Bitcoin Forex Trading
Bitcoin Forex Trading is something which you can learn at SimpleFX with a high level of support using a Demo account.
Bitcoin Forex Trading or Exchanging Bitcoin
Foreign Exchange brokers have been around for many years but not so many have grasped the concept of Bitcoin. It is a relatively new virtual currency which gained substantial credence during 2016. It doubled in value during the year. Read more about the history of Bitcoin.
If you are a Forex trader you might now consider Bitcoin as a means to trade for profit. There are now trading platforms where you can open an account and trade Bitcoin against other currencies. You can also just buy and sell Bitcoin for profit. Of course some knowledge is required or it is simply gambling on the markets. Please be aware that you can lose money too.
You can trade real currencies against each other but you can also trade Bitcoin against real currencies. You can also trade in other virtual currencies (or Cryptocurrencies) but we have concentrated on the merits of trading Bitcoin.
We did some research and found that a lot of FX platforms have restrictions. Some of them are also dubious by reputation. We discovered SimpleFX and were impressed, their motto is “keep it simple”. They support more than 40,000 traders in 130 countries. There are some very good comments on their website which is very simple to use. There is also a live chat facility where you can communicate with other traders and learn from their advice.
Once you have set up an account you can deposit funds and get started. There is plenty of tutorial information to help you along the way. If you only use Bitcoin for your trading you do not need to provide personal financial information or ID.
There is a very good FAQ section on the website. Someone asked a question about using Bitcoin:
Question: Is it safe to use SimpleFX for Bitcoin trading?
Answer: “Yes, we take great precautions to ensure security of our system and we constantly monitor our network for any suspicious activities. However, we can not provide security for bitcoins stored on users’ computers, so it is important to take additional steps to ensure that your Bitcoin wallet remains protected from users other than yourself”.
If you are contemplating signing up at a Bitcoin Forex company we recommend that you do use a hybrid Bitcoin wallet which has an extra layer of encryption.
Interestingly, SimpleFX operate a leverage system where you can borrow money to increase your gains. You can apply limit and stops to your trading activities to prevent high losses. SimpleFX use a trading platform which comes with lots of advice provided by experts.
Sign up without obligation to learn how to trade.
At SimpleFX you can open up a Demo account to gain a better understanding as to how it all works. Why not take a look at the website before you trade for real. You can use your PC or mobile device.