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XCFD is one of the more interesting trading platforms currently online. When you are looking for places to trade you will find that there are several types and it is nearly impossible to find a platform that allows you to trade nearly anything, including Bitcoin, in several categories in one spot. What xCFD does for traders is impressive and promises to bring together traditional and virtual currency traders on the same trading floor.
Once you have created your account there is a verification process. You will need to provide a copy of your national Identification card or passport before you can withdrawal any funds from your account. Once the account is open however you will have funds immediately however. xCFD deposits a US$30 sign-up bonus into your account for immediate use.
This is the first of two bonuses. After your signup and because US$30 is hardly enough to trade with you will want to make a deposit. xCFD offers a deposit bonus of 50% for a suggested deposit of US$900 or more. This totals to nearly $500 of bonuses for merely opening up an account and making a relatively small deposit. Limits for deposits are a minimum of US$100 and a maximum of US$20,000 and the company warns several times in its FAQ not to invest more than you can afford to lose.
The Trading Floor is well laid out and easy to understand. On the left side are the available instruments, which include indices, Forex, commodities (including Bitcoin), Stocks, Bonds and options. The Forex floor uses the USD,GBP and AUD for base currencies to trade dozens of other fiat monies.
There are hundreds of indices to choose from and nine different commodities ranging from natural gas and several different metals to Bitcoin. In the center of the screen is the quote monitor that is a real time look at prices for several instruments. This monitor also includes an account summery and chart. Trades and orders are placed on the left side of the page. Leveraged buying is also available with the scale depending on the instrument. See below:
1:200 |
Forex |
1:30 |
Indexes |
1:50 |
Gold |
1:20 |
Commodities |
1:50 |
Bonds |
1:10 |
Shares |
1:1 |
Options |
1:5 |
Bitcoins |
The company is not handling Bitcoin directly however. Instead they are converting Bitcoin into dollars through a partnership with BIPS and there are more than 20 different withdrawal options. There are also other limits, depending on the instrument, the might restrict heavy traders. All in all, xCFD’s venture into cryptocurrencies, even only as an intermediary, can be considered exciting for the Bitcoin community, especially with the news recently about NASDAQ’s plan to include Bitcoin next year and a registered Bitcoin exchange in the works as well.
1. Are Bitcoin transactions handled differently with respect to your reporting requirements?
Yes, they are. We're not working with Bitcoin directly and receive payments only in flat money since there is no legal framework that could make it possible to accept bitcoin directly. Our payment processor GoCoin converts all the money received and sends it back to us as a wire transfer - the same way any other credit card or electronic currencies processor would do.
2. How long does identity verification take? Are new customers allowed to begin trading immediately after submitting copies of ID?
Customers can start trading immediately after the registration (it takes a minute) without submitting their ID. However, they are required to go through verification process if their account reaches certain limits or they request a withdrawal.
3. It is it possible to increase deposit/withdrawal/trading limits?
Verified users have no limit on deposit or withdrawal.
4. Do you plan to begin handling Bitcoin directly in the future?
We would like to, but for now we're waiting for a proper regulation to be developed in New Zealand.
5. Do you plan on adding other altcoins in the future?
GoCoin already makes possible for us to accept DogeCoin and Litecoin.