applicable to other cryptocurrencies). Example trade:.00 am, you buy 100 Ripple tokens where 1 token is worth.00018003 BTC (1.97). For now, there are just a few options available. If you dont already own any of these currencies, youre going to need to purchase some on an exchange. Trading Bitcoin as a CFD/Derivative: Pros and Cons Pros Trading a CFD or derivative on Bitcoin negates the responsibility to safeguard any private keys. Other noteworthy exchanges include Shapeshift, CEX or Changelly. Every other exchange user went through this process; you have to also. Clients rely on the creditworthiness of the online broker for managing any risk prudently and ensuring that it is well capitalized (less risk of going defunct). The ICO Buying into an ICO can be a valid way to make mouth-watering ROIs, some as high as 100,00 (or more). Putting It All Together Now that you have Day Trading Cryptocurrency 101 up your sleeve and have come to terms with the risks involved, its time to go and get a piece of the pie. What are the commission fees?
To start trading cryptocurrency you need to choose a cryptocurrency wallet and an exchange to trade. Psychological Addiction, trading can be enthralling, exciting, and simply make you feel alive. The security may only be tradeable during exchange hours, and not 24 hours a day as is the case with Bitcoin. Taking the first option listed above, which is to buy the underlying, you become the direct holder of the digital asset. While these are great places to get started, they arent the best for trading a range of currency pairs. Active traders might find the limited trading hours and potential lack of volume a limiting factor that could hinder their trading. In other words, if you want to trade cryptocurrency you need: A cryptocurrency wallet (or two). This does not impact our completely unbiased research, which is respected by broker executives as among the most thorough on the web. Trade (buy/sell) a CFD (Contract for Difference) derivative and hold cash margin with an online forex broker or multi-asset broker.