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Trading with crypto on forex market

  • 11-06-2019 9:32am
    #1
    Maxiiiiii
    Registered Users Posts: 8 ✭


    Do you know good way of forex trading by using cryptocurrencies?


Comments

  • #2
    TheJackAttack
    Registered Users Posts: 492 ✭✭TheJackAttack


    Forex and crypto are two separate things;

    Forex is foreign exchanges (usd,gbp,eur etc) and crypto (bitcoin, eth, xpr etc)

    For crypto; you want to register to an exchange (bitfinex, bitstamp, bittrex etc) and buy via exchange or margin.

    Let me know if you need any more info


  • #3
    Maxiiiiii
    Registered Users Posts: 8 ✭Maxiiiiii


    TheJackAttack wrote: »
    Forex and crypto are two separate things;

    Forex is foreign exchanges (usd,gbp,eur etc) and crypto (bitcoin, eth, xpr etc)

    For crypto; you want to register to an exchange (bitfinex, bitstamp, bittrex etc) and buy via exchange or margin.

    Let me know if you need any more info

    Thank you for your answer. I already find for trading with cryptopairs on forex market. I registerd account with LiteForex broker


  • #4
    rickyjb
    Registered Users Posts: 1,561 ✭✭✭rickyjb


    Maxiiiiii wrote: »
    Do you know good way of forex trading by using cryptocurrencies?


    You can use WCX (wcex.com) which has most forex pairs, some stocks and all trading is done through BTC.


    I've been using it for a few months now with a small amount and am pretty happy with it, the UI is very straightforward.


  • #5
    Maxiiiiii
    Registered Users Posts: 8 ✭Maxiiiiii


    rickyjb wrote: »
    You can use WCX

    Thank you for your advice


  • #6
    sexmag
    Registered Users Posts: 1,303 ✭✭✭sexmag


    Please be aware that with forex you are betting on the crypto market and do not actually own the coins you "buy". You cannot withdraw coins to a wallet and any gains made can be restricted as per their terms and conditions


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  • #7
    rickyjb
    Registered Users Posts: 1,561 ✭✭✭rickyjb


    sexmag wrote: »
    Please be aware that with forex you are betting on the crypto market and do not actually own the coins you "buy". You cannot withdraw coins to a wallet and any gains made can be restricted as per their terms and conditions


    Yes, it's effectively a derivatives market, you aren't actually buying any stocks or foreign currencies. Just betting on whether their price will go up or down.


    It's an interesting model they use, there are no fees per se, just the spread between bid and ask prices. I think the main way they (WCX) get revenue is based on the fact that your position will be liquidated if it drops below 80% of its original value. Anyone careless enough to get liquidated knowing this fact probably deserves it IMO.


    I find the site pretty transparent, nothing too sneaky about how the platform is laid out. Besides forex and stocks it's useful if you want to leverage trade the mid tier alt coins against USD pairs as opposed to BTC pairs (e.g. NEO, ADA, TRX etc.) Bitmex only allows you to trade vs BTC for everything except BTC itself and ETH.


  • #8
    Maxiiiiii
    Registered Users Posts: 8 ✭Maxiiiiii


    sexmag wrote: »
    Please be aware that with forex you are betting on the crypto market and do not actually own the coins you "buy". You cannot withdraw coins to a wallet and any gains made can be restricted as per their terms and conditions

    From forex broker we can withdraw in USD or in BTC also


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