You might already know the name Btc.sx as one of the sponsors of the event “Beers4Bitcoins”, set to occur in Sydney. The startup figured in an article published by 99Bitcoins about the cryptocurrency panorama in Australia, but now it’s time to know Btc.sx a little better.
The service, a trading platform that works exclusively with Bitcoin, was created by Joseph Lee, an ex-banker who used all his professional background and personal experience to bet on the future of virtual currency. As an early adopter of the digital coin, he expanded his investments and started working with Bitcoins until he saw all the possibilities.
Now, he wants everybody to have the chance to speculate on the value of cryptocurrency with the proper tools, but without the major risks. So he created Btc.sx, which only works with Bitcoin: that includes all the trades, payouts and deposits. Besides, the platform focuses on margin trading, allowing investors to use the existing Bitcoins and increase their payouts.
However, Btc.sx eliminates part of the risk associated with actions like these by requiring a deposit. This initial value determines how much of a bet size an investor can make, allowing them to limit their total exposure.
According to Joseph Lee, “if the market moves against them [investors] in a very strong way, then I act as the counter-party to manage that risk. If I lose more than what my client puts down as a deposit, then it will come out of my pocket. I will never charge the client more than their deposit for that position”.
Lee started working on the platform just nine months ago as a single founder, but after a personal investment of 150,000 Australian dollars, he managed to launch the service three months ago. One and a half month after that, Btc.sx amazingly reached profitability and keeps thriving.