It’s still relatively new by most standards. Forex, on the other hand, is well known and has been around for a long time. Bitcoin’s bitcoin forex exchange a cryptocurrency, a form of digitally stored value. Another significant difference between Bitcoin and Forex is that Bitcoin is an alternative currency that can be used to purchase goods and services.
Bitcoin is great for traders looking to grow long-term accounts and make massive returns. It’s a highly volatile platform in which loss and gains can happen very rapidly. It’s not uncommon for Bitcoin to drop or raise a few thousand dollars per coin in a single day. Whether Bitcoin will be the absolute future of money or not isn’t the question here, however. It’s an impressive technology that some of the best traders in the world are getting their hands into.
Traders of Bitcoin can get involved in a couple of ways. The leading Social Trading platform with 4. One is on a cryptocurrency exchange the other is through an online forex broker. People will argue for exchanges or Forex brokers.
There are good and bad reasons to use both. On a cryptocurrency exchange, you buy actual Bitcoins, and through a forex broker, it’s a little different. Instead of purchasing Bitcoin directly, you trade a Bitcoin CFD or contract of difference. A lot of people will argue that forex is better for the sake of simplicity and regulation.
Some people will say it’s difficult to set up a cryptocurrency account. Getting started is a process, but it’s like that with anything worth doing. The first thing you’ll need to do is find an exchange that can be operated from within your country. And then, there will need to be a way to deposit funds into the account as well. Some traders even open separate bank accounts for the sake of trading, which is a good call for most people.