As the world’s first major cryptocurrency, Bitcoin has experienced a massive amount of growth in both popularity and value during the past decade. Nevertheless, the currency is still considered to be in its infancy relative to the original vision set forth by its founders, and there’s still plenty of room for more people to make a fortune from trading Bitcoin.
Rapid and volatile market changes in the value of Bitcoin make it an ideal medium for traders who are looking to earn returns through currency exchange deals. When it comes to trading Bitcoin, there are two main methods available – you can use a cryptocurrency exchange or trade cryptos with a forex broker.
Here are the top five reasons why trading through a forex broker platform like easyMarkets is the safest and easiest way to trade cryptocurrencies like Bitcoin for profit:
1. Security and Regulations
Cryptocurrency exchanges are fully unregulated whereas forex brokers have to abide by a strict set of regulations. In this way, forex trading platforms are much safer and more organised than cryptocurrency exchanges. As a result, you can also expect more accountability and responsiveness from the support staff at a forex brokerage in comparison to the almost non-existent support that many cryptocurrency exchanges have.
2. Ease of Setup
Signing up for and using a cryptocurrency exchange can be quite complicated. Meanwhile, you can sign up for a forex broker platform in minutes by filling out a simple forum. Plus, there’s no need to set up separate accounts for buying, making deposits, margin trading, and other purposes, as is the case when you’re doing independent trading through a cryptocurrency exchange without the mediation of a forex brokerage.
3. Fewer Fees
This is one of the biggest benefits of using a forex broker to trade cryptocurrency – no hidden fees. In fact, all you pay is the cost of the spread. On the other hand, cryptocurrency exchanges seem to charge a fee for literally everything – depositing and transferring Bitcoin, withdrawing funds, etc. – and there are even commissions on each individual trade.
4. Better Platforms and Tools
For an inexperienced or novice trader, navigating through a cryptocurrency exchange can be tough. Conversely, trading with a forex broker is about as easy as trading can possibly get because you gain access to a suite of user-friendly platforms and tools.
5. More Flexible Trading Opportunities
Cryptocurrencies have varying trade capabilities, as some don’t allow shorting while others won’t provide the option for margin or leverage trading. Forex brokers provide a consistent and diverse set of trade types and options that you can incorporate into a well-rounded trading strategy.
You’ll Never Know if You Don’t Try
So, is Bitcoin trading and investing really worth your time? Well, if you had been paying attention to it when the legendary cryptocurrency first started gaining momentum and you made the wise decision to invest in it back then, you could have made yourself a substantial fortune by now. How much? To be exact, if you would have invested $1,000 into Bitcoin in 2011, you would have had a fortune of roughly $4 million by 2018.
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