A bit about BITO - what is it and why is it trending?
BITO: the word that has been on traders’ radars lately.
ProShares Bitcoin Strategy ETF (BITO) is the first U.S. bitcoin-linked ETF offering investors an opportunity to gain exposure to bitcoin returns in a convenient, liquid and transparent way. An Exchange Traded Fund that tracks the movement of the Bitcoin futures is a big industry first, ending a nearly decade-long struggle to get a crypto-related product onto a legitimate exchange.
This new product arrived on the scene in October when ProShares brought the bitcoin-linked ETF to the New York Stock Exchange under the ticker symbol BITO. So the question on everyone’s minds now is:
Why should I invest in BITO?
An obvious reason is that traders can capitalise on bitcoin futures contracts with managed exposure, without investing directly in bitcoin. In other words, BITO allows investors to own, trade or participate in the price action of Bitcoin without having to worry about getting or managing a Crypto wallet which comes with associated cyber security risks. It is an investment security that could become part of a sophisticated, diversified investor portfolio.
This is a benefit when trading EFTs versus other physical stocks. Rather than investing in individual stocks, an exchange-traded fund (ETF) offers exposure to the industry, with reduced risk and a potentially higher return.
Traders will be glad to know that this new and much anticipated investment symbol is Skilling’s latest addition to its top suite of trading products. The launch of one of the most talked about products gives its clients access to capitalise on upcoming market movements.
What’s more, Skilling offers CFD trading not only on ETF CFDs like BITO, but also across multiple asset classes. Skilling gives traders the opportunity to trade what they want and when they want it, by continuously offering the latest products that are moving the markets.
Trading cryptocurrency is not available for UK retail clients
Trading cryptocurrency is not available in the UK/China
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What is forex trading?Forex trading is the buying and selling of currencies on the foreign exchange market with the aim of making profit. Forex is the word's most-traded financial market, with transactions worth trillions of dollars taking place every day.
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