regulator, has decided to restrict the offering of bonuses to clients. According to this new restriction, offering bonuses to CFD traders is no longer allowed.
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