Cryptocurrency Trading With Forex. How does It work?
The demand of cryptocurrency is growing every day. New technologies demonstrate potential power, demonstrating that a currency that is not controlled by the state can really exist. Rather than just Bitcoin today a large number of alternative forks have been created in the blockchain. In this article, we will examine what is a cryptocurrency, features of its reputation, as well as methods of working in the Forex market.
What Are Cryptocurrencies?
So, first, let's find out what is cryptocurrency. In essence, it is a decentralized digital network that is based on mathematical principles and is protected by cryptographic methods. This Digital currency is anonymous, genuine, and in fact open, so shifts between wallet owners are done in minutes, depending on the type of currency. Digital money is not attached to fiat currency, and its product is originally restricted by the algorithm. First in cryptocurrency is Bitcoin, which appeared in 2009. After Bitcoin demonstrated its promise, which happened relatively quickly, other digital currencies called altcoins began to appear at an active rate. Today, there are alternative "crypts" with more than 950 items. Nevertheless, not all of them are traded on exchanges and are engaging to investors, miners and traders. The cryptocurrency market operates 7 days a week and 24 hours a day, allowing exchange participants to buy, sell, and exchange currencies at any convenient time. This type of working also dismisses the concept of a trading session, which indicates that price variations can be hard at any time of the day. Furthermore, the market is very volatile, increasing its speculative appeal, and a large number of altcoins opens up more opportunities for exchange participants in terms of trade and investment. First of all, popularity is, of course, Bitcoin, and the percentage of its dominance over other currencies is 42.2%. The most famous coins today involve Bitcoin, Ethereum, Ripple, Litecoin, Dash, Cardano and Zcash. Overall, in today's crypto market, there is active growth of many currencies. In this connection, investments in altcoins raised, which in a particular way, affected their development and rose theirs in value. Without a doubt, in the market for every cryptocurrency today, one can observe deep bribes or negligible price corrections. However, the general growth trend is unequivocally present. Therefore, many have already taken their savings out from under the mattresses and rushed to buy dynamic developing alternative currencies.
Crypto Trading with Forex Brokers
Today, digital money is available on brokerage firms' platforms as an alternative trading tool, which is implemented not only in direct trading of crypto assets but also in indifferent value contracts. Many Forex brokers provide you to start crypto accounts and trade Bitcoin, Ethereum, Litecoin, etc in pairs with EUR, JPY USD, RUR, and CNH The replenishment of the account and the withdrawal of funds are carried out through specialized payment systems. Therefore, after the withdrawal of profits, the trader will only have to exchange the coins earned for real money on online exchanges. Also, some brokers allow direct trading of Bitcoin and Ethereum alongside the dollar. Cryptocurrency is a promising investment and trading tool where everyone can find their own profit. In fact, it is easier to exchange it in Forex, since you can win with the same success both in the increases in the course and in your falls. The most reliable Forex brokers to gamble on cryptocurrencies foretell a continuation of the growth trend in the estimation of all currencies, so the one who worries that the bubble will collapse still has an opportunity to obtain their share of the desired profit. Those who do not have digital currency can use CFD contracts for difference in normal types of trading accounts with related efficiency This service is obtainable in the Alpari, InstaForex and Forex Club brokers.
For a trader the broker is the key partner in his activity, choosing the right broker can make a huge difference on the trading results. Differentiate the best brokers with professional criteria needs extensive market experience, with all the brokers that claims to be number 1, a beginner could easily fall in the trap of the aggressively marketed brokers.
Most important selection criteria :
Robustness of the broker in exceptional events ( in 2015 following the decision of the SNB to end the Swiss franc’s peg with the euro , UK online broker Alpari and Global Brokers collapsed, while shares in FXCM plunged more than 90 per cent, after it announced it was facing losses of $225 million.
Trading costs as spreads, commissions , financing rates, deposit/withdrawal fees, inactivity fees, API fees..Depending of the broker the trading costs can vary from simple to X10 on the same currency pair !
Trade execution : negative slippage ( when you get a different price than expected on an entry or exit from a trade)
Geco.one is a first project that will deliver the same functionality of financial instruments for the cryptocurrency market, making trading more attractive for existing and new users
While the value of Crypto market exposes several variances- the markets continue to show loyalty in the currency. Bitcoin’s protracted decline has taken the media’s focus frame for most of 2018. As the world has watched BTC burn, altcoins–and all of their downfalls and progress–have fallen to the wayside, minor parts in the tale of a legend. Upon nearer analysis, however, altcoins are far from wasted. The markets continue to improve, to evolve, and to increase. It’s a symbol which has been seen multiple times in the past. While Bitcoin’s market dominance has grown, the market scenarios then and now are quite different. With the significant uncertainty in the tomorrow of the price of Bitcoin, this could either be a very helpful or a terrible condition. Geco.one is a spotlight that enables you to safely fund in the cryptocurrency market utilizing skills and knowledge of experienced traders. Our flagship service, called Geco.one PAMM account/portfolio, allows you to invest in cryptocurrency pairs by entrusting your resources to experienced traders as well as providing you with all the tools necessary to become a crypto-trader yourself. Even at face value, it’s not the case when talking about cryptocurrencies as a movement generally, but also on top of that, there are specific cryptocurrencies that carry a lot more weight to them — and that’s where the Geco.one system comes into play. The inspiration is sourced from Forex Exchange where brokers like Alpari.com, (who introduced the PAMM accounts over a decade ago) has been using this system ever since with a huge success. Geco.one is a first project that will deliver the same functionality of financial instruments for the cryptocurrency market, making trading more attractive for existing and new users.
My Risk/Money Management Strategy - Comment Please?
first of all, excuse me for my english. it's not my native language. let's get started directly to the question...ok, so i'm unaware how many of other traders agree to this strategy but afaik none actually use this kind of risk management. so i know a lot of other traders seem to like to ask repetitive questions related to drawdown. they often feel not so comfortable with having more than 25-30% of DD, sometimes even nothing more than 10%-15% of DD. I personally think that instead of thinking about DD of your whole money with your broker, why don't you just put some of your money in your bank account? Technically that'll limit your risk even more. Let me explain it with example. let's say your strategy had 20% DD in the past 5 years. Instead of putting all $10K in one broker and expect hypothetical $2000 DD, why dont you just put $5K in the same broker, and still use the same lot size? Technically your DD would also not exceed $2000, and you would feel much safer too, because with this strategy, you only put $5K with your broker (the rest of $5K sit in your bank account). In case your broker goes bankrupt (like what happens to Alpari UK with CHF event last year), you won't have as much headache compared to if you put all $10K in that broker. Also, in case one day your losses actually exceed your expected DD (in above case, let's say you lose $4K), you probably would have stopped trading at that time, even if you put $10K in the first place. why? because psychologically you'd think "something is going wrong" when your losses exceed as twice as much as your expected DD. so why risk all $10K when you can expect the same result with just investing $5K? you see my point here? basically, if I want to invest $10K in forex market, i would just make a $5K deposit and let the other $5K sit in my bank account. If I want to invest $100K, i would make $50K deposit and save the remaining $50K in my bank account. i don't see what's the difference. In fact, you are safer with this strategy because you do not put all your money in your broker(s). On top of that, even if you want to continue trading when your losses exceed your expected DD, you can always make another deposit, and your balance goes up again. So why most people don't adopt this kind of strategy?
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