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Crypto-Trading – how to easily trade cryptocurrencies

Those who would like to trade cryptocurrencies basically just need their own broker who enables the trading. Complicated buying processes of cryptocurrencies and storing them in a wallet are not necessary. Therefore, cryptocurrency trading offers an easy and simple option to profit from the digital currencies.

Cryptocurrencies such as Bitcoins, Ethereum, or Litecoin have become very popular. More and more people rely on digital currencies as they are neither influenced by governmental institutions nor by central banks. Hence it is not surprising that many only brokers also offer trading options for digital currencies. – Nevertheless crypto-trading offers attractive returns. Thanks to the current boom the number of those who became rich due to cryptocurrencies is also increasing. These crypto-millionaires most likely are going to diverse their new wealth and invest in companies specialized in blockchain technologies. And this is exactly what keeps the development of digital currencies going; which in turn means, everyone, who wants to participate in crypto-trading, can profit from it.

Which broker is suitable for cryptocurrency trading?

Online brokers allow trading with different assets, such as stocks, indices, currencies, and commodities. More and more online brokers also allow trading with crypto-currencies as this seems to be a potential growth market which may become very important in the future.

First of all, there is Bitcoin. Meanwhile however Bitcoin is experiencing some harsh competition, due to Ethererum or Litecoin. Especially Ethererum is considered a high competition for Bitcoin. A comparison of the two digital currencies can be found below:

 

Bitcoin (BTC) Ethereum (ETH)
Introduction in 2009 Introduction in 2015
BTCs are exclusively used as currency ETHs is an example for a broad network of opportunities
Market capital: ca. 40 billion US Dollar Market capital: ca. 20 billion US Dollar
Limited to 21 millions No limitation

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All digital currencies are based on a special mechanism, which determines the future accretion. Online brokers, who enable crypto-trading, offer their traders respective software which can be used to monitor the quotation development. Charts are also a basic feature of these programs. Newbies should be aware that the trading platform should be easy to user and operator friendly. Many online brokers offer free accounts for practice. These are very good as they offer a way to test the software without any risks bevor engaging in trades with real money.Entdecken Sie jetzt, die Vorteile vom TESTSIEGER und "Klicken Sie hier!"

Safety is also a very important factor when it comes to cryptocurrency trading. Hence you should check out your online broker closely before you start trading. The following questions can be used when checking your broker:

  • Does the website of the online broker contain a legal notice section?
  • Where is the online broker located?
  • Can the online broker be contacted via phone and mail?
  • Is the online broker controlled in some way?
  • How does the online broker use the money of the customers, is information regarding this issue available?

Answering these questions may give you a first idea regarding the integrity and trustworthiness of a broker. In general, we recommend sticking with well-known and established online brokers and treat brokers who are not well known and who just entered with market with care.

Trading crypto-currencies: What do you need to pay attention to?

Crypto-trading is very similar to Forex-trading, which also trades with currencies. Trader can speculate for the quotation of crypto currencies and this means fall and rise without physically owning digital currencies. The big advantage here is that you don’t need to get involved in complicated processes when it comes to buying Bitcoins & co and how to store them in a wallet.

Trading crypto currencies is significantly easier and involves only the following steps:

  • Choose your online broker and open a trading account
  • Do some research and become familiar with digital currencies
  • Decide which trading strategies you would like to use based on your own goals
  • Place a trade (buy when you expect a rise and sell when you expect a fall)

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Generally digital currencies are quoted with respect to the US Dollar (USD). So, if you are buying Bitcoins from an online broker for example you automatically sell US Dollars and buy Bitcoins. If the Bitcoin quotation starts to rise you can sell with a profit as soon as the value of the Bitcoins is higher than the value of the US Dollars at the time of your purchase. However, if the Bitcoin quotation starts to fall, you will experience a loss.

Using a lever when trading, called margin trading, is particularly exciting and profitable. With the help of a lever you can trade with just a fraction of the trading volume. E.g. you are using a lever of 1:20, you’ll only need five percent of the real capital value for the market volume of a Bitcoin. But be careful: The higher the lever you choose, the higher the risk and, in worst case scenario, total loss is also possible. In order to minimize the risk, traders should consider the following:

Compared to the Forex market, with a daily trading volume of more than five trillion Euros, the crypto currency market is relatively small, with only ca 70 billion US Dollar. The quotations of digital currencies are governed by supply and demand. And compared to the exchange market, the crypto currency market is extremely volatile and less stable. Hence it is very important to team up with a good online broker who can offer the needed support and help. Entering the world of crypto trading without the help of an online broker and without proper trading strategies most likely will lead to high losses.

On top of that traders should also always keep an eye on the current development of different crypto currencies. This also means that you will need a good basic knowledge about digital currencies.

A trader’s major enemies are emotions, such a fear and avarice. Especially newbies tend to follow their emotions and make fatal mistakes. In general, new traders should start with small options and consequently increase their returns. Discipline is very helpful and so is the proper online broker.


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