9.4

How to Trade Cryptocurrencies ?

How to trade Cryptocurrencies. Before you can trade Cryptocurrencies, you will need to find an online broker offering the Cryptocurrency or Cryptocurrencies that you wish to trade, to open an account there. Be aware that most traditional Forex / CFD brokers do not offer trading in Cryptocurrencies, and of those that do, only about half offer any other Cryptocurrencies than Bitcoin. It is extremely difficult to locate a broker offering more than the four largest Cryptocurrencies by market capitalization. Most brokers offering Cryptocurrencies place extremely tight restrictions on the maximum leverage offered. Using leverage in trading Cryptocurrencies is extremely risky.

When you are ready to trade Cryptocurrencies, you will need to design a Cryptocurrency trading strategy. You will find that technical analysis is more influential here than fundamental analysis, although a correct fundamental analysis to pick a currency and direction over the long term can increase trading profits. Overtrading can be expensive, as spreads and overnight fees are relatively high compared to traditional Forex currency pairs.

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