Where can I find someone to trade cryptocurrency for me?

Where can I find someone to trade cryptocurrency for me

A reader has asked: I would like to find a CRYPTO company in the UK whereby I have a trader or broker that can execute trades on my behalf.

The answer here is more of a warning than anything else.

There are two significant risks of being scammed here. The first is a cryptocurrency, the second is discretionary management fraud.

The FCA has banned cryptocurrency trading

The FCA has recently banned crypto derivatives trading. By which we mean trading cryptocurrencies like Bitcoin via CFDs or financial spread betting. The FCA has also banned crypto ETNs that are listed on public exchanges like the Bitcoin Tracker One and Ethereum Tracker One listed on the Nasdaq OMX in Stockholm. This has been done, as the FCA believes that trading cryptocurrencies on margin offer no value to investors and because of the share number of crypto scams operating. It is simpler to just ban them outright, so anyone offering crypto trading (in the FCA’s words) ” is likely to be a scam”.

This doesn’t mean you can’t speculate on cryptocurrencies by buying and selling them. You just have to pay full price through a cryptocurrency exchange rather than trading cryptocurrencies on margin. It’s worth noting though that cryptocurrency exchanges are unregulated so as well as losing money through crypto speculation you can also lose your money if the exchange goes bust and they lose your digital currency.

No legitimate broker will be offering discretionary cryptocurrency trading

The second point is that you should be very carfeul who you give authority to execute transactions on your behalf. Established and regulated UK wealth managers offer discretionary investment services whereby they can buy and sell investments on your behalf on low-risk long term investments. But will definitely not offer it on high-risk investments.

No respectable wealth manager would ever suggest that cryptocurrencies are a good investment.

If you come across anyone claiming they can make you money by trading cryptocurrency it is almost definitely a scam and should be reported to the FCA here: https://www.fca.org.uk/consumers/report-scam-us

Looking for someone to trade cryptocurrencies on your behalf will only lead you to scammers.

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