In this post I would like to present a way of using cryptocurrencies to increase the profits of forex trading. This is achieved by opening a bitcoin denominated forex trading account. It can be opened almost instantly and does not require ID verification, just a valid email address. You can choose between two brokers SimpleFX and Evolve Markets, deposit some bitcoins and start trading in minutes. Margin trading is available with leverage up to 1:500, hedging is permitted and there are no FIFO restrictions.
Evolve Markets supports BTCUSD, BTCCNH, BTCEUR, BTCJPY, ETHUSD, ETHBTC, OILBTC, XAUBTC, LTCUSD, LTCBTC pairs.
SimpleFX supports BTCUSD, BTCEUR, BTCJPY, ETHUSD, ETHBTC, XAUBTC, BTCCNY, ETCBTC, ETCETH, LTCCNY, LTCEUR, LTCJPY, LTCUSD pairs.
You can download Metatrader 4, a professional trading software which also allows automated trading. Alternatively you can simply trade within your browser via web trading as shown below.
One can multiply the profit potential for the following reasons.
- As bitcoin price constantly increases, your bitcoin account balance grows even when you are not trading.
- With margin trading, you can open larger than your balance positions in crypto pairs and greatly benefit from the bull market.
- You can easily open short positions which is impossible or difficult in traditional exchanges.
- Liquidity is sufficient even for large positions.
- Transaction fees or commissions are low.
- Deposit fees are very low and withdrawal fees are zero.
Trade cryptocurrencies, forex, commodities from one account and take advantage of this solution.