Just like forex Be prepared to lose all Bitcoin when trading it

(Last Updated On: November 2, 2017)

Bryan here from QuantLabs. I posted an article earlier today on my Facebook group entitled “Buy Bitcoin if You’re Ready to Lose It.” I’ve been noting one of the bigger exchanges by the name of Bitfinex. These guys seem to be kind of sketchy for a number of reasons. One reason is when Bitcoin goes up, they go in a maintenance mode. Another reason, a few weeks ago, people were reporting basically that the service was going out, or they couldn’t access their account. I just posted yet another article called “Fake It Til You Make It When Bitfinex used to spoof their entire order book.” There’s just a few of these stories over the last two or three weeks which is lot of bad news on this exchange.

https://quantlabs.net/blog/2017/11/just-like-forex-be-prepared-to-lose-your-bitcoin-when-trading-it/

I’m not sure if I should put this as a warning out, but when you get other articles like this saying, “Hey, only buy Bitcoin if you’re ready to lose it,” Bitcoin has now, if you go back in my group, what you’ll notice is a lot of things is going to get kind of weird. One minute Bitcoin is reaching $6,900.00 despite warning from the SEC, and yet you get other articles saying that Bitcoin has now gone mainstream because the CME allows for futures to be traded in Bitcoin. It’s like, which way do you go?

As this stands right now, when I’ve looked at Quant Connect, as an open source trading crowd sourced platform, like Quantopian, which they allow you to trade Crypto through GDX. This exchange is probably one of the more reputable ways to trade Bitcoin or other Crypto currency. Apparently their parent company Coinbase isheavily regulated who have been on Bloomberg, WSJ, NY Times etc. GDAX havebeen getting quite a bit of publicity which is probably, I guess, one of the only reputable exchanges out there.

As according to CoinMarketCap.com, Bitfinex is second in volume followed by Bittrex, Poloniex, HitBTC, etc. , who’s only doing $202.million, meanwhile some of the other exchanges are quite a bit more. Bittrex is twice, of Bitfinex is roughly, four times, and then you get this top one, let’s four or five times. This is no different than trading Forex. I

If you’re going to go with an unscrupulous forex broker, you’d better be prepared to lose money because there is similarity between Crypto Currency and unregulated Forex brokers. When you had the Swiss National Bank depeg from the Euro a few years ago, four or five large brokerages went bankrupt. Money was lost for a lot of the account holders, and were paid out on pennies to the dollar if they were lucky. Don’t be surprised that you got to be very prepared and know your risk when it comes to trading crypto currencies like Bitcoin. This is especially true on some of these other exchanges.

Just thought I’d put that out there.

Over and out. Have a good day.

Thanks for reading,

Bryan

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About caustic

Hi i there My name is Bryan Downing. I am part of a company called QuantLabs.Net This is specifically a company with a high profile blog about technology, trading, financial, investment, quant, etc. It posts things on how to do job interviews with large companies like Morgan Stanley, Bloomberg, Citibank, and IBM. It also posts different unique tips and tricks on Java, C++, or C programming. It posts about different techniques in learning about Matlab and building models or strategies. There is a lot here if you are into venturing into the financial world like quant or technical analysis. It also discusses the future generation of trading and programming Specialties: C++, Java, C#, Matlab, quant, models, strategies, technical analysis, linux, windows P.S. I have been known to be the worst typist. Do not be offended by it as I like to bang stuff out and put priorty of what I do over typing. Maybe one day I can get a full time copy editor to help out. Do note I prefer videos as they are much easier to produce so check out my many video at youtube.com/quantlabs