Where to trade cryptocurrency? Brokers to trade bitcoin

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Surging growth bitcoin prices has led to the fact that many traders are trying their hand at bitcoin trading. Indeed, if there is a financial asset that demonstrates a decent yield, why not make money on it? We will explain the most important things you need to know in order to trade bitcoin.

How bitcoin is being used on
What other cryptocurrencies can be traded on the
Features of bitcoin trading on the currency market
Brokers providing bitcoin trading opportunities

How bitcoin is being used on

Bitcoin on can be used in two ways:

Deposit in bitcoins

As a rule, most traders open a trading deposit in dollars. However, some brokers provide an opportunity to open a deposit in bitcoins. For example, the equivalent of a deposit of 10,000 dollars at the moment would be a deposit of 1.39 BTC. By trading regular currency pairs, the trader receives a loss or profit in bitcoins.

Bitcoin trading

Like other currency pairs, bitcoin is traded as part of the bitcoin/dollar currency pair. In the trading terminal, it is designated as BTCUSD or Bitcoin.

What other cryptocurrencies can be traded on the

In addition to bitcoin, trading in cryptocurrencies such as:

Bitcoin Cash[info_block align=»right» linkText=»Виртуальные миллионы сегодня. Биткоин — майнинг и трейдинг» linkUrl=»https://mr-trader.com/learn/forex-trader/virtualnye-milliony-segodnya-bitkoin-v-voprosax-otvetax» imageUrl=»https://files.fortrader.org/uploads/2017/06/bitcoin-730×354.jpg»]Все, что нужно знать о биткоине[/info_block]
Dash
Ethereum
Litecoin
Ripple
and others

Rates of popular cryptocurrencies

All these currencies are traded against the dollar and have the same designation in the trading terminal or, for example, ETH/USD (etherium/dollar).

Features of bitcoin trading on the currency market

Trading BTC/USD is technically no different from trading regular currency pairs. The same way you open buy and sell trades, place stop-loss and take-profit orders.

In the bitcoin/dollar pair, the key principles of technical analysis work, you can build trend lines, support/resistance levels, technical analysis figures and candlestick patterns.

To trade bitcoin on you can use the same technical indicators и trading advisorsthe same as for regular currency pairs.

However, bitcoin trading has a number of specific features:

Bitcoin is traded 24 hours a day, 7 days a week.
News has a longer term impact on the exchange rate
A rather large spread is set for the bitcoin/dollar pair. This makes scalping impossible. For trading it is recommended to consider timeframes from H1 and older.
The division of the day into trading sessions does not work for bitcoin. Bursts of activity in the BTC/USD pair can occur at any time of the day.
Due to the lack of liquidity, especially before the release of important news, gaps may form in the bitcoin/dollar pair.
High volatility, which is due to low liquidity.

Brokers providing bitcoin trading opportunities

Nowadays, quite a few companies offer trading in cryptocurrencies and bitcoin in particular, as well as opening a bitcoin account. We offer you a list of the most popular ones.