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new to crypto


SillyMilly

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Hi

I am looking at getting started with buying and saving in crypto with a view to sell on later when needed

 

Any advice on how the whole thing works please?

Where and what to buy and sell? and how you store it?

 

Or is crypto a closed club for those in the know how and my post wont be posted?

Thanks

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20 hours ago, SillyMilly said:

Hi

I am looking at getting started with buying and saving in crypto with a view to sell on later when needed

 

Any advice on how the whole thing works please?

Where and what to buy and sell? and how you store it?

 

Or is crypto a closed club for those in the know how and my post wont be posted?

Thanks

Hi @SillyMilly

The FCA announced a ban, affecting UK retail traders, on trading cryptocurrencies through derivatives like spread bets and CFDs. The ban began on 6 January 2021. You can find more information on the FCA’s website here.

This means that, if you’re contracting with our UK office, you’ll only be able to trade cryptocurrencies through CFDs and spread bets if you’re classified as a professional trader. Learn more about professional trading and check your eligibility on our professional account page.

 

All the best - MongiIG

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I checked that link out quickly. Dose it mean that you can not buy and sell retail goods in the UK with Crypto.? What about wholesale sales? What about just investing in it and when you need to purchase changing it back into cash?

 

    1 hour ago, MongiIG said:

    This means that, if you’re contracting with our UK office, you’ll only be able to trade cryptocurrencies through CFDs and spread bets if you’re classified as a professional trader. Learn more about professional trading and check your eligibility on our professional account page.

[Click and drag to move]

What dose FCA and CFD stand for? Are you/ this web site a broker?

What about if you a not a professinal trader? and your sol purpose is to save money in crypto (and also buy and sell if allowed to do so in the UK)

 

Thanks

SM

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3 hours ago, SillyMilly said:

I checked that link out quickly. Dose it mean that you can not buy and sell retail goods in the UK with Crypto.? What about wholesale sales? What about just investing in it and when you need to purchase changing it back into cash?

 

    1 hour ago, MongiIG said:

    This means that, if you’re contracting with our UK office, you’ll only be able to trade cryptocurrencies through CFDs and spread bets if you’re classified as a professional trader. Learn more about professional trading and check your eligibility on our professional account page.

[Click and drag to move]

What dose FCA and CFD stand for? Are you/ this web site a broker?

What about if you a not a professinal trader? and your sol purpose is to save money in crypto (and also buy and sell if allowed to do so in the UK)

 

Thanks

SM

HI @SillyMilly,

The FCA is the Financial Conduct Authority (UK) and CFD stands for Contract for Difference.

If you do not classify as a professional trader, you won't have access to Cryptocurrency trading. 

Please have a look into that page https://www.ig.com/au/cfd-trading/what-is-cfd-trading-and-how-does-it-work.

You will be using leverage to gain access to cryptos which incurs risks. 

All the best - Arvin

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  • 4 weeks later...

Hello @SillyMilly

I think you are referring to purchasing crypto for holding, like people who buy gold or silver as a store of value, while @MongiIG and @ArvinIG are referring to the activity of "trading" since IG is a trading platform, i.e. for those who want to buy and sell assets as a mean to make a profit. In that sense they are right in pointing out that the FCA (the Financial Conduct Authority (UK)) which is the main governing body for the financial sector (I believe) has ruled against the activity of trading cryptocurrencies for non-professionals. I think perhaps due to the very risky nature of trading in crypto, which are prone to extreme volatility.

Having said all that, you can purchase crypto through an exchange. I am not sure if there are any legal restrictions in the UK, but I doubt it.

I suggest you do a Google search for "Crypto Exchanges UK". Good luck

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