VC backed Coinsetter launches Bitcoin forex trading platform

The New York based company makes (gradually) its beta platform open to the public

The venture capital investors behind Coinsetter might be in for a small party. The forex trading platform based on Bitcoin has announced that it will be gradually opening its beta status to the public. Initially the process will roll out slowly with 100 new users per day added, in the order in which they signed up for the beta. The company will be gradually increasing the amount of new users as it wants to make sure its infrastructure will handle all dealings perfectly.

An attractive opportunity to make use of your bitcoins, although these days one might argue that every moment that you are not holding your virtual currency widely dubbed as Gold 2.0, you could be losing money. According to data from BitStamp the current exchange rate for USD/BTC is $417 per Bitcoin, which is essentially a doubling in price since the start of November when we reported the approach of previous Bticoin highs.

Coinsetter already offers institutional margin and financing options that mitigate counterparty risks, hile no deposits from the US are currently accepted, the company accepts European (SEPA) customers. Regulatory restrictions are currently preventing US clients to deposit funds via bank accounts, bit one can always use Bitcoins to deposit.

The Bitcoin price data feed provided by the company aggregates feeds from multiple exchanges and thereby provides a deeper pool of liquidity for BTC trading. The company claims super-fast execution times in milliseconds and unmatched liquidity depth. The claims remain to be tested and we will be looking closely to gather more information once the service gathers speed.

Traders will be paying no fees for trading and SEPA deposits and withdrawals until the end of November. Coinsetter has assured deals with a US banking institution on a compliance-apporved bank account, and for international customers that service is provided by Sparkasse Bank Malta plc, which is a subsidiary of the major Austrian based Erste Group (VIE:EBS).

Should you be interested in trading bitcoins through a conventional broker, you could easily turn to a couple of CFD brokers like Plus500 or AvaTrade which are already offering the digital currency for trading.

For the full announcement visit Coinsetter’s website.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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