The Auckland-headquartered broker has announced the introduction of 24/7 Swap-free Cryptocurrency Trading. Did you heard that right? yes, now people can trade cryptocurrency, including bitcoin, everyday of the week without swap charges. That sounds wonderful. Even after all that happened in the world of cryptocurrency, it remains a hot stuff that many people can't wait to get their hands on.
The Auckland-headquartered broker has announced the introduction of 24/7 Swap-free Cryptocurrency Trading. Did you heard that right? yes, now people can trade cryptocurrency, including bitcoin, everyday of the week without swap charges. That sounds wonderful. Even after all that happened in the world of cryptocurrency, it remains a hot stuff that many people can't wait to get their hands on.
Bitcoin: Accepted
Among the cryptocurrencies offered by FxOpen, there are Bitcoin, Litecoin, Namecoin, and Peercoin. They can be traded among its peers and with USD, Euro, and Ruble. Ruble? yeah, that was unique. The complete eleven pairs are: BTC/EUR, BTC/RUB, BTC/USD, LTC/BTC, LTC/EUR, LTC/RUB, LTC/USD, NMC/BTC, NMC/USD, PPC/BTC, and PPC/USD. They are traded in MT4 ECN terminal.
Apparently, FXOpen seriously wants to conquer the hearts of virtual currency fans. Early this month they have started accepting deposit in Bitcoin, Litecoin, and Namecoin, with zero-fee policy attached. Other well-known broker who accept deposit in Bitcoin is Forex-Metal, but there is every possibility that with the advance of cryptocurrency, the number of brokers who accept bitcoin will rise.
Bitcoin: Taxed
Nevertheless, challenges for the newly developed kind of currency keep piling up. The most recent one is US Government first ruling on cryptocurrency.
Yesterday (26/3), Uncle Sam's Internal Revenue Service (IRS) has ruled that Bitcoin is property that is availabe for tax purposes. Both those who mine bitcoin and those who receive it as payment have to report them and pay tax as in stock investment. More explicitly, it means they does not consider Bitcoin as currency. The decision could have wide influence among bitcoin community, but it left a question on how the IRS would seek to tax something that's not exist in a regulated space.
At its base, bitcoin community consist of people who won't think twice to evade government's hand, will they abide such rule just like that? And how would IRS trace tax-evaders? If IRS managed to establish the law with iron hand, what will happen with virtual currency? Many question remains, but time will surely give us the answer.
Meanwhile, if you want to benefit from it, there are many options available in the world of online trading. There are binary-options variety of bitcoin by Tradologic, 24/7 swap-free crypto account from FxOpen, and many others.
Update:
On April 1, FXOpen announced that they are going to include BTC/CNH and LTC/CNH pairs in the list of instrument available to be traded with crypto account. FXOpen clients from China, rejoice! Those of you who like to trade Chinese yuan, this is a rare chance to be utilized.