MetisEtrade launches Bitcoin trading in the Philippines

MANILA, Philippines - Online trading service provider MetisEtrade will start offering Bitcoin trading next month in the hope of capturing investors with huge risk appetites for the fast-growing online currency.

"The Bitcoin has a lot to prove. It is a very safe concept of cyber money," MetisEtrade Chief Executive Officer Justin Jung said.

Bitcoin is an online currency launched in 2009 through an open source software. Using a complex mathematical formula, Bitcoins are created and used in transactions like normal currency. Like gold, Bitcoin is scarce- only 21 million units can be created until 2040.

Jung said the fast-growing currency is highly volatile and subject to frequent price swings, which makes it an ideal investment instrument for risk takers.

Unlike Bitcoin exchanges which enables buying and selling of physical Bitcoins, Bitcoin dealers facilitate the buying and selling of contracts.

"A Bitcoin dealer like us only allows you to trade Bitcoins. Meaning, it gives you the opportunity to take advantage of the swings in Bitcoin's price valuation," the company said.

MetisEtrade connects to major Bitcoin exchanges in the world to get the best price possible for its buyers and sellers, and offers as low as $100 to start Bitcoin trading.

Jung said the company uses a trading platform that is safe from hacking or other attacks that may compromise deals. Ideally, investment in Bitcoin should be less than half of an entire portfolio, he added.