So, according to Forbes, Bitcoin is the new Gold?
If by that they mean a wildly volatile and unpredictably financial instrument that can be speculated on with massive leverage then they are probably right.
But, if you haven’t traded or bought Bitcoin before where should you get started?
Firstly you need to decide why you want to buy Bitcoin. Are you just speculating on the price or do you want to buy physical Bitcoins to make ah hem purchases with?
With all types of investing and trading in volatile products, you can lose all or more than your initial deposit so make sure you manage your risk
Here is the main difference between the three types:
- Spread betting – is trading as a bet so there is no capital gain tax on profits
- CFD – Contracts for difference are trades based pricing and you can trade with direct market access
- MT4 – is just a trading platform that spread betting and CFD brokers provide as well as their own in house platform (it has some bells and whistles and can auto trade).
If you’re buying Bitcoin for physical purchases you need to go to a Bitcoin exchange. Bitcoin.org very kindly has a list of UK exchanges where you can buy Bitcoins to hold. These include Coinfloor, Coincorner and Bittylicious.
You can see the Bitcion price from PLUS 500 here:
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Richard founded the Good Money Guide (previously 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.