circacrypto (OP)
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February 27, 2018, 04:58:18 AM |
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Hey Friends, Do any of you trade Forex using Bitcoin? 1broker.com is nice, I also was looking at simplefx. My concern is this article from investopedia, which basically says how you can make profit in your forex trade, but due to price movement of btc you can lose even with a winning trade. Here is the article: Investopedia https://www.investopedia.com/articles/forex/081815/benefits-risks-trading-forex-bitcoin.asp#ixzz58HVMSB2q Here is quote from article: "Now, let’s move on to an example of a forex trade using bitcoin. First, you open a forex trading account with a broker who accepts bitcoins (like AvaTrade, eToro or Liteforex). You then deposit 2 bitcoins from your digital wallet to the forex broker’s digital wallet. Assuming the current bitcoin to U.S. dollar rate is 1 bitcoin = $500, your deposit of 2 bitcoins is equal to $1,000. Now, assume that you want to take a position in British pounds. If the exchange rate is £0.5 = $1, you will receive £500. After some time, the GBP/USD rate changes to 0.45, and you square off your position to get $1,111.11 in your trading account. You have made a tidy 11.11% profit and you are ready to cash out. However, suppose by this time the bitcoin to U.S. dollar rate has changed to 1 bitcoin = $560. When you withdraw your money in bitcoins, you receive ($1,111.11/$560) = 1.984 bitcoins." ===== It looks like 1broker bases forex trades in terms of btc, so the btc price is irrelevant as you are paid profits and losses in btc. Does anyone know if SimpleFX is like this? Or any other good forex brokers that are BTC based Thanks
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Andrey123
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February 27, 2018, 05:54:39 AM |
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For example broker, Exness. You can trade a pair BTC/USD, but due to the huge spread and the inability to accurately predict the movement of bitcoin, you can lose the entire Deposit in a couple of minutes.
I do not see any sense in this. Those who know how to trade on currency pairs, Forex will not waste time on such a high-risk instrument. I have been working on Forex for 6 years and tried to trade this pair only a couple of times. The entire analysis and so in end, resulted in one luck, but were deals with minus.
I don't suggest to invest money in Forex only for trading Bitcoins. This will result in loss of the Deposit.
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| Hello! Voluntary donations that will go towards the development of my coin. 34bwEhH3GMx6swYXt2NBfFbYGkdTcaWtXz....BTC | |
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circacrypto (OP)
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February 27, 2018, 06:19:44 AM |
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For example broker, Exness. You can trade a pair BTC/USD, but due to the huge spread and the inability to accurately predict the movement of bitcoin, you can lose the entire Deposit in a couple of minutes.
I do not see any sense in this. Those who know how to trade on currency pairs, Forex will not waste time on such a high-risk instrument. I have been working on Forex for 6 years and tried to trade this pair only a couple of times. The entire analysis and so in end, resulted in one luck, but were deals with minus.
I don't suggest to invest money in Forex only for trading Bitcoins. This will result in loss of the Deposit.
Thanks for the reply. Especially interested that you have been trading Forex for 6 years. I was introduced to trading through my initial interest in Bitcoin, and have been trading for the past year or so on Bitmex. I am really attracted to Forex trading the more I learn about it, so I want to transition from trading crypto into trading Forex So my question comes from a standpoint of using BTC as a deposit into a forex broker, and because of the movement of BTC it causes all kinds of issues when trying to develop strategies. Instead of taking a pair, say USD/EUR, I also have to consider my deposit of BTC and how the broker will handle it. From talking with SimpleFX it seems they automatically convert profits/losses into crypto which makes it easier. Do you think it would make more sense, to use USD as a deposit to a forex broker rather than BTC? On a sidenote - it is cool to see a Forex trader here. Would you mind if I PM'ed you to ask you some questions every now and then?
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canaveralnonie
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February 27, 2018, 06:27:28 AM |
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For example broker, Exness. You can trade a pair BTC/USD, but due to the huge spread and the inability to accurately predict the movement of bitcoin, you can lose the entire Deposit in a couple of minutes.
I do not see any sense in this. Those who know how to trade on currency pairs, Forex will not waste time on such a high-risk instrument. I have been working on Forex for 6 years and tried to trade this pair only a couple of times. The entire analysis and so in end, resulted in one luck, but were deals with minus.
I don't suggest to invest money in Forex only for trading Bitcoins. This will result in loss of the Deposit.
So it's going to be dramatically situation if I did that. Better to use some exchanges than this Forex I guess, since you well explained all the detail and experience about Forex and Bitcoin itself.
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metenjean
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February 27, 2018, 08:59:45 AM |
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For example broker, Exness. You can trade a pair BTC/USD, but due to the huge spread and the inability to accurately predict the movement of bitcoin, you can lose the entire Deposit in a couple of minutes.
I do not see any sense in this. Those who know how to trade on currency pairs, Forex will not waste time on such a high-risk instrument. I have been working on Forex for 6 years and tried to trade this pair only a couple of times. The entire analysis and so in end, resulted in one luck, but were deals with minus.
I don't suggest to invest money in Forex only for trading Bitcoins. This will result in loss of the Deposit.
Thanks for the reply. Especially interested that you have been trading Forex for 6 years. I was introduced to trading through my initial interest in Bitcoin, and have been trading for the past year or so on Bitmex. I am really attracted to Forex trading the more I learn about it, so I want to transition from trading crypto into trading Forex So my question comes from a standpoint of using BTC as a deposit into a forex broker, and because of the movement of BTC it causes all kinds of issues when trying to develop strategies. Instead of taking a pair, say USD/EUR, I also have to consider my deposit of BTC and how the broker will handle it. From talking with SimpleFX it seems they automatically convert profits/losses into crypto which makes it easier. Do you think it would make more sense, to use USD as a deposit to a forex broker rather than BTC? On a sidenote - it is cool to see a Forex trader here. Would you mind if I PM'ed you to ask you some questions every now and then? I think its safer to use USD then BTC, firstly because the currency itself is more stable to use as deposit. I dont really know any broker which accepted btc as their initial deposit because most brokers use floating rate currency than flat rate and BTC volatility is somewhat overwhelming that its not stable to be used for deposit. There are a lot of broker now apply BTC , ETH, and XRP instrument in their meta but i dont think margin trading with these kind of instrument would be wise since at first margin trading already considered to be risky instrument and now you combine with high volatility instrument, which make it more attractive to gain profits but also make it easier to lose more money in it. Because margin trading is based on equity holding not like trading with exchanger which based on selling position.
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kevoh
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February 27, 2018, 09:54:26 AM |
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Thanks for the reply. Especially interested that you have been trading Forex for 6 years. I was introduced to trading through my initial interest in Bitcoin, and have been trading for the past year or so on Bitmex. I am really attracted to Forex trading the more I learn about it, so I want to transition from trading crypto into trading Forex
While I do not wish to start a crypto vs forex trading derailing of this thread, I think you should stick to crypto trading in my opinion. It is easier to trade especially if you do not have much funds with not as many factors that affect bitcoin the way forex is affected. Now to the op, it's best to make your deposits to forex account in USD. You already have volatility in Forex to contend with, there's no point adding volatility of Bitcoin price to worsen.
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amwer
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February 27, 2018, 10:01:27 AM |
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Trading currencies on the forex furnishes participants with numerous advantages and disadvantages. The forex possesses several favourable characteristics that BTC does not: Liquidity: The size of the forex ensures a considerable depth of market facing a wide range of popular currency pairings. Diversity: Major, minor and exotic pairs are available for active trade. Stability: Aside from extraordinary circumstances, foreign currency exchange rates are relatively stable. Fluctuations of large magnitudes are infrequent because of the volumes being traded.
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richcorner100
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February 27, 2018, 10:19:39 AM |
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Trading Bitcoin in forex broker like Simple FX in my opinion will be more risk than trading in exchange because any leverage and the spread so high. But trading in that platform also promising higher profit because we can make profit from up trend market and down trend. Only expert trader with best trading strategy can make profit there. And for newbie much better use demo account first to try some trading strategy.
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wayaneka
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March 31, 2018, 07:41:37 AM |
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I hasbeen trade on Simple Fx broker but due to too high leverage and spread just a few minute my balance minus in big number, trading in this kind of platform need more capital to avoid any margin call. I prefer to trade on exchange without any margin and offer low spread , and trade on exchange in my opinion is more easy.
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Dwarf42
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April 06, 2018, 09:43:39 AM |
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Hey Friends, Do any of you trade Forex using Bitcoin? 1broker.com is nice, I also was looking at simplefx. My concern is this article from investopedia, which basically says how you can make profit in your forex trade, but due to price movement of btc you can lose even with a winning trade. Here is the article: Investopedia https://www.investopedia.com/articles/forex/081815/benefits-risks-trading-forex-bitcoin.asp#ixzz58HVMSB2q Here is quote from article: "Now, let’s move on to an example of a forex trade using bitcoin. First, you open a forex trading account with a broker who accepts bitcoins (like AvaTrade, eToro or Liteforex). You then deposit 2 bitcoins from your digital wallet to the forex broker’s digital wallet. Assuming the current bitcoin to U.S. dollar rate is 1 bitcoin = $500, your deposit of 2 bitcoins is equal to $1,000. Now, assume that you want to take a position in British pounds. If the exchange rate is £0.5 = $1, you will receive £500. After some time, the GBP/USD rate changes to 0.45, and you square off your position to get $1,111.11 in your trading account. You have made a tidy 11.11% profit and you are ready to cash out. However, suppose by this time the bitcoin to U.S. dollar rate has changed to 1 bitcoin = $560. When you withdraw your money in bitcoins, you receive ($1,111.11/$560) = 1.984 bitcoins." ===== It looks like 1broker bases forex trades in terms of btc, so the btc price is irrelevant as you are paid profits and losses in btc. Does anyone know if SimpleFX is like this? Or any other good forex brokers that are BTC based Thanks You can see that the crypto market is on a very different path, bitcoin prices are falling sharply and the market is falling into a serious crisis. Therefore, the capital swap of the market is gradually moving to Forex, a market extremely diligent at the present time. I also think that you should also specialize in trading forex so that you can increase profits when trading and minimize risk as possible.
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ylnar123
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April 06, 2018, 12:26:17 PM |
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For example broker, Exness. You can trade a pair BTC/USD, but due to the huge spread and the inability to accurately predict the movement of bitcoin, you can lose the entire Deposit in a couple of minutes.
I do not see any sense in this. Those who know how to trade on currency pairs, Forex will not waste time on such a high-risk instrument. I have been working on Forex for 6 years and tried to trade this pair only a couple of times. The entire analysis and so in end, resulted in one luck, but were deals with minus.
I don't suggest to invest money in Forex only for trading Bitcoins. This will result in loss of the Deposit.
Correct, it is not suggested that you invest money on forex to trade on Bitcoin. Trading on Bitcoin should be done through blockchain and not on a forex where security and the inability to trade in cryptocurrencies.
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capoeira
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April 06, 2018, 12:45:40 PM |
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check out this topic with the best Forex brokers which work with crypto: https://bitcointalk.org/index.php?topic=716530.0you are obviously long on Bitcoin while trading Forex with a BTC based account, on the other hand you can hedge your BTC on those brokers, too
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