Good times roll for plus500 Bitcoin fever takes revenue to a record level

Plus500 presented another strong quarter with the recent hype for digital currencies, after tens of thousands of players rushed into the Internet shopping business into a frenzy.

Israel-based firm said it attracted 228pc increase in the number of new customers in the three months to March, as 72,960 people were driven to the site on volatile markets and “increased interest” in their own cryptocurrency offers.

Firms like plus500, which allows people to bet on the change in the price of the digital currency without having the underlying assets, took advantage of the interest in Bitcoin at the end of last year after it reached a high of $20,000 in December.

Sudden attention on the market created a windfall for the plus500 platform, which said its revenues nearly quadrupled to a record $297.3 m (£218.24 m) for the period compared with those a year ago. Strong quarterly active 2017, which saw profits in the firm to rise 70pc.

However the business says that market conditions have returned to normal levels, echoing its rival Islamic state group, which warned in March that the excitement around cryptocurrencies for trade has slowed sharply.

“We did not expect such exceptional quality should be repeated in the remainder of the year,” said the platform plus500.

The company also looked to soothe investors ‘ concerns about the fact that the regulatory limit, the EU will enter into force in the coming weeks aimed at protecting inexperienced investors from losing money on risky bets CFD.

He said he began the process of trying to get their experienced traders are classified as professional investors and has five licenses outside Europe.

“Having a flexible business model and lean cost structure enables us to optimize our work as it should, despite the recently announced regulatory changes,” said chief Executive Assaf Elimelech.

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