Bitcoins have been gaining considerable publicity in recent years. Since its introduction in 2009, the currency has been the target of both enthusiasm and apprehension. The largest market for the currency is among speculative investors, some of whom have been hoarding the units since its inception in hopes of a price increase. A growing number of commercial websites are beginning to accept them as payment. They have also suffered from image problems due to their use by online criminals (although this use is minuscule compared to legitimate use).
The fledgling currency recently got a boost when a popular online Forex broker announced that it would allow trading online in Bitcoins. UFXMarkets has been on the cutting edge of the investment world since 2007, so staying ahead of the game seems to be a natural move for the company. This makes them one of the only online brokers accepting the Bitcoin for trades. It remains to be seen whether or not this will extend to the network’s offerings in the areas of commodities, CFDs, or indices.
Much like the Bitcoin, Forex itself is a somewhat esoteric form of investing. Many traders have lost money on a few currency trades and sworn it off forever. These traders can frequently be found spreading horror stories about Forex on finance blogs and forums. Others have sought professional advice from websites such as UFXMarkets and experienced great results. With the decision to accept the new currency, they are likely to see considerable growth of their Forex investment services and an influx of new investors from all over the world.
Chris Judd, Chief Analyst of the website, stated that the considerable volatility of the new digital currency is a boon for investors. Judd also postulated that regardless of how the currency’s development may play out, it is a considerable opportunity for investors, owing particularly to the leveraging capabilities. In addition to Bitcoin trading online being open 24 hours a day, leverage of 1:10 is available with the new currency. Traders who are familiar with Bitcoins and leveraging techniques could enjoy massive profits with the two combined.
Forex and Bitcoins could prove to be a winning combination for online traders. UFXMarkets has capitalized on this potential and other online investment networks are likely to follow suit.