We’ve all seen the adverts.
From Peter Jones to PSY, new scam adverts advertising get rich quick Bitcoin schemes are flooding the internet.
Despite a global ban from Google on non-regualted brokers advertising derivatives products, they are still getting through. Amazingly you see them in the header of the DailyMail and other mainstream media websites.
What’s shocking about this is that they all seem to point to the same scam and no-one has been able to shut it down yet?
So, are there any genuine Bitcoin traders in the UK?
The answer is of course yes. There are many traders who trade Bitcoin. Some do it through spread betting where profits are tax-free. Other clients who want to offset CFD loses against their capital gains allowance may opt for CFDs.
If there is a Bitcoin trader who has a decent track record and wants ‘s to try and make some money by being a quasi-fund manager through social trading they’ll be on an FCA regulated social trading broker line eToro or ayondo.
They will not, I repeat not, be marketing their services as a get rich quick scheme. In fact they are not allowed to advertise at all.
So if you see an advert for Bitcoin investing, it’s a scam (unless it’s from an FCA regulated crypto broker).
We’re already written about how not to get scammed in crypto trading so won’t go into that again.
But suffice to say, if it looks like a scam. It’s a scam. And, always check the FCA register for any broker you deal with.
Keep in mind too though that the scammers make clone websites, of real brokerages to scam you. So, double and triple check any broker before sending money.
A quick google search can save you from being a victim.
Where can you get Bitcoin trading ideas and analysis online?
Never believe anyone who says they can make you rich or adopt trading as a career if you are a complete beginner.
Trading CFDs and spread betting are high-risk forms of investment and should only really be used for hedging and a small percentage of a self-managed investment portfolio.
However, if you do want trading ideas you can find news and analysis on Bitcoin here:
Bitcoin News Sources
Bitcoin Trading Ideas Sources
- TradingView provides excellent crypto charts and lots of users post trading ideas.
- ChartsTA.com have charts and technical analysis on Bitcoin from MSTA and CFTe qualified analysts.
Keep aware and don’t get scammed…
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Richard started the Good Broker Guide in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.