The world's interest in cryptocurrencies has become strong over the years. Regardless of the negative forecasts surrounding the future of Bitcoin, Ethereum, Litecoin or Ripple, these asset classes remain stable and that is why traders care about them.
In fact, their interest is based on a number of reasons:
- First: crypto rates are not affected by external factors, unlike the Euro or the Dollar.
- Second, the prices of these currencies change almost every minute, making them more attractive to binary options traders.
Furthermore, there are 2 ways to use cryptocurrencies on these platforms.
Option 1: Use electronic money as a payment method
If you start trading cryptocurrencies with binary optionsThe first thing to do is to create a strategy and margin. You can then open positions, make predictions and take profits. If you use cryptocurrencies as a payment method and the transaction is successful, you will receive your payment not in fiat but with cryptocurrency.
The advantage of these types of transactions is that they have the lowest cost of all payment methods. Since cryptocurrencies are decentralized, you don't have to pay to receive or pay.
Another advantage is that this way of trading allows traders to receive high-value cryptocurrencies (like Bitcoin) that most people cannot afford to pay. Trading cryptocurrencies with binary options will offer the fastest possible time to earn such cryptocurrencies.
Method 2: Use cryptocurrencies as a background asset
When you trade binary options, the cryptocurrency is not only a payment method but can also be a underlying asset. What does that mean?
Cryptocurrency rates are always volatile, no matter what demand for them is. If you have reliable and convenient analysis tools, you will not have much difficulty in predicting their increase or decrease.
The high volatility of cryptocurrencies allows intermediary platforms to use them as assets. In other words, you can predict their rise or fall, and open positions as if it were any other ordinary asset.
Trade cryptocurrencies on Binomo
The interest in cryptocurrencies as an asset makes them a potential target for scammers. That is why you should choose reliable intermediary platforms for trading.
There are very few platforms that allow traders to choose cryptocurrencies as an asset. Virtually all current platforms offer the most popular cryptocurrency - Bitcoin. To get the most profit, choose intermediary platforms that give you more choices.
One of these platforms is Binomo. Binomo has crypto assets like Bitcoin, Litecoin, and CRYPTO IDX (an index based on the average prices of Bitcoin, Ethereum, Litecoin, and Zcash).
By the way, crypto traders' interest in Binomo is largely due to the presence of the index. Using CRYPTO IDX can help achieve consistently high volatility even if you choose a short term contract. Furthermore, the property operates 24/7, both on weekends and on holidays, along with an average profitability ratio of 70-83%.
As a rule, CRYPTO IDX is a good choice for experienced traders, and for beginners it is recommended to choose another asset or currency pair. However, Binomo does provide enough analytical tools to trade with CRYPTO IDX.
Great thing about binary options Your trading profit does not depend on the amount of capital you invest, but on the right strategy and choice of platforms.
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