Build Your Cryptocurrency Trading Portfolio with Prodigy Markets
Prodigy Markets is excited to announce the launch of our new cryptocurrency trading platform. Now you can start trading Bitcoin, Ethereum and many more cryptocurrencies quickly, easily and safely from wherever you are — in just seconds. You get great margin trading leverage and short sell options with fast deposits and withdrawals. Our support team is available 24/7/365 to help get you trading on our CySEC-regulated platform with a trading volume of US $11 billion monthly.
What is a Cryptocurrency?
Cryptocurrencies are encrypted decentralised digital currencies that are transferred between individuals in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. "decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation. These currencies are not tangible and exist only in an electronic form; it is a digital asset that exists and remains as data. They allow a person to send money just like they would send an email, with much faster transaction times compared to using a bank, plus minimal fees, no credit cards necessary and no middleman adding on charges.
The joint bookkeeping process is called a “Blockchain”. It is public and is distributed across a huge network, and everybody that has Bitcoin has a copy of the ledger and its transactions, which creates a community of trust. Each cryptocurrency is individually identifiable and programmable based on a very complex digital code. While Bitcoin is not the only digital currency on the market, it is indeed the first and most popular one and stands as the digital “gold standard” within the industry. Some of the top-ranking altcoins include Litecoin, Ethereum,Bitcoin cash, Bitcoin Gold, NEO, IOTA, Stellar Lumen and EOS to name a few.
How Do Cryptocurrencies Work?
Primarily, cryptocurrencies rely on blockchain technology to complete a transaction via an intricate P2P network. Once a transfer request is entered into the network, it is validated by the network and added to a pool of other transactions to create a block of data for the ledger, which is then entered into the existing blockchain. Once the block is successfully added to the chain, the transaction is approved and completed.
How to Trade Cryptocurrencies?
Ordinarily, if you are looking to buy, sell or exchange cryptocurrencies you need to set up a crypto wallet. You would then buy the crypto assets with fiat currency, and then you can exchange these coins to the altcoins of your choice. If however, you are looking to trade cryptocurrencies you would need to sign up to a crypto exchange, where you can trade cryptos, one from another and profit from the difference in the exchange rates.In the main, you will find these wallets are not regulated, as they don’t need to be and often you will not know too much about the people behind these products. Plus, there is also the risk of cyberhacking, which happens on exchanges more often than you might think. Trading cryptocoins with AvaTrade has many benefits. The first is safety. We are regulated across 7 jurisdictions, this means real protection for your data and accounts and resolution in case of a dispute. Secondly, since the trades are performed though our SSL secured online trading platform, this proves to be a big deterrent in avoiding potential hackers and theft.Here at Prodigy market, you can trade cryptocurrencies via CFD’s. This means you won’t actually be buying and holding the coins, rather you will be on the price movements.
Are There Investment Opportunities with Cryptocurrencies?
Absolutely. Cryptocurrencies have become established investment commodities among major financial institutions and have even been adopted by countries such as Australia and Japan. As with any investment though, there are risks linked to market movements, high volatility and economics.
Factors to Watch While Trading Cryptocurrencies
The cryptocurrency market changes very fast, new cryptocurrencies are born, and others disappear. What draws people to the world of cryptocurrencies is the idea of protecting themselves against the devaluation of their own national currency. There are different factors that push the price of cryptocurrencies up or down. To start with, just like with Forex, the higher the demand, the higher the price will be. Also, the purchase of the coin by traders purchasing on speculation can affect the demand and therefore the price. Media reports and news headlines discussing the growing currency can have an effect on the price of digital currency and Bitcoin in particular. For example, there have been a variety of negative remarks from national regulators in China over the years. In 2013 China announced that financial institutions should stay away from the famous Bitcoin, this resulted in a major drop of the coin by as much as $300. Their initial concern was that it could interfere with normal currency policy information. In 2014 the Bitcoin price dropped once again as Bitcoin exchanges stopped receiving deposits from Banks, and in 2017 China’s central bank was rumoured to implement regulatory action regarding the digital coin exchanges which would have accounted for most of the Bitcoin trading volume. Bitcoin alone at the time of writing in October 2020, is valued at over $201 Billion, this is partially due to people learning what cryptocurrencies are and considering them as an investment vehicle to add to their investment portfolio.
General Tips For Cryptocurrency Trading
The rule of “buy low, sell high” is the basic formula in trading, it applies to a pattern of cryptocurrencies price that shifts between certain price points. Whatever the size of your capital, you can find a digital currency that matches your needs to trade. Following news on digital currency is very important, and can help direct you to choosing the best cryptocurrency for you. There are two major factors to consider before trading your crypto currency of choice. The first is fundamental analysis and the second is technical analysis. Technical analysis includes the same research that is done with any and all other financial assets. Fundamental analysis should take into account the susceptibility of the cryptocurrency markets, and the fact they can be manipulated by thought leaders of the industry for their own advantage.
Start Trading Crypto with Prodigy market
Cryptocurrencies are a form of money for the future and have the potential to transform the global financial system. Regardless of the negative issues surrounding cryptocurrency trading, more people are using it, increasing the demand, and for this reason, the price is rising. Its volatility makes for an excellent addition to any financial trading portfolio. If you are looking to trade, remember that in addition to Bitcoin, there are several other altcoins also reaching a high-level market share such as Ether, Bitcoin Cash and Litecoin. But it should be noted that cryptocurrencies have crashed before, and like other investment vehicles, this could happen once again. Moving forward, there are discussions on how to manage the currencies and maintain more stable prices. The long-term ramifications are still unknown, but cryptocurrency is not going anywhere, anytime soon.
Why Trade Cryptocurrencies With Prodigy market?
* We offer trading benefits that regular cryptocurrency exchanges’ platforms don’t.
* Short selling: which is the process of being able to continue trading during falling markets and being able to profit from the price decrease.
* Leverage trading, which refers to the process of borrowing funds from the broker in order to trade a much larger position with minimal investment. High leverage of up to 20:1.
* Finally, the availability of auto trading: either algorithmic via using pre-programmed trading bolts, social trading via ProdigySocial or copying the positions of experienced traders with a proven success record (Copy trade).
* Competitive spreads.
* Easy to deposit and withdraw.
* Regulated forex broker.
* Trading from the best retail trading platform .
* 24/7 trading, including closing positions over the weekend
How to trade Crypto main FAQs
* Is Bitcoin really a digital form of gold? For some time now Bitcoin has been referred to as the “digital gold”, but in truth it has no direct relationship with gold. It was given that name because proponents of cryptocurrencies see them as a good hedge against inflation and against weakness in traditional fiat currencies brought on by central banks printing money non-stop. In truth Bitcoin and gold do not move in tandem and as of 2020 Bitcoin has been tied more closely to the movements in the S&P 500.
* Do I need a cryptocurrency wallet to trade cryptocurrencies? At Prodigy market, we are not offering the actual cryptocurrencies, but instead are offering CFDs tied to the cryptocurrency as the underlying asset. This saves traders the trouble of learning how to set up a wallet and how to transact with cryptocurrencies. Instead you can spend your time focused on trading. Plus, by using CFDs rather than the actual cryptocurrencies we can offer our clients the ability to use leverage.
* Why should I trade cryptos at Prodigy market? There are many very good reasons for trading cryptos with us. These include the ability to use margin, the wide variety of cryptocurrencies we offer as CFDs, and the lack of any commissions, bank fees, or transaction fees. In addition, we allow trading cryptos against a variety of fiat currencies, and unlike the cryptocurrency exchanges we are regulated by six different regulatory authorities, ensuring your funds are always protected
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