MyFXMarkets provides traders the opportunity to partake in the new and exciting world of cryptocurrency trading. We currently have 5 crypto assets which you can trade on our award winning MT4 platform. We also provide traders the opportunity to trade these pairs with up to 5 times leverage.
Launched in 2009, this decentralised digital currency is by far the most popular. Bitcoin has captured such a large share of the market that the other cryptocurrencies are known as altcoins (or alternative coins).
Bitcoin Cash clones the Bitcoin blockchain with additional block size capacity. This coin came about as a result of a split in the blockchain last year called a “hard fork”.
This is an open-source, peer-to-peer cryptocurrency that enables instant and very cheap payments to anywhere in the world. It is the original “altcoin” and is often labelled the “silver” to Bitcoin’s Gold.
Ethereum (or Ether as the coin is known as) is a decentralised platform that manages smart contracts, with no downtime, censorship or third-party interference.
XRP is the settlement token for Ripple Labs’ enterprise blockchain solution. This provides for seamless global payments that connects banks, payment providers, digital asset exchanges and corporates.
While fiat currencies (like the US dollar and euro) are controlled by the government and the respective country’s central bank (like the US Fed and ECB), cryptocurrencies are based on a decentralised system. This system is regulated by the global community and managed by a huge network of computers using blockchain technology. This means that no government can influence or manipulate the supply and price of cryptocurrencies. Moreover, cryptocurrencies are owned and traded by people from across the globe and are not controlled by or limited to any one economy or region.
Since cryptocurrencies cannot be controlled by any government or organization and since they are truly global assets, the prices prevailing in the market are not influenced by any change in the political or economic environment in a particular country. The prices are determined purely by the market forces of demand and supply.
This makes cryptocurrencies a hugely popular asset for traders to diversify their portfolio and hedge risks arising from political instability and economic uncertainty.
With cryptocurrencies gaining credibility and popularity, prices have surged in the market, resulting in unmatched returns for beginners and expert traders. Also, high volatility in the market offers attractive profit potential. Of course, it’s important to remember that there is no guarantee of profits, and certain trading decisions may result in losses. Despite these significant risks, traders are entering the market in hopes of being part of the phenomenal growth story.
Millions of cryptocurrencies are in circulation and being traded today. However, their net supply is limited. This makes cryptocurrency trading similar to trading in gold or diamonds. The scarcity value of cryptocurrencies makes them a popular asset to hedge inflation.