Looking to purchase Bitcoin and Ethereum is there anything which gives a comparison of Trader options?
21 April 2021
Question by Ron
Looking to purchase Bitcoin and Ethereum, that being nominal sums that I can afford to lose, just to cover all bases, given the rise in Fiat money printing. Noting the recent "Boring Blog", is there anything out there which gives a comparison of trader options and whether you will be able to withdraw your funds when you want to, unlike Coinbase. The ECB also seems determined that no-one but they should control the money and certainly not the "little people out there", so I do appreciate the risk! Regards Ron
Answered by Tom Eyles
Hi Ron, we’re certainly getting more and more enquires about cryptocurrencies which means, despite the unpredictability for now, they’re either here to stay as a true asset class or people just want something more exciting.
Currently, our industry regulator (Financial Conduct Authority) hasn’t allowed UK based investors to use their tax wrappers to hold these investments as they are deemed as too high risk for retail investors. This unfortunately means a comparison system you speak of isn’t available and any access is via unregulated providers which comes with the obvious risk that you won’t be able to call your funds out at the point you need them.
As a regulated adviser, it’s not an area I know providers inside out for and so I would speak generically and say that if you have a suitable risk appetite, can commit a portion of funds you’re happy to speculate with and feel comfortable with a provider and any terms/costs they outline; it’s your judgement to go ahead.