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Hi - You may find the following thread interesting as there are a number of FAQ's answer RE: trading crypto with IG.

 

Cryptocurrency Mega Thread

 

The short answer is as follows: "[With IG] ...you don’t need a wallet or additional offline storage device, and account verification and KYC checks are automatic. You are not buying or selling the underlying Cryptocurrency, but instead speculating on the price movement."

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  • 4 weeks later...

Bitcoin is a bubble and rightly so, everyone is interested and so they should be. Gold, tally sticks, cash, crypto.

Bubbles are great fun, they fly about all over the place price-wise but that has nothing to do with the underlying value. Just like the 'dot com' bubble and burst, some blockchain affiliates (Bitcoin, Duck-Duck coin or what-ever that latest ICO is) will survive as did the big dot com companies (but not all).

The underlying asset is real (blockchain that is, not those celeb retard promoted ICO offerings), it's just the price you can't rely on, peeps are already printing 'Bitcoin 10,000' hats, yah. And it may well be so.

Buy a few to keep in your e-wallet, but otherwise just trade the ups and downs but expect a bumpy ride.

 

PS,   can you put this thread in with 'FX and Crypto' ,  

thanks

 

 

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  • 2 weeks later...

Yes but surely you can only say 'way too far' once you have the benefit of hind sight , like all good bubbles and Ponzi schemes there is a profit unless you are too late to the party. Yes it will put in a major correction at some point but right now it's the liveliest chart in town. 

I see it caught another bid in the Asian session having dropped below 7000. Now sitting mid way trying to decide which level to retest.

7580 or 6920.

4 hour chart.

 

BTCUSD(£)H4.png0711.png

 

 

 

 

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  • 2 weeks later...

There are 758 cryptocurrencies with average daily transaction volumes under $10,000. Only 88 of them have an average volume above $1 million. Bitcoin leads the way with about $2 billion in daily transaction volume. 472 of the 1,213 cryptocurrencies just started trading this year but only 20 of the currencies are actually being used for something other than trading. The rest are purely speculative trading instruments. Some of these cryptocurrencies may fall out of fashion and turn to junk maybe therein lies the current risk? Then again Big boys are only just moving in and a positive factor for the price, or maybe just moving in ahead of an expected crash and planning to use it to build a new world order!!! Enjoy !!!

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I have been dealing with bitcoin and cryptos in general in traditional markets, have began to explore bitcoins through CFDs in IG. Banks are generally less hostile to traditional investments instruments like IG compared to a real crypto exchange. The question is cryptos run 24 by 7, but when I log in I see market closed. Since I am a newbie, I just want to know when is the operating hours for trading for cryptos, and since the price is pretty much fluid, are the guranteed stops or limits executed when price is hit even IG is off hours? Since btc can pretty much swing 30% in a few hours, and I cannot edit the order anytime. What is the general strategy that you guys do to speculate btc without access to it 24 by 7? Thanks.

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It was under maintenance and I could not change any entries. Now the maintenance is over, it says market closed and the price is at 10872 when other markets is over 11,000. It seems that i can modify the order, not sure if it can be closed or something else. Can anyone confirm the operational hours of the btc platform? Thanks.

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I just thought I'd post Daily FX analyst John Kicklighter thoughts on the week ahead when it comes to bitcoin...

 

Bitcoin Crosses 10,000 and the Rubicon with Futures – Bitcoin achieved yet another remarkable milestone this past week – it surpassed 10,000. The actual break was one of extreme volatility and reflected distinctly upon the speculative nature of the cryptocurrency market. As with the high profile equity indices of past decades where the big round figure inspired further inflows of capital for sheer fear of missing out (FOMO) purposes, we are witnessing the rise of a new asset and asset class that is being led by its novelty and promise for rapid wealth.

 

Why wouldn’t traders be drawn to this market’s charge higher? It has already offered massive gains with stories of millionaires being minted in just the past year. It is not fully adopted into the financial system, so there is seemingly a discount in its very nature. And, it is difficult to value which encourages speculators to push ever higher as there is no stodgy fundamental value for them to justify overreaching.

 

As with any decent market, there is a true underlying value to Bitcoin and its digital peers. Deep security of transactions will be a permanent stay for the financial system. Yet, the collective success of Bitcoin is dependent on its universal adoption. To replace a fiat money, you need a fiat money’s reliability – if not full characteristics. Sure there is unprecedented security behind the ledger, but there are crucial limits from supply to conversion (where and what we can make purchases on).

 

To commit to the market at these levels, traders are taking a serious risk with the volatility – investors are burning speculative bridges to throw in with the move higher. One more ladder rung to offer confidence is the news that the CFTC has approved futures on Bitcoin at the CBOE and CME. A regulated derivatives market is a serious move towards legitimacy. However, it also brings greater scrutiny from regulators moving forward and will draw a considerable amount of capital from the spot market considering the virtues of the exchange-based market (and yes there are some): segregated accounts, clear tax implications and flexible liquidity.

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