Bit4X Starts Bitcoin Denominated Forex Trading

After announcement of Cyprus bank that there are worries regarding trusted established banking systems, prices of Bitcoin are kind of skyrocketing currently. The usage of bitcoin is still a little drop in the bucket of overall commerce, but, it is a fact that the demand for bitcoins has been boosted with expansion of firms who accept this currency while making any internet transactions. 

It is true that the household names are yet to accept Bitcoins; still products which are available for sale cover almost every item that a person can possibly purchase, from brand clothing to electronics and food. Demand of bitcoins has always been on rising note, however, the Cyprus financial crisis has led the perfect storm needed and awareness on this currency has therefore increased as well.

Bitcoins as a tradable instrument still doesn’t exist among the major forex trading platforms. However, one firm, pretty recently has decided to provide customers an option to own bitcoin denominated MT4 accounts. The forex trading firm is named as Bit4X, a Slovenian unit of VenetFX. As part of this new feature, clients can not only fund their account, but withdraw from the same in form of bitcoins as well.

Incidentally, unlike the traditional brokers, Bit4X doesn’t ask for any sort of client documentation when they try to withdraw. They only need to provide an email id where the payment will be sent. Though this anonymous trading feature may lure many clients, there will be no option of making claims against the broker in case of any fraudulent or erroneous trades.

The Director of Bit4X, Matic Kocevar stated that the company currently has a small base of clients, but the same is increasing with time. He explained that the clients are interested in holding a bitcoin denominated account for taking advantage of increase in the currency while they are trading. As far as BTC/USD trading is concerned, Kocevar stated that they are currently working on the same and he expects the same to be integrated pretty soon. If this feature is accomplished, it is expected to boost the customer base of Bit4X.

NFA is all set to ban usage of credit card for making deposits in US and as a result, the demand of alternative funding options is expected to increase. It is yet to be seen if other forex brokers also start accepting Bitcoins.