Are there immediate plans to make Bitcoin more accessible to Forex traders?

4

Most people trading in foreign currencies are not technical, and will not learn how to operate the "technical jungle" that is Bitcoin.

Are there any known plans to expose Bitcoin to Forex while staying in their comfort zone - e.g. any existing foreign exchanges that plan to support Bitcoin (instead of forcing them to go to websites specializing in Bitcoin?)

ripper234

Posted 2011-08-31T08:26:59.827

Reputation: 25 852

I would imagine that a real problem is that the bitcoin market is just not large enough for most forex traders to care. If there are around 8 Million BTC out there with BTC in the $4-5 range the total value is to small for people who are used to taking out Million dollar positions – Zachary K – 2012-02-21T09:25:10.843

2You'd be surprised how quickly people can learn new stuff if there is serious money to be made after doing so – Gary Rowe – 2012-05-22T09:09:53.390

Answers

4

As far as I'm aware most bitcoin exchanges don't adopt fiat currency as it requires them to be licenced with the money markets.

The same goes for the forex markets which exist such as IG Index or Capital Markets. The situation which would allow them to trade bitcoins for money is not suitable as it's not recognised as legal tender and organisations such as the IMF would not accept trading on licenced exchanges.

It's rather safe to assume for major players in the money markets would be unable to adopt bitcoins due to the red tape involved.

A small quote from the best exchange I am on

"Financial Regulation

Our business and services are buying, selling and trading virtual goods and commodities. We are not currently regulated as a financial institution."

MaxSan

Posted 2011-08-31T08:26:59.827

Reputation: 3 760

What does it mean "most bitcoin exchanges dont adopt fiat currency"? In all exchanges you can exchange fiat currencies (e.g. USD) for Bitcoin. – ripper234 – 2011-08-31T11:31:01.193

By this I refer to exchanging one currency for another, unable to buy GBP against USD or similar. – MaxSan – 2011-08-31T11:42:39.323