Following the success and popularity of the first competition launched in December 2014, First Global Credit is working with NewsBTC to launch the TOP Bit-Trader Competition which will start on 22ND of July and run until close of market trading on Friday August 14th. That gives each trader just 18 trading days to see how well they can do against their peers.
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, Jason Geist, is currently using his bitcoin winnings as collateral to trade on a live Bitcoin account. Due to his success within his first few weeks of trading, Jason’s account has been upgraded so that he now is trading with 36 bitcoin’s worth of value and he has profited from doubling his initial winnings.
Jason comment on the last competition, “I enjoyed the challenge very much, it also helped me to learn more about FGC and how their services work. The potential of the service FGC is offering was very intriguing to me; that I could use my bitcoin holdings as collateral for other investment opportunities instead of sitting on them and missing out on other investments.”
Marcie Terman, Communications Director commented “Following the success of the last competition we are looking to bring more untapped trading talent into our STAR TRADER GROUP.” She continued, “The winner of the Top Bit-Trader Competition will also get access to a Live trading account loaded with 20 bitcoins worth of trading capacity.”
New Currency Switch Service
In addition to competitors being able to make money from the stock market, the new “Top Bit-Trader Competition” will include access to the recently launched Currency Switch Service. This enables a trader to switch the collateral in their account from Bitcoin into one of four Fiat currencies (USD, EUR, GBP of CHF) at the live market price without needing to close their stock market positions. This feature was introduced to enable a trader to hedge against any dramatic price falls in the price of Bitcoin. It also means a talented trader can make profit from stocks and from currency moves using the same bitcoins.
The competition, which is open to anyone, will enable traders to try their investment skill against others using First Global Credit’s paper trading system; that simulates actual stock market trading using bitcoin as margin. Each player is given a competition account loaded with 100 practice bitcoins and has free rein to choose from close to 100 markets to trade over a period of four weeks. And to make things more interesting, those 100 bitcoins can be leveraged up to 5 times their value on the Stock Trading Platform and twice their value on the Currency Switch Platform. That means you can rack up big money really quickly or lose it all if you are not careful!
The paper trading platform mirrors the live platform using live market prices and the same fees so the competition emulates a real trading environment. The goal of the competition is to find the next talented Top Bit-Trader capable of making the most of their 100 synthetic bitcoin collateral.
The competition is run in partnership with NewsBTC, a media partner that aims to educate and inform those curious about bitcoins. NewsBTC’s goal is to publish useful news articles, interviews, and other bits of information that help its audience better understand the Bitcoin ecosystem.
NewsBTC will provide regular updates on the progress of the competition posting a leaderboard of the BEST players.
Full details of the competition rules are available on our website. If you want to see just how good a trader you are create a paper trading account immediately by going to the competition page and clicking on the registration link there. Then get some practice in before the start of the competition.
GOOD LUCK TO ALL!