And why it was necessary to create such a stupid topic when the forum already has a branch on which the same broker is discussed TenkoFx. I wonder if you read these two topics of the forum, you can find something interesting? I’ll try!
I’ve read the terms of Tenko, didn’t get a thing, my dear friends. What are the practical advantages of this broker comparing to the cryptocurrency exchange? I personally feel more like the second option, but I saw the Tenko’s offer and decided to find out about it first. I have some initial budget and I’d like to invest it correctly. What pitfalls might there be?
Technically, there’s no difference. In both cases you get the same quotations. But it’s different comfort-wise. Times are changing. Registration on crypto exchanges used to be strict, now it’s very easy to sign up! You can do it in any language. You can start with any sum, depositing and withdrawing became easier. There are also more and more tokens. Crypto exchanges include them in their lists very fast, e.g. stellar. Amazing! Forex summer quotations are completely flat. And crypto get rockets everyday. That where the money is! Tokens are popular there now, such as Bread for example. I’m keeping an eye on it. I’m also thinking of giving a try to the exchange, but so far I’ve been practising on Tenko. There are some advantages, e.g. the leverage for crypto and a decent terminal.
That’s right. Cryptocurrency exchange is a good option for those who like to risk. The difference is in details, it’s better to assess everything in advance. I, for instance, find security important. Available crypto exchanges are vulnerable. Cheap and standard softwares are usually used to organise these exchanges (cheap regarding the scale of the industry, the prices actually start at 50k dollars, and 500k is not the limit), moreover they are easy to hack. That’s why there are so many stories about the hackings of exchanges, but not of “traditional” forex brokers. Due to the high risks, the owners of exchanges charge high interest for depositing/withdrawing operations and deals. It’s about 5% commission for depositing, and 2–5% for withdrawing. So you lose 10% only by depositing and withdrawing. It’s quite indicative. Commission for deals is a horror of horrors. Yes, there might be more tokens and therefore more possibilities. But generally these tokens are basically dead calm pairs. There are rich guys who are in focus here. In my opinion, working on an available crypto exchange is too risky. It’s hard to register on a big one. And what for? Speaking of terms. I’ve studied this question. The toolkit of exchanges is quite primitive, and deals are often set up manually. You can use manual analysis and build a strategy, but all this red tape isn’t worth it.
I’d been working on a cryptocurrency exchange until February. I witnessed the golden times of rise!:))) Up to 30% deposit! Every crypto exchange is generally a separate small world. The main chat is always a lot of fun:)))) the news, rumors, sometime you can meet new people too. And then the wave passed and it became unprofitable. That’s why I advise to trade with several companies at the same time: when crypto grows, it’s better to buy alts; when it drops – it’s better to sell the standard coins. The initial deposit starts from 10 dollars, spreads are less than 1 point, and you can also trade crypto ;)))