A global trading competition with a 20 BTC funded trading account as a prize begins 23 March
Offering users the chance to trade international markets whilst using their Bitcoins as collateral against these positions, First Global Credit is encouraging new sign ups with a new trading competition boasting a 20 BTC funded trading account as its main prize.
Competitors taking part in the contest will be using a “paper” account with 100 BTC of competition money loaded on it, as they try their hands at international market day-trading. Usually seen as quite an intimidating market to be in, FGC is hoping the low stakes of this paper account will encourage more people to get involved in this “Wolf of Wall Street” style trading environment.
The regular service at FGC allows their users to trade the same 50 or so international markets represented on the platform without actually selling their Bitcoins to do so.
Cointelegraph spoke to Marcie Terman, First Global Credit's Business Development Director, about her hopes for the competition.
“This is the second time we have run this competition and the first competition had an awesome response. In the office we had great fun watching people’s different trading styles and we started routing for the plucky individuals that really put thought and effort into their strategies.
There is a lot of different things people can trade and they can go long or short. I’ve had a lot of excitement from guys about the Porsche Boxster which they can ask for at Level 11, after the winner has traded for a while. I live in fear that the winner will be a 10 year old kid. But we do clearly say on the website that part of the arrangement is subject to legal limitations!”
Using the Bitcoin funds as collateral allows the user to both gain 5 times leverage on the “trading floor”, and also means that rises in the value of Bitcoin itself are still beneficial to their holdings. Conventional trading services where Bitcoins are sold in exchange for market positions would not see this advantage.
The trading competition is going to run for a month, and FGC promises daily updates and leaders boards over on their Facebook page allowing competitors a chance to see how other users and doing, and to increase the excitement of this trading competition.
Terman explained further how the competition panned out last time they ran it.
“Well we had 100’s competing last time around and I think CT readers will be keen to play so you are going to have to really think and actively play to win. But I would definitely say, DON’T GIVE UP! Some people seem to have a few trades go against them and stop trading. But that is the thing about being a trader is we are tough and persevere! And hey if you get something wrong, as long as you learn from it, then you did get something out of the experience. There are ALWAYS opportunities in the markets.”
We've got more details about the competition over on our regular competition page, so take a look for more information on how to sign up and get involved with your chance to win that 20 BTC funded trading account.
Did you enjoy this article? You may also be interested in reading these ones:
- 20 BTC First Global Credit trading competition imminent
- Win Five Bitcoins with Cointelegraph and Share The Bitcoin
- Counterparty Foundation and Cointelegraph Team Up for a Special Prize Giveaway!