The Crypto Mania
In 2017 the world learned all about cryptocurrencies and the underlying blockchain. Many of the most valuable cryptocurrencies peaked in December 2017 and January 2018, and have trended lower since then.
While this has hurt long-term crypto investors, for traders there are now more opportunities than ever. For traders to make money they need volatility, repeating price patterns and liquidity. Crypto markets continue to offer all of these. Like commodities, crypto assets also have a tendency to trend strongly.
Several developments in the industry have also contributed to increased opportunities for traders. Several Forex brokers have introduced CFDs for cryptocurrencies which allow traders to go long and short and use leverage – essential tools to trade effectively. In addition, the introduction of Bitcoin futurescontracts provides increased liquidity to the entire market.
CFDs, or contracts for difference, allow traders to trade the price of an asset without actually owning the asset. This means a trader can trade assets all over the world using one platform without the hassle of opening accounts on different exchanges.
All of this means the crypto market is one of the best markets retail traders have ever had the opportunity to trade. But that doesn‘t mean traders don’t need the right tools and strategies.
Trading Cryptocurrencies on Your Mobile Phone
If you go back a hundred years, trading was done face to face on exchange floors. Later, trades were executed on the floor of exchanges, while customers placed their orders by phone. Once most exchanges became electronic, it followed naturally that customers began to access the market using PCs and laptops.
We have now entered a new era, with trading being done increasingly on mobile devices. This is not only happening because mobile devices are becoming more powerful, but because markets are beginning to trade around the clock.
As markets have become automated, trading hours have been extended to the point where several markets, including forex and cryptocurrencies, trade around the clock.
This has changed the nature of trading. Its no longer practical to trade for specific periods of time at a desk. Traders need to plan their strategies using a PC or notebook, then use a mobile device to monitor prices and execute trades from early in the morning until late at night. Several tools, including the ability to set alerts and place limit orders, can also help in this regard.
It‘s essential to have access to a good trading app or website that works properly on a mobile phone and find a broker that provides cryptocurrencies CFD’s. SimpleFX is a forex and CFD broker which now has a strong focus on cryptocurrencies.
Clients can trade all the most actively traded cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic and Ripples XRP. Exposure to these assets is gained via CFDs with a leverage of up to 5X.
The platform is available to traders all over the world, and cryptocurrencies can be traded against the US Dollar as well as the Euro, Yuan, and Yen. Cryptocurrencies can also be traded against one another on the platform.
The broker offers its clients several interfaces and platforms. These include apps for Android and iOS and a mobile browser interface, as well as access to MetaTrader4.
Traders wanting to test the system dont need to register, which is unusual amongst brokers. And, if you do register, you can use your Facebook or Gmail account to do so, which speeds up the process.
Clients of SimpleFX also have access to MetaTrader 4, widely regarded as the best technical analysis and trading platform around. Metatrader offers active traders almost every tool they will ever need to analyze the market, create trading strategies, manage orders and monitor risk.
The platform includes an extensive education section which will help you learn about trading and cryptocurrencies.
Getting Started
SimpleFX‘s mission is to provide individual trades with the easiest CFD platform. You don’t need to install any software to use it. Just visit the simplefx.com, log in with your Facebook, Gmail or email address, and get immediate access the state-of-the-art web tools that make technical analysis effortless. Buying and selling with SimpleFX WebTrader is a childs play.
Besides pure CFDs cryptocurrency trading, the broker offers also cryptocurrency deposits and withdrawals (Bitcoin, Bitcoin Cash, Dash, Ethereum and Litecoin) which is a unique feature on the market.
When signing up for a trading account, if you want to fund your account using crypto, you‘ll be able to do so right away. If, however you want to fund the account using cash (USD, GBP etc) you’ll need to supply some documents to comply with FICA regulations.
Its perfect time to consider bitcoin and altcoin margin trading with a leverage. Just choose the best platform for your speculation. Especially the one that offers you a top-notch workplace, combining simple tools (such as SimpleFX WebTrader) with more sophisticated professional solutions (such as MetaTrader 4), and direct crypto withdrawals, without an intermediary.
Whether you use the web browser or the App, the screens are very similar. You‘ll probably spend most of your time using the watchlist or the chart pages. If you click on a particular CFD, you’ll be directed to a screen which allows you to set a profit target and a maximum loss limit. Your position will automatically be closed out when the price reaches either level. When you are trading on the go, using a mobile phone, its essential to make use of automatic exit features like these.
Popular Cryptocurrencies for Traders
Bitcoin is the oldest, most valuable and most widely traded cryptocurrency. For those just starting out, its a good place to start. Most other cryptocurrencies are variations of Bitcoin.
Litecoin is the sixth largest cryptocurrency but the third most popular choice amongst traders. It is identical to Bitcoin in many respects but has a few features which some belief make it technically superior.
Ethereum is the second largest cryptocurrency by value. It is designed as a decentralized computing network that allows decentralized applications to run on it. While Bitcoin and
Litecoin exists only to take the form of a currency, Ethereum is a currency designed to fuel an ecosystem of applications.
Bitcoin Cash came about due to a hard fork of the Bitcoin protocol. It is designed to offer cheaper, faster transactions so that it can be used for everyday payments rather than as a store of value like Bitcoin.
Summary
With round the clock trading, mobile devices are the ideal tool to access cryptocurrency markets. Fortunately, apps like SimpleFX are so easy to use that you can get started in minutes. If you are worried you dont know enough about cryptocurrencies, fear not – the education pages will get you up to speed quickly.
