Cryptocurrency trading has attracted the attention of investors for several years. The asset, of course, is interesting and high-grade. You can earn a lot. But, as in trading any instruments, this requires experience. There are many options for earning money in digital currency trading in our time. Relevant exchanges are available to investors. And those traders who trade in the forex currency market can do it through their broker. Perhaps it is already difficult to find a forex broker who does not offers its customers the opportunity to trade cryptocurrencies. Here is only a list of available cryptocurrencies can be different. Nevertheless, each broker has the most popular among them. Cryptocurrency trading through broker forex has its pros and cons. I want to talk about them in this article.
Advantages of trading cryptocurrencies through forex broker
In order to trade Bitcoin and other cryptocurrencies, there is no need to use a special trading platform. Trading operations can be performed in MT4. This terminal is well known to all currency traders. The experience that the trader gained in currency trading can also be used in crypto trading. This applies primarily to technical analysis. The trader does not need to study any theoretical materials in order to trade in digital currencies. He can apply the knowledge that he already has. Trading through a forex broker involves opening a trading account. Its funds are used to trade any trade instruments, including cryptocurrencies. And this means that there is no need to start a crypto wallet, as is required in the case of trading on the exchange. The credit arm allows the trader to trade cryptocurrencies even with relatively small starting capital. If the forex broker has been operating in the market for a long time and has a good reputation, then this increases the security of trading. Cryptocurrency exchanges have recently appeared. Therefore, trading on such exchanges has increased risks.
Disadvantages cryptocurrency trading through broker forex
I see three downsides of such trading. The main one is big spreads and commissions. In addition, it is difficult to understand who the forex broker is a supplier of quotes and how high they are. Often you can see that quotes, for example, on bitcoin at the forex broker are very different from the price of cryptocurrency on the exchange. I consider the third drawback to be the inability to trade cryptocurrencies on weekends. Forex brokers, and accordingly their trading terminals only operate five days a week. Inga Fedorova 24.07.2021 Record Cryptocurrency trading through forex broker first appeared forex-for-you.ru.