Cryptocurrencies: How to Trade Safely With BUX

When it comes to trading in cryptocurrencies, it’s essential you choose the right platform. Entrusting your money to the wrong site or broker can cost you plenty (ask who invested in Mt. Gox). BUX gives you everything you need to profit from cryptocurrencies, without exposing you to any unnecessary risks. Here’s how:

1. Extreme simplicity

Currently, the process of buying crypto is as torturous as going from London to Edinburgh via Sydney, Montreal and Kuala Lumpur. You create a virtual wallet, look for a crypto exchange that looks reliable and hasn’t been hacked, buy bitcoins, pay a commission, wait days for the exchange to complete, without knowing if your deposit has been successful.
Then, if you want to buy a different cryptocurrency, you may have to send your bitcoins to another exchange, pay more commissions… In short, it’s a nightmare. On BUX, you just go to the Market screen, choose your favorite cryptocurrency, tap the arrow, and bam! You’re done.

2. Absolute security

What about hackers? It’s not easy to find a cryptocurrency exchange that hasn’t been hacked. Every time an exchange is pierced, hundreds of investors and traders lose their cryptos forever. Most crypto exchanges aren’t subject to regulation, so there are no protection measures in the event of hacking or bankruptcy.
On BUX, it’s different. In the unlikely event that BUX were to go bust, every BUXster is protected up to £50,000 from the Financial Services Compensation Scheme (FSCS).
Better yet, by trading with CFDs, you may be even safer from hackers…

3. CFDs? WTF?

Yes, on BUX, you buy a CFD* (contract for difference). It basically replicates the price of the underlying cryptocurrency. In terms of price movements, it’s almost identical.
The only difference is that you can’t spend the CFD like currency. But… try buying a loaf of bread with litecoin or ether and see what the baker says! From a certain point of view, crypto CFDs may be more secure than buying the coin itself – because hackers can’t spend the CFD, so they’re not likely to steal it.
CFDs, therefore, prevent you from unnecessary risk whilst allowing you to benefit from cryptocurrency movements.

4. A social community

Looking for like-minded people to share and exchange knowledge with? It’s easy with BUX. Our social platform allows you to follow cryptocurrency experts from all over Europe and emulate their moves and strategies. Also, on BUX Groups, you’ll be able to discuss the latest news and price movements, while learning from more experienced crypto traders.

5. Up or down, you choose

The good thing about CFDs is that you can also profit when cryptocurrencies go down. If you think the price of a certain token is going to sink like the Titanic, you can trade against it (known as ‘shorting’ it).

6. The Multiplier

Another cool feature of  CFDs on cryptocurrencies is that you can add a Multiplier to increase your potential return on investment. For example, if you invest £100 with a Multiplier of 3, the value of your position is now £300. And your returns (or losses) are tripled. But watch out: the Multiplier can be a double-edged sword. The investment can be lost very quickly if the price goes in the opposite direction. To avoid drama, we limit the Multiplier on BUX. Also, unlike other apps where you can end up with a negative balance, on BUX you can never lose more money than you put in.

And if you’re still not sure?

Well, you can try with our free demo account, called funBUX. It works exactly like a normal account, but without real money. So you can try it out, learn how it works, and only when you feel like it, invest real money.

*There are fees associated with CFDs on cryptocurrencies. Please check our Support Centre to know more.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.7% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.