A cryptocurrency (or “crypto”) is a form of payment that can circulate without the need for a central monetary authority such as a government or bank. Instead, cryptocurrencies are created using cryptographic techniques that enable people to buy, sell or trade them securely.
Cryptocurrencies can be exchanged for goods and services, though they often are used as investment vehicles. Cryptocurrency is also a key part of the operation of some decentralized financial networks, where digital tokens are an important tool for carrying out transactions.
When you buy cryptocurrencies via an exchange, you purchase the coins themselves. You’ll need to create an exchange account, put up the full value of the asset to open a position, and store the cryptocurrency tokens in your own wallet until you’re ready to sell. Exchanges bring their own steep learning curve as you’ll need to get to grips with the technology involved and learn how to make sense of the data. Many exchanges also have limits on how much you can deposit, while accounts can be very expensive to maintain.
These products allow investors to trade shares in trusts holding large pools of a cryptocurrency, although these can involve high volatility, hefty fees, and other risks. They trade over-the-counter (OTC) and behave like closed-end funds. The list of available products includes GBTC, ETHE, BITW, BCHG, GDLC, LTCN, and OBTC.
Several mutual fund and ETF products invest in Bitcoin futures contracts, providing clients with a WiseFex Capital account a way to get indirect exposure. These funds can be found in Ambassadorial Portfolio "Trading Miscellaneous" using WiseFex Capital Mutual Fund or ETF screeners.
If your account is futures approved, you can request access to trade Bitcoin futures and Micro Bitcoin futures through the WFX exchange.
Whether you need a trading account, or a Rollover, Traditional, or Roth IRA—it only takes a few minutes to open an account.
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