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The word ‘’cryptocurrency’’ has been going around for a while now. Multiple news channels have covered it, a lot of users online have been crazy about it, so it is highly likely you are somewhat familiar with it by now. It’s important to know that anybody could participate. Anyone interested should definitely are among those who take advantage. Find the cryptocurrency(1) basics in this article. We will explain what it means, how it operates, and how to get started using Deriv.com(2).
The basics
First of all, let’s analyze what blockchain is. It is a technology that can store financial information, for example, and form a public database. The data is called blocks and the database – a chain. This is where the term ‘’blockchain’’ comes from. So far, so good.
What is interesting here is that the technology activates the transactions and the record system at the same time and, in this way, creates a very secure environment.
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Cryptocurrency: what is it?
For something to be referred to as currency, it should work as a means of exchange, which a group could use. For instance, the USD is used mostly in the USA.
Similarly, Bitcoin, Litecoin, and Ethereum, which are all popular cryptocurrencies, have gained recognition and are now used worldwide for exchange.
There are many advantages to using cryptocurrencies. Some of them are: widespread adoption, complete anonymity (which helps with privacy issues), and p2p direct transactions. The latter means that you don’t need to involve a bank, for example, to make a transaction. They are also not regulated by the government.
Cryptocurrency: how does it operate?
The usage of a platform like Deriv.com, makes the process similar to trading forex, stocks, etc. Your goal is only to predict the fluctuations in the value of the cryptocurrency correctly. If you guess right, you earn the profit. There is no need to own a crypto asset to get started.
Imagine that you guess that the price of the base currency in a specific pair will increase. You can then make a buy trade and, after that, receive a payout if you’ve guessed right. And vice versa – make a sell trade when you predict the price will go down.
In a few words, you can profit by guessing the fluctuations in a crypto asset without actually purchasing the asset.
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Find out more about how to do crypto trading on Deric.com(2)
In case you are a beginner, you should first create an account on Deriv.com, using Google, your email, or Facebook. Once this is done, follow those steps to set up your MT5 account and begin crypto trading:
Go and click on the tab that says ‘DTrader’ tab. Then select from the drop-down menu DMT5.
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Choose ‘Real account’ if you feel ready to start trading with real money or select a ‘Demo account’ for exercise with virtual money.
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To now make a Financial account, go and click on the button that says create an account and enter the password you’ve chosen.
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Under the Financial account, you will be able to Trade on the web terminal option.
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At this point, you are in your MT5 web terminal.
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Now is the time to choose a crypto pair to your wish list.
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When this is done, perform a right-click on it and choose ‘New Order.’
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After that, you should choose between Market execution or Pending order.
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If Market execution is selected, then you will need to set the size of your position, the stop-loss, and take-profit. After this is done, select Sell by Market or Buy by Market to activate the scenario.
If Pending order is selected, you will need to set the type of order you would like to execute, the size of your position, the order placement price, and the stop-loss and take-profit. After that, press on Place.
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Once you’ve finished with that, the order will be shown on your dashboard.
Just Starting Out With Cryptocurrency Trading
Cryptocurrency trading has become increasingly popular, as a growing number of people become interested in digital currencies and their potential profits. While there are many advantages to cryptocurrency trading, it’s important to understand all the basics before you get started. Read this guide to learn more about what cryptocurrency trading involves and the steps you should take before jumping in.
What Is Cryptocurrency Trading?
Cryptocurrency trading involves buying and selling digital currency, such as Bitcoin, Litecoin and Ethereum, on exchanges using a financial account such as a bank account. When you trade cryptocurrency, you’re automatically taking on risks – as with all investments, there’s the potential for profit and losses due to price swings.
Frequently Asked Questions
- Which digital currency should I start trading? – There’s no one ‘right’ currency to start trading with and it will ultimately depend on your investment goals, risk appetite, and experience. Many investors choose to trade multiple digital currencies, splitting their money across coins such as Bitcoin and Ethereum.
- What is the safest way to trade? – The safest way to trade cryptocurrency is to take careful steps to manage your own investments. This includes researching technologies, exchanges, and the different coins on the market, as well as setting trading limits that reflect your risk appetite.
- Is it possible to make money trading cryptocurrency? – Yes, there are great potential to make money from cryptocurrency trading – but only if you’re smart and strategic about it. Before getting started, it’s important to do your own research, consider your risk appetite, and develop a trading strategy.
Summary
Cryptocurrency trading is becoming more and more popular as the potential to make money continues to increase. To start trading cryptocurrency, it’s important to understand the basics, including what cryptocurrency trading involves, what kind of risks are associated with it, and the best way to get started. With the right approach and a solid understanding of risks and potential profits, it is possible to make money trading cryptocurrency.