Read this simple guide below and you could start practicing your trading skills right after.
With the popularity of cryptocurrencies expanding exponentially over the past years, more and more people are becoming aware of the potential that these virtual assets represent.
A Contract for Difference (CFD) is a contract between a buyer and a seller to settle on the difference in value of a financial asset. By trading cryptocurrencies such as Bitcoin, Litecoin and Ripple in the form of CFDs, traders have the opportunity to invest in their price changes, without having to actually buy them.
Furthermore, at iFOREX Crypto you can invest in cryptocurrency CFDs with leverage, for added power. Leverage trading enables you to open large deals with a relatively small investment, thus maximizing your trading power, but also your risk. Why? Because when you use high leverage, both successful and unsuccessful deals are, in simple terms, amplified.
Leverage allows you to open large deals with a relatively small investment.
How large? Up to 40 times your initial investment, depending on the crypto you trade.
This means that with a $500 investment you can open cryptos worth up to $20,000.
Keep in mind that while leverage increases your trading power, it also increases risk to your investment, so be sure to use with sufficient knowledge and training.
Remember: iFOREX Crypto offers Negative Balance Protection policy, so you can never lose more than your initial investment. No matter what happens, your account will never go into minus.
No password, no crypto:
Forgetting your password means losing access to the funds in your account. Cryptocurrencies may be leading-edge blockchain technology capable of heralding in the future, but there is still no way to recover your crypto wallet password if you lose it.
Crypto wallet security:
Crypto exchanges and wallets are target-rich environments for a new breed of criminal. While wallet security is constantly improving, the threat of advanced hackers seeking to illegally swipe crypto from wallets and crypto exchanges persists. In August 2021, over $600 million was stolen in one of the biggest cryptocurrency heists ever.
By preferring iFOREX Crypto to an exchange, you can feel safer, as there is no wallet to hack.
Transferring funds or coins between wallets costs a fee:
Each time you send funds from a crypto exchange to an external cryptocurrency wallet or vice versa, you pay a small fee required to facilitate the transfer and buying of the necessary blockchain space to get the transaction confirmed. While you may consider sending your funds at a lower fee rate, patience is required, as you will have to wait longer for a confirmation. Trading with iFOREX Crypto eliminates these extra fees, as you stand to pay only the known transfer rates set by your bank.
Unsupported protocols may hide your coins:
Crypto Wallets and exchanges support certain protocols such as ERC-20 and may not support others. This may cause you to not see your crypto coins, which may require extra activities just to see your balance or transaction. A user trying to cash out crypto transferred their coins from an EOS protocol to USDT protocol on another platform which doesn’t support it, causing them to lose $10,000. iFOREX Crypto will always present your current funds and gains, absent of complicated protocols.