http://24optioncapital.com Bitcoin Scalping Strategy: https://youtu.be/AChoUtzuxvs Even though the cryptocurrency market is just 8 years old, already it sees trading volumes exceeding $100 billion as of June 2017. All of that trading comes from over 800 different digital currencies, with more entering the market every month. Needless to say, there is vast opportunity here for those willing to accept the risk of jumping into new markets. Because of the volatile and rapidly changing nature of the cryptocurrency markets, prospective traders should do their own research regarding current trading volumes, active digital currencies, and opportunities in the markets.
Digital currency investors may benefit from the fact that these currencies are not tied to any central bank or single country. This means they can be traded with ease 24 hours a day, 7 days a week, and 365 days a year. One caution for traders who are new to the cryptocurrency market is that these digital currencies move based on different factors than you are used to with traditional currencies. Rather than reacting to central bank policy and the economic strength of a given country, these currencies react to cyber-events such as hacking, or the release of new technologies. And because the market capitalization of most digital currencies is quite small they can also be influenced by individual investors.
Imagine buying a $100 million USD position. Certainly it’s a large position, but it isn’t large enough to be noticeable in the billions of dollars of daily USD transactions. This isn’t true for any of the digital currencies. A $100 million position would be larger than the daily trading volume for all but the largest, and such a position would likely have a huge impact on the pricing and volatility of the underlying digital currency.
The cryptocurrency market is growing rapidly, but is still small compared to the global currency market. This factor can be attractive to traders as they are on the forefront of trading in these new markets. The only important factor to keep in mind is to remember the risks associated with trading in new and volatile markets, and understand that losses can come just as fast as profits or even quicker.
Trading Cryptocurrencies With 24option
As a leading online broker, 24option was one of the first to offer trading CFDs on cryptocurrencies. With five of the most popular digital currencies currently available for trading as CFDs, we are always looking for the latest popular currency so that we can make a CFD of it available to our traders. Our education center will help take the mystery from cryptocurrencies so you can trade CFDs with greater confidence. And with our easy to use trading platform you’ll soon find it more accessible than ever to trade CFDs on your favorite underlying digital currency online.
The value of digital currencies tends to change very quickly. Therefore, there is no guarantee that the cryptocurrencies’ value will remain stable. We highlight the growing popularity of the digital currencies. Yet, we warn our clients that there is a number of potential risks when dealing with CFDs on virtual currencies – the main be their inherent volatility.
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