First Global Credit, the world’s first provider of services that allow Bitcoins to be used as collateral to trade stocks and commodities is working with Bitcoin publisher CoinTelegraph to launch a competition where bitcoin holders use them as trading margin to stack up Bitcoin profits. The kickoff for the competition is market open, 23rd of March.
The competition prize
The prize which will be awarded to the most profitable competitor is access to a fully funded LIVE trading account loaded with the trading power of 20 Bitcoins.
The last competition attracted a wide range of people from all around the world including semi-professional and professional investors from the Bitcoin owning community. The last winner, professional Trader Michael Caruso, is starting to stack up real profits from his fully funded trading account winnings.
Michael said, “I’m a fairly active trader and I think being able to use Bitcoin as collateral is a really interesting development and I enjoyed the last competition. I can definitely see how First Global Credit’s services can be a useful tool for people that have amassed a supply of Bitcoins and want to use them to try to make more money.”
Marcie Terman, Communications Director commented “Following the success of the last competition we are looking to increase the pool of untapped talent from the Bitcoin community to add to those of the last winner Michael Caruso”. She continued, “We will again provide the winner of the competition with access to a fully funded trading account and the potential to turn that into significant profits.”
Active Trader Platform The new “Super Trader Competition” provides just four weeks for the traders to make their mark. The competition, which is open to anyone, will enable day traders to pit their skills against other day traders using First Global Credit’s Active Trader demonstration system; that simulates actual market trading. Each player will receive 100 ‘demonstration’ Bitcoins and free rein to choose from a list of over 50 markets. The competition runs from Monday, March 23rd through to Monday, April 27th. At the market close the player holding the most ‘demonstration’ Bitcoins in their account will be the winner. The winner will be announced at the Inside Bitcoin New York conference on Tuesday the 28th of April, and provided with access to their Live, Fully Funded Trading Account the following week.
The demonstration system mirrors the Live Active Trader using live prices and fee structures to emulate a real trading environment. The goal of the competition is to find the next talented Super Trader capable of making the most of their 100 ‘demonstration’ Bitcoin collateral.
Five times leverage
As with the live Active Trading platform, each player allowed an initial trade leverage of up to 5 times available margin, in effect providing up 500 Bitcoins in collateral for trading.
Michael Caruso won the last competition by using a method of breakout or breakdown trades on high ATR [link] (average true range) stocks. “The stocks I traded were Priceline (PCLN), Amazon (AMZN), Biogen Idec (BIIB) and Netflix (NFLX.)” Michael stated after the last competition.
How to join in the fun? You can register for a free ‘paper trading’ account at any time prior to the competition to get familiar with the Active Trader paper trading platform. It is absolutely free to create a paper trading account. Then when you log into the site on the 23rd of March the Competition account will be available from the pull-down menu on the login page.
The competition is run in partnership with CoinTelegraph, one of the top speciality publishers notable for covering everything-Bitcoin, from news to expert opinion. CoinTelegrpah will provide regular updates on the progress of the competition on their website, Facebook and Twitter feeds.
Full details of the competition rules are available on our website. www.firstglobalcredit.com/competition.