Business 7 months agoEd Drake
Trading app BUX launches CFDs for Bitcoin Cash, ETH, XRP, LTC
Mobile trading app BUX has announced support for raft of new cryptocurrency contracts for difference (CFDs), providing investors with an alternative way to speculate on crypto markets like Bitcoin Cash.
The app, which allows users to trade in stocks and other financial instruments for fun or for real money, recently unveiled its latest offering, with CFDs now available for positions in Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), and Ether (ETH).
The development is the latest sign of growing support for Bitcoin (BCH) over alternatives like BTC, after a number of exchanges and startups announced plans based around the currency. Bypassing the technological issues causing friction on the BTC blockchain, such as the lack of scaling potential and the high transaction fees, BCH is fast becoming the preferred alternative in payments.
With the profile of bitcoin now greater than ever before, the launch of CFDs at BUX provides casual investors with an alternative means of capitalising on the underlying growth in the currency.
Contracts for difference are a type of trading instrument based on an underlying market. Instead of buying the underlying asset, as in other types of investing, traders buy a contract for the difference in the asset between the price today, and the price at a future date.
This has several key advantages for investors, according to BUX, including improved security.
According to a post on their blog announcing the new CFDs, the CFD structure makes investments in bitcoin and other cryptocurrencies less susceptible to hacking and theft.
“What about hackers? It’s not easy to find a cryptocurrency exchange that hasn’t been hacked. Every time an exchange is pierced, hundreds of investors and traders lose their cryptos forever. Most crypto exchanges aren’t subject to regulation, so there are no protection measures in the event of hacking or bankruptcy.”
“From a certain point of view, crypto CFDs may be more secure than buying the coin itself – because hackers can’t spend the CFD, so they’re not likely to steal it. CFDs, therefore, prevent you from unnecessary risk whilst allowing you to benefit from cryptocurrency movements.”
Additionally, CFDs also allow investors to trade on leverage, increasing the volatility and thereby the potential gains from incremental movements in the market.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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