We have talked about First Global Credit in the past, one of the first companies to accept bitcoin as market trading collateral, for those holding stock and currency trading accounts with the firm.
Well, recent reports indicate that the company has decided to add a few more commodity futures on to the already available list of the ones which can be traded via the platform. With this in mind, the company’s CEO, Gavin Smith stated that: “Commodity Futures is the next logical step in providing digital currency holders with the same choices fiat currency holders have. As more people adopt bitcoin as part of their portfolio, they will expect access to the same choices fiat holders enjoy.”
Based on this, the service will initially offer a total of five markets and 2-3 months for a contract in particular. The new commodity futures that can be traded include E-mini NASDAQ 100, Comex Mini Copper, Comex E-Micro Gold, E-mini Crude Oil and e-Mini S&P Futures.
According to the company’s communications director, they started out with E-mini contracts, because they wanted to have the service available to as many customers as possible, due to their low margin requirements.
In order to use bitcoin as margin, potential clients will have to register an account with First Global Credit, go through the verification process, where their identity is checked, and then proceed to deposit bitcoin into segregated client accounts, which can then be used to trade stocks or forex. Investing more bitcoin at a time is ideal as accounts with more than ten bitcoin stores, get a commission of 2% annually.
Based on everything that has been outlined so far, what do you personally think about First Global Credit? Let us know your thoughts in the comment section below.
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