First Global Credit, the first company that accepts bitcoins as market trading collateral has mounted a search for new talent to join their ‘Elite’ Private Trading Group. Membership in the group provides access to a professional grade stock and currency trading account on the First Global Credit platform. While there are no educational or prior trading requirements, traders do need to provide a strategy statement of no more than 750 words indicating how they intend to use the bitcoin collateral to make profits trading stocks, ETFs and/or currency on the platform.
When a trader is awarded a Private Trading Group account it will be part subsidized by First Global Credit. The trader deposits one bitcoin and First Global matches that with another bitcoin. As the account is classed as professional this 2 bitcoins of collateral initially gives the trader up to 20 bitcoins worth of capital (based on 10 times leverage) for stock and ETF trading. At the same time the trader can also move their collateral into and out of fiat currency to simultaneously take advantage of currency price moves. Profit is split between the trader (75%) and First Global Credit (25%.) The trader can, at any time remove their profit from the account, but if left in the account, the amount of trading collateral increases in line with the amount of profit in the account.
“I am so excited about seeing what kind of talent we attract with this initiative,” says First Global Communications Director Marcie Terman. “The Private Trading Program will give traders the opportunity to develop their skills with relatively low risk,” continues Terman “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.” continues Terman. “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,” says Terman. “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.”
“I believe to be a success in this program you need some kind of training, either self-directed or formal coupled with inborn talent,” says Terman. “The strategy statements will not be judged on quality of strategy, but will prove the trader has thought through their approach to the markets. The statements will also make it possible to provide balance among the group members. The goal will be to include both people that have a strong view on currency as well as stock trading, people who short markets, trade intra-day as well as take the long-view. When commodity futures trading is released onto the platform in February additional traders will be invited to join the program as well.
Those interested in joining need to submit their trading strategy statement before Monday, the 15th of February. Further information about the program can be accessed on the First Global Credit Private Trading Group Overview.