The company, which enables traders to use Bitcoin as collateral to trade stocks and ETFs, plans to invite traders across the globe to participate in the said round. As it further confirmed, the competition does not require participants to submit any prior educational or trading experience; it only wants traders to submit a 750-word long strategy statement describing how they aspire to use Bitcoin collaterals to make profits trading traditional equities.
It though sounds like a tricky task but as Marcie Terman, the director of First Global Communication, stated, the quality of the strategy is the least they care about. Instead, the company will focus on whether traders have thought through their approach to the markets. She also added:
“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.”
Special Bitcoin Margin Account
The winner will receive the opportunity to possess a Private Trading Group account. Furthermore, FGC also plans to subsidize this account with additional Bitcoins, so as to qualify their new elite trader to receive 10-times leverage — and to minimize risks — for stock and ETF trading. The profits will likewise split into two: with the trader receiving 75% share and FGC the rest.
The trader will also be allowed to move their Bitcoin collateral in-and-out of fiat currency while taking advantage of profitable currency price fluctuations (very common in Bitcoin markets). He will also be given the feature to remove his profit from the account.
Equaling Individuals and Institutions
The competition, according to Terman, is aimed at leveling the playing field between big institutions and the individual.
“I am so excited about seeing what kind of talent we attract with this initiative,” stated Terman in her press statement. “The Private Trading Program will give traders the opportunity to develop their skills with relatively low risk. 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. 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,” she added. “It is my hope that we will attract people living outside of trading centers who ordinarily would not get a chance to pursue a career in market trading.”
Interested traders can submit their trading strategy statement to First Global Credit before February 15th. The company has also listed a detailed overview about the Private Trading Group on its website.