ok so I’ve started to learn day trading and I’m using trading view and I’m doing ok but I want to link a brokers demo account so here’s what’s wrong i need to know what broker to choose that facilitates trading bitcoin I’m based in Ireland. i tried FXCM and forex .com but when i link they say you cant trade bitcoin. is this cause its the weekend really need help on this one guys
Why would you want to trade bitcoin?
I agree with @tradeforex077 why do you want to trade bitcoin??
Bitcoin is a mugs game especially if you are learning.
thx for the reply guys im trading bitcoin because im getting my best results with it why is it a mugs game could yall explain
Well to start with if you trade Bitcoin on the spot FX market you are trading it against the USD. The spread cost is a ridiculous 25 pips. That’s about $250 on a standard account. So you are down $250 right from the get go. $250 is a lot to make up before you start to make money.
If you trade it on the Futures market through CME you have to have a margin of at least $15,0000 just to hold the trade for the day. That is a ridiculous amount of capital to tie up in one trade.
Bitcoin is an unstable currency that is not held to any standard by a central exchange and there have been multiple times where bitcion has been hacked.
If you are doing well with bitcoin who am I to tell you not to trade bitcoin. Knock your socks off and I wish you well. However whilst I have read and heard a number of success stories with Bitcoin, I have heard far more tragic stories of traders who have lost a ton of money trading bitcoin.
Just my opinion.
You can also test Hotforex or XM. Many brokers restrict trading of crypto assets because unstable business. For many it’s not profitable because they can’t compete with exchanges. But what I like most about forex brokers which offer BTC is direct and “white” withdrawals to fiat, for me it’s very important aspect.