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SOSLOVE868
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May 06, 2013, 08:49:48 PM |
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I think the bonuses might be different for different countries then. Here in Norway it is NOK7500 ($1100) for NOK30000 ($5000). The rest of my math is correct, so it should be very easy to clear.
Even if what you are saying is true for UK, you need to remember you have 4:1 leverage so if you deposit £5000 you actually get to trade with £20000, making the £75000 requirement less than 4 full trades.
Of course I 100% agree that trading with leverage can be very risky, but so are most Bitcoin related things.
I have check the table ,leverage isn't count in trading point..... We still need full trading of the £5500 for about 13 times..... |
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spndr7
Legendary
 Offline
Activity: 1020
Merit: 1000
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May 08, 2013, 12:21:39 PM |
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This is pretty awesome, hopefully they enable Bitcoin withdrawals and it would be a bit of competition with MtGox.
 Screenshot of http://www.plus500.com/Instruments/BTCUSDNo competition, it is using mtgox price API,its the same as trading on Mtgox with different spread,hedging and 4:1 leverage. |
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Bitsinmyhead (OP)
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May 10, 2013, 09:45:07 AM |
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In these slow markets it sure helps to have 4:1 leverage, meaning a 2% swing in price gives you potential of 8% win (or loss  ), helps me from falling a sleep. Still waiting for a nice trend to jump on to make some big $$$. |
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Seth Otterstad
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May 10, 2013, 09:56:30 AM |
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Since I am wildly bullish on bitcoin and do not expect it to drop in half, is it reasonable to load money on this site, buy at 2:1 leverage, and then leave it? What are the downsides compared to just holding coins myself at 1:1?
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Bitsinmyhead (OP)
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May 10, 2013, 10:04:03 AM |
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No downside as far as I can tell. I actually feel more comfortable having money on a FSA regulated site than on most of these Bitcoin exchanges...
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naphto
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May 10, 2013, 11:43:18 AM |
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thats a pretty tight spread there
Are you for real? This is a huge spread. I would say that it is not profitable to trade btc/usd on plus500 for that reason. Spread on btc/usd = 1.03 usd Difference between high/low on btc/usd = 9.43 usd 10.92 %Spread on crude oil/usd = 0.05 usd Difference between high/low on crude oil/usd = 0.89 usd 5.62 %
Spread on eur/usd = 0.0002 usd Difference between high/low on eur/usd = 0.0075 usd 2.66 %The spread represents 10 % of the difference between the maximum and minimum values reach in the last 24 hours, but it should be between 2 and 5 %. |
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01BTC10
VIP
Hero Member
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Activity: 756
Merit: 503
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May 10, 2013, 11:57:05 AM |
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The bonus are easy to clear but fees/spread adds up very quickly. They freeze the buy/sell button when the market is volatile. Price is always rigged in their favour. I'm still trading with them hoping to get a painless first cashout. Since I discovered margin trading I can't sleep anymore.  Why is everyone talking about 4:1 leverage when it's 1:4? |
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Seth Otterstad
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May 10, 2013, 03:35:45 PM |
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I don't understand the posted screenshot and the spread. The screenshot says "buy 113.79" and "sell 112.76". What will I actually pay to buy a bitcoin in that case?
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Bitsinmyhead (OP)
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May 10, 2013, 05:13:23 PM |
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You pay 113.79 and can sell at 112.76. I wonder how this is going to work out for them as most of the people I have talked to have bought through them, not going to be easy for them to keep a balanced book.
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joesmoe2012
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May 10, 2013, 05:26:13 PM |
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That spread doesn't seem -that- bad. It's not as competitive as elsewhere but I don't understand why people are talking about 10 percent.
I'm in for an account.
Don't forget, bitfinex offers leveraged trading as well.
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Bitsinmyhead (OP)
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May 10, 2013, 06:19:02 PM |
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Spread is actually very good and I doubt anyone else will be able to offer anything better. I actually fear they will have to widen it if they don't want to lose money. Remember there is no other fees like the 0.6% commission on Gox. Also, with the leverage you basically get to borrow money for free to trade with. Finally, don't forget the awesome first time deposit bonuses they offer: http://www.plus500.com/en/Marketing/Promotion1.aspx?id=67176&pl=2Now if only Gox would offer something similar...  |
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GambitBTC
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May 11, 2013, 10:06:23 PM |
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Simply incredible
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molecular
Donator
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May 12, 2013, 02:24:31 PM |
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That spread doesn't seem -that- bad. It's not as competitive as elsewhere but I don't understand why people are talking about 10 percent.
I'm in for an account.
Don't forget, bitfinex offers leveraged trading as well.
As opposed to plus500 bitfinex is not a bucketshop. Bitfinex actually trades the underlying asset when you open a position. plus500 is a bucketshop, right? As defined by the U.S. Supreme Court a bucket shop is "[a]n establishment, nominally for the transaction of a stock exchange business, or business of similar character, but really for the registration of bets, or wagers, usually for small amounts, on the rise or fall of the prices of stocks, grain, oil, etc., there being no transfer or delivery of the stock or commodities nominally dealt in."
And they take the other side of the bet in case there is no other customer taking the opposite bet, correct? Do they hedge against the market going the wrong way somehow if things become too unbalanced in their books? I'd really like to know how such a shop works. Is it like satoshidice? |
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01BTC10
VIP
Hero Member
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Activity: 756
Merit: 503
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May 12, 2013, 02:26:51 PM |
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That spread doesn't seem -that- bad. It's not as competitive as elsewhere but I don't understand why people are talking about 10 percent.
I'm in for an account.
Don't forget, bitfinex offers leveraged trading as well.
As opposed to plus500 bitfinex is not a bucketshop. Bitfinex actually trades the underlying asset when you open a position. plus500 is a bucketshop, right? As defined by the U.S. Supreme Court a bucket shop is "[a]n establishment, nominally for the transaction of a stock exchange business, or business of similar character, but really for the registration of bets, or wagers, usually for small amounts, on the rise or fall of the prices of stocks, grain, oil, etc., there being no transfer or delivery of the stock or commodities nominally dealt in."
And they take the other side of the bet in case there is no other customer taking the opposite bet, correct? Do they hedge against the market going the wrong way somehow if things become too unbalanced in their books? I'd really like to know how such a shop works. Is it like satoshidice? No idea if they hedge their book... |
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Grinder
Legendary
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Activity: 1284
Merit: 1001
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May 12, 2013, 04:32:27 PM |
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Since I am wildly bullish on bitcoin and do not expect it to drop in half, is it reasonable to load money on this site, buy at 2:1 leverage, and then leave it? What are the downsides compared to just holding coins myself at 1:1?
You'll have to pay a 0.05% daily fee (~20%/year) for holding the position. |
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Seth Otterstad
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May 12, 2013, 07:53:20 PM |
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Since I am wildly bullish on bitcoin and do not expect it to drop in half, is it reasonable to load money on this site, buy at 2:1 leverage, and then leave it? What are the downsides compared to just holding coins myself at 1:1?
You'll have to pay a 0.05% daily fee (~20%/year) for holding the position. I thought there would be a catch. Thanks for identifying it. |
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Hfleer
Sr. Member
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Changing avatars is currently not possible.
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May 12, 2013, 07:59:32 PM |
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I think this is pretty huge. Plus500 is a pretty large and solid site. They even run a lot of TV ads here in Norway. You get 4:1 leverage, meaning if you deposit 200 you can trade with 800, and you can also short. Best part is they accept credit card deposits so it is probably the easiest way to get into Bitcoins for a lot of people even though its only "paper Bitcoin". Unfortunately they do not accept US customers.
Sound interesting, i'll take a look. |
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01BTC10
VIP
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Offline
Activity: 756
Merit: 503
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May 12, 2013, 08:47:15 PM |
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Since I am wildly bullish on bitcoin and do not expect it to drop in half, is it reasonable to load money on this site, buy at 2:1 leverage, and then leave it? What are the downsides compared to just holding coins myself at 1:1?
You'll have to pay a 0.05% daily fee (~20%/year) for holding the position. Where do you see a daily fee? Premium time?  |
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