A week after announcing support for bitcoin-backed trading of LSE shares, First Global Credit says it is recruiting trading talent for membership in its ‘Private Trading Group’, which provides access to a professional grade stock and currency trading account on the Geneva-based company’s platform.
First Global Communications Director Marcie Terman commented:
I am so excited about seeing what kind of talent we attract with this initiative. The Private Trading Program will give traders the opportunity to develop their skills with relatively low risk. The trader’s risk is limited to their original bitcoin deposit. First Global assumes any additional risk if things don’t go to plan and the market gaps strongly against a trader. We are doing this to make a profit but also to encourage people that would not normally have the opportunity to build a career in market trading. It is my hope that we will attract people living outside of trading centres who ordinarily would not get a chance to pursue a career in market trading.
There are no educational or prior trading certifications necessary for a Private Trading Group membership, but applicants need to provide a strategy statement of 750 words maximum demonstrating how they intend to use the bitcoin collateral to make profits trading stocks, funds and/or currency on the platform.
According to the First Global Credit, the company is partially subsidizing accounts in its Private Trading Group, as it will match one bitcoin deposited by the trader with another bitcoin. The two bitcoins in the professional account act as collateral, initially giving the trader up to 20 bitcoins worth of capital, based on 10 times leverage, for stock and fund trading. At the same time the trader can transfer their collateral into and out of fiat currency to simultaneously take advantage of currency price moves. First Global Credit takes 25% of profit earned in the account. The trader may at any time remove their profit from the account, but if left in the account, the trading collateral amount increases in line with the amount of profit in the account.