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If you are already a trader, you’ll know that there is a whole glossary of words, terms, and expressions that are encountered predominantly in the world of trading. Technical and fundamental analysis, Bollinger bands, support and resistance levels, swing trading… these are just the tip of the iceberg. It’s the same with almost every specialist topic – they all have their terms and jargon that can take some time to familiarise yourself with.
Cryptocurrencies are no different, so if you are starting to trade them or are considering trading them it makes sense to get yourself up to speed with the specialist terms and expressions that you’ll likely encounter in the world of cryptocurrencies. To get you started, we’ve prepared a beginners guide to some of the key terms you’re likely to encounter in the crypto world.
The cryptocurrency landscape is hugely diverse. With few barriers to overcome, pretty much anyone that understands blockchain technology can launch their own cryptocurrency if they are so inclined. There are currently more than 1600 cryptocurrencies listed on major, middle-sized and specialist exchanges. Of those cryptocurrencies and digital tokens, it is fair to say the number that has any genuine significance can be reduced down to double figures. That smaller group can be boiled down again to the cryptocurrencies that are traded enough to have real liquidity or are regularly used to pay for use of a blockchain platform with utility tokens. In this category, we can probably include somewhere between 20 to 30 different digital currencies.
Since the start of the cryptocurrency phenomenon, the two most popular cryptos have been Bitcoin and Ethereum (Ether). In the last few years, Ripple XRP has cemented its position within the top 3. Ripple XRP even briefly exceeded Ethereum’s market capitalisation in September 2018 to become the second most popular cryptocurrency. Beyond Bitcoin, Ethereum and Ripple XRP, there are several more popular cryptocurrencies but their value and popularity tend to ebb and flow. The uniquely-created Crypto 10 Index, which is made up of the most popular cryptocurrencies at any particular point in time, can also be traded.
Cryptocurrency trading means taking a financial position on the price direction of individual cryptocurrencies against the dollar (in crypto/dollar pairs) or against another crypto, via crypto to crypto pairs. CFDs (contracts for difference) are a particularly popular way to trade cryptocurrencies as they allow for greater flexibility, the use of leverage and the ability to take short as well as long positions.
There has been a surge of interest in cryptocurrencies over the past few years. That demand has led to many CFD trading platforms and brokers now offering cryptocurrency trading pairs. These trading pairs can include one cryptocurrency, for example, Bitcoin, and one fiat currency, such as the US dollar. Here the trader makes a profit, or loss, by forecasting whether the cryptocurrency side of the pair will gain or lose value against the fiat currency. The other kind of cryptocurrency pair is made up of two different cryptocurrencies, for example, Bitcoin and Ethereum. In this case, the trader makes a profit, or loss, by forecasting whether the leading cryptocurrency of the pair will gain or lose value against its cryptocurrency partner.
In that respect, trading cryptocurrency CFD pairs work in the same way as trading CFDs on forex pairs. In a more general sense, trading cryptocurrency CFDs is executed in the same way as trading CFDs on other, more traditional asset classes like commodities, stocks or stock market indices in that a trader speculates on the price movements of their chosen instrument. So, why would a CFD trader choose to trade specifically on cryptocurrencies, rather than traditional assets? Let’s take a look at some of the most common reasons for trading cryptocurrency CFDs.
The short answer is yes, you can. However, there are significant variations that apply to crypto trading on forex and CFD platforms that must be taken into account when compared to trading the underlying asset on a crypto exchange.
If you have ever asked yourself, ‘where can I trade cryptocurrencies?’ then this is the article for you. We will outline the main options that are available when it comes to trading cryptocurrencies, as well as the considerations to bear in mind before opening a trading account.
* While leverage magnifies profits, it will also magnify losses. Based on revenue excluding FX.
Please note that that CFDs are a leveraged product and can result in the loss of entire of your capital. Please ensure you fully understand the risks involved. Trading CFDs may not be suitable for you.
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