Can you trade cryptocurrencies on forex/CFD platforms? The short answer is yes, you can. However, significant variations apply to crypto trading on forex and CFD platforms that must be considered when compared to trading the underlying asset on a crypto exchange. Be must be noted that cryptocurrency CFDs are traded on most forex/CFD platforms. In other words, the trader enters into a contract with the CFD provided on an underlying asset (such as Bitcoin). These derivatives are based on the price movements of their underlying assets but do not involve an exchange or ownership of the digital cryptocurrency itself.
This means there are no actual cryptocurrencies being exchanged, nor are there wallets or addresses to worry about. This also reduces the hacking risks that threaten even the best and most reliable crypto exchanges. CFD traders can focus on how to take advantage of market movements. Profiting from cryptocurrency trading on forex/CFD platforms is possible when you have a Buy position, and the sell rate of the cryptocurrency increases above its opening buy rate; if you have a Sell position, you profit when the buy rate of the cryptocurrency falls below its opening sell rate. Vice versa: buy positions will be at a loss if the sell rate falls below the opening buy rate, and sell positions are at a loss when they buy rate rises above the opening sell rate. Check here:
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Topic: Can You Trade Cryptocurrencies Using a Forex or CFD Platform? (Read 57 times)