If you reside outside the USA, trading Cryptocurrencies at FX Open is one of the best ways possible especially if you are going to be actively trading.
Just a few of the advantages:
Why trade a cryptocurrency CFD over going to the exchanges?
Trading a cryptocurrency CFD allows you to maximize the amount of money you want to ‘invest’ in the crypto market. CFD’s base their price on the underlying asset and allow you to participate in the price movements of that instrument.
There are 6 main advantages of trading a CFD over going direct to an exchange:
Put up a small amount of money to control large cryptocurrency positions.
Enjoy experienced and knowledgeable live customer support staff available 24 hours a day 5 days a week.
Safety of funds
Deposit funds with an ASIC or FCA registered broker where top-tiered banks are holding your money.
Funding in fiat currencies
Simply fund your account in dollars with a reputable broker.
Ability to go short
Short sell all cryptocurrencies and allow yourself a hedging opportunity.
Trade FX & Cryptos on the same platform
Flexibility to trade multiple asset classes in the same account.
As you can see, not only is margin trading available (though we suggest you limit your use of margin typically), you can also SHORT cryptocurrencies. There are many opportunities in BOTH directions that you can now take advantage of. Plus, the spreads (bid vs. ask) tend to be very reasonable and commissions are small.
We have put together a Step-by-Step document for you as well. This covers the steps to take to get your account open as quickly as possible.
You may have considered other crypto exchanges such as Kraken, Coinbase among many others. However, there are some really strong advantages to trading with FXOpen and using cryptocurrency CFDs instead. Here’s just a few: