Trading Cryptocurrencies in the Forex Market

Forex is an absolutely unique phenomenon ever generated by the human mind. It is never static and is always developing to keep pace with the realities of modern life. It sometimes anticipates very important future events and spurs innovation and advanced technological solutions into existence.

There have recently been such crucial changes in the Forex market recently — the traders’ community has been introduced to Bitcoin and other cryptocurrencies trading. 

E-Currency Trading in Nigeria: Bitcoin Rules the Cryptomarket

Cryptocurrency trading is a modern trend in the foreign exchange market in Nigeria. Its concept implies the use of digital or virtual money as a trading tool, which is not only convenient but fits perfectly well in today’s picture of the Forex trading environment.

Bitcoin and any other cryptocurrency are obtained by a method known as ‘mining’ – so-called due to the use of encryption techniques referred to as cryptography. These techniques increase the safety of transactional processes and lower the risk of counterfeiting.

At present, there are six types of e-money that are used in digital currency trading:

  • Bitcoin
  • Peercoin
  • Litecoin
  • Namecoin
  • Ethereum
  • Dash

Each cryptocurrency has very distinct features, but all of them operate on common principles. Bitcoin is, by far, the most popular. 

What is the reason for the growing popularity of virtual currency trading?

Virtual currency trading is gaining momentum among Forex traders due to a number of reasons:

  1. Decentralized – no central bank or any other authority may affect the pricing processes; cryptocurrency trading is absolutely transparent and the e-currency is generated and circulated within an open system.
  2. Secure –cryptography protects virtual currency trading, provides a high level of safety and a low chance of fraud.
  3. Simple and easy – cryptocurrency trading is available to everybody worldwide. All you need is a computer or a smartphone to carry out low-cost transactions day and night.
  4. Digital origin – all of the cryptocurrencies are obtained via the mining process.

Despite the fact that cryptocurrency trading is the latest trend in Forex, not every broker can offer suitable conditions for this activity.

Only a few brokerage companies are able to meet the requirements of e-currency traders. With 10 years’ experience in the market, FXOpen tops the list of brokers that constantly strive to contribute to their clients and partners’ profitable trading by for introducing cutting-edge technology solutions and innovations.

Since the beginning of February 2014, FXOpen clients have been enjoying trading in the new Crypto accounts. The many advantages associated with FXOpen’s Crypto accounts can be boiled down to the following:

  • Minimal contract size of 0.01 lot
  • 24 pairs with BTC, LTC, EHT, DSH, NMC, and PPC
  • 24/7 trading hours
  • No-commission deposits in Bitcoin, Litecoin, and Namecoin
  • Opportunity to test Crypto accounts in demo version
  • Partnership program for FXOpen Crypto accounts

Just open a live Crypto account and check out all of the benefits ob Bitcoin trading yourself! 

Keep abreast of the important developments in Forex and profit from its best innovations! 

Posted by January 4th, 2018