Hello,
What do you think is the best way for trading with BitCoin?
Trading on the crypto markets like Binance, CoinBase, and etc or trading as currency pair with some forex broker?
Can share your opinion about the pros and cons?
I’ve tried both. I have a Coinbase account but also trade currency pairs on a CedarFX account. I prefer trading through a broker most of the time, but still use the exchange from time to time.
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I think coinbase is the largest crypto exchange that trade BTC.
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Beautiful girl from heaven,
Is this broker can act as exchange?
For example can I deposit BTC, then to buy USD as currency pair. Then finally to request withdrawal of profit in USD?
Best regards!
Entirely depends if you want to own the BTC you’re trading or just trade the CFD.
Using a broker that has Crypto trading of which some are 24/5 and others offer 24/7 which is really neat
I have BTC in physical wallet. My idea is to do that:
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Transfer the BTC from my physical wallet to wallet address provided by the broker.
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Trade currency pairs BTC/USD or BTC/EURO.
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Withdraw earned USD or EURO profit to my bank account or credit card.
Usually a similar way of trading is done on crypto exchanges - Binance, CoinBase, and etc.
Unfortunately their platforms are very limited functionality compared to functionalities of MetaTrader. As far as automatic trading is concerned, none of the major exchanges offers such functionality.
You’re not going to be able to do that as your base currency is still BTC and your deposit is in BTC.
Very disappointing. In short, all brokers offering bitcoin trading are scammers. It’s very stupid to offer currency trading of specific pairs but to don’t support withdrawal money in both currencies traded.
No broker does this. You’re not understanding me. If I have an account in GBP and trade EURUSD I don’t get to withdraw in Euros or Dollars, only Pounds. If you are trading CFDs you do not own the asset you trade. On exchanges you do which is why you can withdraw whatever you have. If I go to an exchange and deposit in BTC and sell it for ETH I can withdraw the ETH because that is what I now own. Look up what contracts for difference are.
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Whatever profit you make on your bitcoin trading can be realised in the sale of your bitcoin on the exchange or simply let holding take its course
I agree but in this case the brokerage services become meaningless. Why to use them? Why not to trade directly on the exchange? Think about how much will be the costs for such hybrid trading - Broker then Exchange.
- Blockchain fees for transaction from physical wallet to the broker’s wallet.
- Broker’s spread and the additional taxes/commissions.
- Blockchain fees for transaction from broker’s wallet to the exchange wallet.
- During waiting to receive bitcoin you will be at risk exchange rate to change in an unfavorable direction.
- Some exchanges collecting additional taxes for the exchange operation - BTC to fiat money.
- You need to pay also additional fees for transaction of fiat money from exchange wallet to your bank account or credit card.
These are 7 steps where lost money. In case the lost at each step is only few percent, the final result after passing all steps will be losts of 20-30 or even more percent. I don’t think that trading with forex broker will be so profitable to be able to cover all these costs.
I am living in a region that is restricted to trade on Coinbase but I can use Binance, it’s a good trading platform. I recommend anyone to use Binance
[quote=“Forex-VS, post:12, topic:695648”]
Bybit and Kucoin are two of the most popular cryptocurrency exchanges in the world today. Both offer a wide range of cryptocurrency trading options and both have strong user bases. However, when it comes to choosing between the two, there are some clear advantages that Bybit has over Kucoin. Here are five reasons why Bybit is better than Kucoin. More details on bitcoin-trading. Low Transaction Fees: One of the biggest advantages that Bybit has over Kucoin is its low transaction fees. Bybit charges a 0.075% trading fee, while Kucoin typically charges a much higher fee of 0.2%. This makes Bybit the perfect choice for traders who need to make frequent trades.
High Liquidity: Bybit also offers higher liquidity than Kucoin. This means that traders can easily access the cryptocurrency markets and make trades without waiting for extended periods of time. This is essential for traders who need to execute trades quickly and effectively.
Easy to Use Platform: Another advantage that Bybit has over Kucoin is its simple and intuitive platform. Bybit has an easy-to-navigate user interface that makes it easy for beginners to get started. Kucoin, on the other hand, can be a bit overwhelming for newcomers.
Advanced Trading Tools: Bybit also offers a range of advanced trading tools that are unavailable on Kucoin. This includes margin trading, cross-margin trading and even futures trading. These features give traders a wider range of options when it comes to making trades.
Security: Lastly, Bybit also has a much stronger focus on security than Kucoin, making it a safer choice for traders. Bybit utilizes advanced encryption protocols and keeps user funds in cold storage to ensure the safety of its users.
In conclusion, Bybit is clearly the better choice when compared to Kucoin. From its low transaction fees, to its high liquidity and advanced trading tools, it offers everything that traders need to be successful in the cryptocurrency markets.[/quote]
The best way for trading BTC is to use a reliable and reputable exchange. Some exchanges that may be worth considering include Coinbase, Kraken, and Bitstamp. Coinbase is a good choice for those new to Bitcoin trading as it is one of the most user-friendly exchanges in operation. Kraken is a good choice for more experienced traders as it offers a more comprehensive set of features and tools. Bitstamp is another good choice for more experienced traders as it has been in operation since 2011 and has built up a good reputation. Nfa