The growth of the Bitcoin market has brought forth a new type of trader — the Bitcoin, or cryptocurrency, trader. These traders thrive on high risk and big volatility, and know-how to master the new and nascent digital asset markets. However, they also have a good eye for opportunities across the board.
The Bitcoin market has also started melding with traditional ways of trading thanks to derivative trading and CFDs becoming popular among the Bitcoin community members. Now, these traders who may have found their niche in Bitcoin are happy to jump across to other traditional markets too, especially in this time of the Covid-19 pandemic. Let’s find out why they consider opportunities outside the crypto trading space.
Bitcoin trading Vs. Traditional markets
The Covid-19 impact on the traditional markets has been drastic. Stock indices have dropped substantially, the May futures for Oil have dropped to a never before seen price of zero — and below, but then there is gold which is pushing new heights while certain forexes have fallen to new lows.
Strangely, after the Bitcoin fall in March, the coin has rebounded and stayed relatively stable in the range of $7,000 — $9,000. Bitcoin is known for its volatility, and this is what attracts the Bitcoin investors, but they have been forced to look elsewhere.
But, being savvy crypto investors, these traders have been looking for a place where they can use their Bitcoin and digital assets to make trades within the legacy markets which do not often cross over with the cryptocurrency side of things.
Looking at the options
It is clear why Bitcoin traders want to make this jump to traditional legacy markets as these are now the ones presenting the best trading opportunities, but it is less certain as to how they can manage this. Looking at the options, there are not too many good ones for people who have Bitcoin to make trades on traditional assets.
Most cryptocurrency exchanges such as Binance, BitMEX, and Bitfinex have almost no interest in offering their users a chance at markets other than Bitcoin, and a few altcoins. But even with altcoin offerings, there is not much attraction as these markets have more incalculable risks at a time like this.
More so, major CFD and forex brokers do not offer the kinds of leverage and options that Bitcoin traders are used to, and more than that, they usually have strict and stringent Know Your Customer procedures in order to start trading — and, of course, there are basically none that offer a chance to use Bitcoin to make such trades or fund accounts which leads to the need to use wire transfers making it far less global as well.
Gladly there is a solution
With all that said and done, there are Bitcoin traders who have managed to cash in on the volatile, yet favorable, market conditions in the legacy market, and done so quickly, and easily, and with their Bitcoin.
PrimeXBT, a Bitcoin-based exchange offers a strong value proposition and entry into the traditional markets. The award-winning platform not only opens up the world of Bitcoin trading, but it also gives access to the worldwide market from a single, Bitcoin funded, account.
It is also quick and efficient as PrimeXBT only requires a simple signup, email confirmation, a small funding of your PrimeXBT wallet with BTC and you are ready to start trading over 50 global markets including commodities, such as Gold, Silver and Oil, Indices, Forex currencies and of course, Cryptocurrencies.
The decision to not require KYC documents also works in favor of traders who want to get trading quick — as there is no wait time — but it also offers enhanced privacy and data protection. Recently, there has been a spate of data leaks and hacks which have led to people’s sensitive information, like their passports and residency information leaked to the dark web, and sold off. This is why PrimeXBT respects user privacy and requires no individual information from clients.
More so, the platform not only allows for traders to use Bitcoin to fund their traditional trading, it adds high leverage that has become so popular and common in Bitcoin trading. High leveraging allows traders to make big profits by essentially allowing the trader to open positions much larger than their own capital. It is of course risky, but when markets are like they are, it is a good chance to multiply profits up to 1,000 on stock indices, forex, and commodities.
What makes PrimeXBT even more inviting is that its trading terminal is extremely user friendly, and for Bitcoin traders who want to enter into the traditional side of things, it is easy to customize the terminal and make it comfortable for what they are used to. But even more than that, there are advanced trading tools that come alongside the built-in charting software. The offering of long and short positions is vital for traders to profit when markets are dropping, while there are also hedge positions and stop-loss orders to use.
Finally, this is a scary, but exciting, time to trade and that is another reason why PrimeXBT is such a good option as they not only have bank-grade security that uses address whitelisting, two-factor authentication and Cloudflare DDoS Protection, but also offer 24/7 customer support chat and are always available on email and Telegram should things not work out.
Signup and start trading global markets in just 40 seconds with PrimeXBT. Fund your account with Bitcoin and trade from as low as $10.
Disclosure: This is a sponsored post brought to you by PrimeXBT. For more information on our rates for sponsored posts, please see our advertising page.
The post PrimeXBT: Why Bitcoin traders switch to other markets appeared first on CryptoSlate.
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