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If you want to trade bitcoin via a spread betting broker we’ve put together a comparison tables of brokers that offer bitcoin trading here.
More and more brokers are embracing bitcoin and crypto currencies as an asset class for speculation.
If you want to invest in bitcoin or hold it for long term gains then you may be better off buying some direct through a bitcoin exchange. However that comes with it’s own set of risks such as being hacked, the exchange going bust or some other issue that no-one has even thought of yet.
After all bitcoin is in it’s infancy, but if you just want to speculate on whether the price will go up or down in the short or medium term a spread betting broker will offer access and tax free profits.
By trading bitcoin through a broker, especially an OTC market like spread betting your underlying asset risk is with the broker, who will hedge your position appropriately.
A couple of things to remember of course before you start spread betting on bitcoin.
- It’s risky, of course all spread betting is risky as you are trading on margin. But cryptocurrency trading can be more volatile because they are new, relatively illiquid and prone to big moves on news and rumors.
- Don’t over expose yourself, if you are looking for long term gains. If you are taking a longer term view on bitcoin but want the tax benefits of spread betting make sure you have enough risk capital on account to cover the variation margin.
- Always go with an FCA regulated broker. The brokers in our comparison tables are all regulated by the FCA and offer deposit protection under the FSCS. Avoid any broker offshore or any pushy salesman that tries to suggest trading ideas or offer welcome bonuses or account top ups.
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