Crypto Boom helps traders begin their trading journey with a small deposit to activate the trading account. Once the account has been activated, the investor can hopefully benefit from the demo account feature, which allows them to trade with fake money and get a feel of the live trading environment without being in it.
The platform is full of educational resources for traders who are just starting out. It also contains training material for those who have been trading for some time. The educational material helps traders to have clear trading goals so they may be confident in their decisions and move forward smoothly in their career.
With Crypto Boom, traders will have access to the cryptocurrency market and many trading pairs within it. If you wish to sign up with Crypto Boom, you will be focusing on Bitcoin trading pairs mainly. Tether, Ripple, Ethereum, Litecoin, etc. are some other digital currencies that you can find paired with Bitcoin. You can access your favorite Bitcoin pairs whenever you want because this market is up and running 24/7.
The platform has been designed for the convenience of investors no matter the lifestyle. Whether you prefer to be in your room while looking through the assets or prefer to keep an eye on Bitcoin charts while traveling, you will be able to use this platform at your convenience. Its user-friendly features and navigation make it easy to learn even if you are using it for the first time.
You can make a small initial deposit to open doors to Bitcoin trading, a market that millions are interested in today after its rise more than decade ago. You will have ample convenience at the time of depositing funds too. You can pick from the most well-known methods to fund your account, such as bank wire transfer, credit card and debit card with Mastercard or Visa logo on it.
Create a trading portfolio that you can truly call yours. The account manager is there to assist you with your investment decisions. You will also be guided on the opportunities that are best suited to the preferences, requirements, and trading goals you have set. Take the position you prefer. Whether you want to place a buy or sell is totally up to you.
The trading platform has been designed with investors’ convenience in mind. It should not take you more than a few minutes to get started and be in your favorite financial market. Let’s take a look at how you can sign up and begin trading on this platform.
If you have entered the details correctly, you should receive an email on your given email address within a few seconds. The email contains a link that will land you on the broker’s website. Click on the link and now you will find yourself on the broker’s website. Here, you will have to make the initial deposit that is required from you to activate your trading account.
How much money are you willing to invest in trading on Bitcoin? What is the maximum risk you can take with the amount you have invested? Are you looking to hopefully make short term gains or long term gains? How frequently are you willing to take a risk? Explain all of these things to the account manager for them to understand the type of trader you are. These details will help the account manager to find appropriate trading opportunities for you.
You have explained your trading requirements and financial goals to the account manager and now they can guide you in the right direction in terms of the trades that you will be most comfortable with. In addition to that, you now want to use the training and explainer videos along with various eBooks on Bitcoin trading concepts to start learning trading tactics and techniques. You have the option to use the demo account to your advantage wherein you can practice your trades with fake money to get a hang of things.
You should now be fully ready to trade in the live market. However, there are still certain elements that make live trading different from what you learned through the demo account. Play it safe in the beginning and invest as little as possible. Don’t be so focused on possible gains that you ignore clear signs of entering the wrong trade. Try to utilize the help of your account manager in identifying the opportunities in the market. Keep your emotions out of trading.
The thing about stocks is that they belong to a company. When you buy a stock, you are actually buying a share into that company. This particular share has a value because the company owns assets and has intrinsic value. Of course, there is a fear of the company becoming bankrupt at any time. However, for as long as the company is there, you have some ownership in it through the shares you own.
At the same time, you should know that stocks do offer a possible positive return on your investments in the long-run. However, it is true that you will have to keep your money stuck for many years before you might earn that return. Despite that, there is no guarantee that your investments will conclude in the money.
You don’t take ownership of any company when you buy Bitcoin. You are buying the cryptocurrency itself and no one really owns. The creator of Bitcoin is not known. However, there are many upsides as well. The first being the fact that gains are possible when someone trades Bitcoin because the market is quite volatile.
There is no doubt that volatility can play against you as well. However, if you are correct with your prediction, you might be successful within months that you will otherwise take years to make when you invest in stocks.
You should know that these are both currencies. Just like you have the US dollar or Euro, you have Bitcoin too. However, the forex currencies are tied to two different countries or regions but that’s not the case with Bitcoin. Also, when you buy or sell fiat currency, you have complete confidence that it is backed by the government through some means.
Most people would claim that Bitcoin is not backed by anything. However, the chances of fiat currency becoming completely worthless might be no different than the chances of Bitcoin becoming the same. However, you can say that in some scenarios, Bitcoin is the opposite of forex.
When a country has political issues, the currency of that country may always be predicted to go down. On the other hand, when fiat currency is in danger, you may expect Bitcoin to go up in value because the failure of fiat currency gives place to bitcoin and other cryptocurrencies to make way into the economy.
One of the things that you will find interesting about Bitcoin is that it shares some similarities with just about any asset in the world. At the same time, it is completely different from those assets, which is what makes it very unique.
When it comes to commodities, you should know that precious metals fall into that category or asset class. In other words, silver, gold, and platinum are considered commodities. They are precious metals because of their scarcity and it won’t be wrong to say that Bitcoin is also quite scarce.
It could be treated as a scarce commodity in the world of more than 20,000 different digital currencies. At the same time, you have this dilemma of whether cryptocurrencies are securities of commodities. There are some people and experts who believe that you should call cryptocurrencies commodities.
Firstly, they believe that digital currencies are not regulated like securities and this difference makes them similar to commodities. In addition to that, commodities may often be a way for people to keep their money from depreciating with time.
In other words, you could say that the storage of value is one of the most common uses of commodities. Some people have used Bitcoin for the same purpose and that’s why they think that Bitcoin is a commodity more than it is a security.
Yes, the cryptocurrency market has reached a point where you can trade on Bitcoin against the major fiat currencies, such as USD, GBP, and EUR. However, this option is not available on all the platforms. Some platforms might offer only crypto to crypto trading. Also, most platforms that offer fiat to crypto have USD as the fiat currency.
Some would say that Yes, Bitcoin can be said to be rarer than gold because its full supply is known to be 21 million. In the case of gold, you never know when a mine might start producing tons of gold. At the same time, despite there being only 21 million Bitcoins, all of them will only be mined in 2140.
When you store value, you convert your currency into an asset or commodity that you think will not lose value over the course of time. Gold remains one of the most famous ways of storing value. However, it is true that some people have used cryptocurrencies for the same purpose and Bitcoin is at the top of the list for that purpose.
When you look at other cryptocurrencies, you can say that they are securities, mainly for the fact that they began with initial coin offerings i.e. the developers accepted investments from investors and sold them these coins in return. On the other hand, Bitcoin never went through this process and is thus considered a commodity.