There are quite a lot of ways to trade cryptocurrency — you can find a private trader, use an exchange or even purchase it from the ATM. However, if you are particularly serious about making money on the cryptocurrency market, there is another, better way.
Forex traders have been making their living off the currency price fluctuations for almost three decades now and, suffice it to say, their trading environment is a little bit more advanced. Now that cryptocurrency is getting back on its feet again, some Forex brokers have rekindled their interest and now offer this environment to the cryptocurrency traders too.
There are quite a lot of advantages when it comes to trading cryptocurrency on Forex. Here are the most interesting of them.
No Geographical Limitations
Trading cryptocurrency right now is a bit of a pain if you are not in the EU or US. The largest exchanges refuse to work with the citizens of the developing countries, while those that do are not trustworthy and do not offer as many opportunities or as robust experience.
However, on the Forex market, there are much less geographical restrictions. Even if one broker refuses to work with your country, there is always another that does, and all offer the same toolset. Because of that, you can easily transfer your skills and trading knowledge between the different brokers, should you become dissatisfied with the Forex trading conditions.
Single Trading Platform For All Orders
Most trading platforms online are limited to a single type of asset — currency, crypto, merchandise, stock, etc. However, when it comes to Forex brokers that support cryptocurrency, you get to trade two asset types on the same platform — and that opens a world of possibilities.
For example, at JustForex you can trade cryptocurrency for another cryptocurrency OR directly for USD. Not for USDT, TUSD, DGX or any other “stablecoin” — you are trading directly for the real currency. Which means that you are safe from high-profile scammers like Tether and Bitfinex.
Better Trading Instruments With More Opportunities
Cryptocurrency exchanges are very well-designed but the professional traders aren’t really their target audience. What trading interfaces are there, are usually rather primitive and severely limit the number of trading opportunities available to you.
However forex markets, for instance, JustForex, use top-of-the-line trading platforms that are designed specifically for the traders. On Forex, you get access to:
- Managed Trading Orders. Set up StopLoss, TakeProfit and even trailing attributes in order to secure your trading positions. With these types of orders, you can use more advanced trading strategies without feeling overwhelmed.
- Automated Trading Advisors. Fully automate your trading with the Forex trading advisors. They will implement your trading strategies with the utmost care and will allow you to have more free time while making profit.
- Adjustable Leverage. If you feel that your trading skills are solid, you can multiply the reward by using leverage. It allows you to trade with more money than you currently have, in exchange for much higher risks.
By trading cryptocurrency with the Forex Brokers, you open yourself to the wide new world of trading opportunities. The previously unreachable profit margins become more and more accessible and will offer you new ways of trading.
Giorgi is a news reporter and financial analyst at www.forexnewsnow.com He has 3 years of experience in analyzing the financial markets of Forex and cryptocurrencies. He also likes making hidden jokes in his articles.