Cryptocurrencies
Are you looking for the best cryptocurrency CFDs brokers or crypto options CFD trading for beginners? At Crystal Ball Markets, you can trade the most popular Cryptocurrencies as CFDs like Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin, Cardano, Solana plus more...
FAQs
What are Cryptocurrencies?
Cryptocurrencies are digital tokens that can be used as a store of value and medium of exchange on a decentralised network, known as a blockchain. You can trade Cryptocurrency CFDs, such as Dogecoin, Ripple, Solana, Cardano, Ethereum, Bitcoin, Litecoin and more, on our trading platform (Mobius Trader 7 - MT7). CFD (Contract for Differences) trading gives you exposure and allows you to take position on the price movement of the underlying cryptocurrency or asset without actual ownership.
Benefits of Trading Cryptocurrency CFDs?
Crypto trading is accessible 24 hours in a day, 7 days a week. No weekend or bank holiday market closures.
Trade both ways. Buy and Sell with your existing trading capital in your account with us, with no restrictions.
Speculate on potential price movement of cryptocurrencies from your existing trading account with us. No need to open an account with an exchange or create wallets, as you do not take up actual ownership of the underlying digital crypto assets.What Is Cryptocurrency Trading?
This is the opening of a position in anticipation of a change in the price trajectory of a digital token, mostly in dollar terms, (like BTCUSD) or in terms of another crypto, in crypto pairs. Contract for Differences (CFDs) have become the easiest way to gain access to exposure in crypto markets through leverage and the possibility of trading in both directions (buy or sell).
How Can Cryptocurrencies be Traded?
The primary way of trading cryptocurrency it to own the digital token itself by buying from a cryptocurrency trading exchange platform, storing it in a digital wallet, for the purpose of selling at a later date.
The secondary way of trading cryptocurrency is through derivative instruments known as CFDs (Contract for Differences), available on the Crystal Ball Markets trading platform ((Mobius Trader 7 - MT7). This has become a very popular method, as it requires less trading capital as margin required, through leverage. This way, traders can buy or sell instantly, to speculate on anticipated price movements, without owning the digital tokens or investing the face value of the volume of crypto assets traded.
To start trading cryptocurrencies on our platform, all you need to do is fund your live trading account and select a particular crypto asset on our trading platform. From here you can open a long position (Buy) or short position (Sell), specify the volume of contract you wish to trade, and specify your risk management parameters, such as TP (Take Profit) or SL (Stop Loss), which is the price at which you would like your position to be closed automatically. You will also need to specify if your want your order to triggered subsequently (pending) or if your orders should be executed immediately.How Can I Start Trading Cryptocurrencies
Once you are ready to start trading cryptocurrencies, click on the ‘Register’ button to open a trading account with Crystal Ball Markets. Once your live account is funded with your trading capital, select the crypto CFDs you would like to trade on our platform, and open a trade in line with your trading strategy.
Kindly note that crypto CFDs allows you to take a position on the anticipated price movement of the underlying digital token, without actual ownership.
The Increasing Popularity of Cryptocurrencies
Cryptocurrencies have grown in popularity and acceptability over the last decade, since the advent of Bitcoin in 2009. Cryptocurrencies are digital tokens created on a decentralised blockchain network secured through cryptography. They are different from Fiat currencies, because they are not physical currencies and have no Government backing.
They are not regulated or issued by a central bank or any Government authority. For this reason, they are not considered legal tender, even though they are gaining acceptability as a medium of exchange by a lot of users across the globe. In addition, cryptocurrencies have become accepted as a distinct asset class in its own right, with increasing mainstream acceptability in exchange traded funds (ETFs) in Europe, United Kingdom (UK), and most recently, the United State of America (USA).
The base technology of cryptocurrencies, known as blockchain technology, is gaining widespread adoption in commerce and industry because of its numerous use case possibilities.Types of Cryptocurrencies
While the list of available cryptocurrencies appears to be growing endlessly. Core mainstream interest appears to be focused on about a dozen of them, as they have become the most popular.
Bitcoin (BTC): This was the first cryptocurrency to debut and adopt peer to peer blockchain technology for trading bitcoin in 2009. It is presently the most valuable type of cryptocurrency.
Ethereum (ETH): Ethereum evolved as a blockchain improvement over the existing Bitcoin network. It was designed to be a programmable blockchain for users to design and distribute applications. Ether became the primary currency for transactions on the Ethereum network, and is currently the second most adopted cryptocurrency.
Litecoin (LTC): Litecoin was offered in 2011 as an improved alternative to bitcoin, to facilitate faster transaction processing and support trade beyond borders.Ripple (XRP): Ripple was introduced in 2012, as an attempt to further reduce transaction processing time and costs.
Dogecoin (DOGE): Originally intended as a joke in 2013, this cryptocurrency has gone ahead to achieve main stream appeal following tweets from Elon Musk, Snoop Dogg and other enthusiasts. It was designed as a parody cryptocurrency similar to the Bitcoin Block chain network, but with unlimited number of coins that can be mined, similarly to Ethereum.
Monero (XMR): Monero’s value proposition in 2014 as a crypto currency was to offer greater privacy and anonymity on a public distributed ledger system.
Dash (DASH): Dash is another cryptocurrency that was forked out of the original bitcoin blockchain network in 2014 to offer increased speed of transactions and privacy to its users.
Tether (USDT): Tether is a stablecoin, whose value is pegged against the US Dollar on a 1 to 1 basis. It runs on the Ethereum blockchain network. The prime objective of tether was to achieve wider acceptability as a medium of exchange, avoiding the wild swings of volatility that has plagued other cryptocurrencies. Launched in 2014, it has grown to become the world's largest stablecoin.
Bitcoin Cash (BCH): This was the result of a hard fork done on the BTC blockchain in 2017, to accommodate larger blocks and improve the speed of consummation of transactions on the network.
Cardano (ADA): Cardona prides itself as a next generation blockchain network, offering more efficient transaction processing with lower power consumption. Established in 2017, it offers a more sustainable and environmentally friendly alternative to Bitcoin and other cryptocurrencies.
Solana (SOL): Established in 2020, Solana is another blockchain network that made giant strides towards improvements in decentralised Finance (DeFi) and smart contracts. Sol is the cryptocurrency used on its blockchain network.
Crystal Ball Markets offers margin trading of the above Cryptocurrency CFDs on our cutting-edge platform : Mobius Trader 7 (MT7).Factors That Drive Prices of Cryptocurrencies
Trading Cryptocurrencies is not exactly like trading other financial assets driven by market fundamentals like News Releases on Political events or Economic Indicators.
However, Cryptocurrencies have proven over time to be similarly driven by the forces of demand and supply. With increasing mainstream appeal over the last decade, the surge in demand for cryptocurrencies like bitcoin, relative to available supply, has driven the prices to unprecedented heights.
Other common factors that drive the prices of cryptocurrencies include the evolution of blockchain technology, news reports on vulnerabilities exploited by hackers, and most importantly, attempts by governments of major world economies to regulate, control or ban the use of cryptocurrencies.Is Crypto Trading Suitable to Me?
Trading in Cryptocurrencies, like other financial assets carries a level of risk. In fact, Crypto Currencies are considered to be more volatile than other asset classes. With this comes a high level of risk, with commensurate opportunities for profits and losses. It is therefore essential that you gather all the necessary background knowledge and competences required to carry out analysis that will inform your trading decisions.
Upon your request after registration, Crystal Ball Markets can offer you a free introductory course on how to trade the financial markets and a free demo account to hone your skills and practice your trading strategies, before trading on a live account.
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