Just like traditional forex trading, when you trade a cryptocurrency you’re simply speculating on whether the price of an individual asset – such as Bitcoin – will rise or fall.
And when you trade cryptocurrency CFDs with Livefinance247, you don’t have to invest directly in the product. Instead, you’re simply trading on the real-time price movements in the market, meaning you could earn a profit or a loss whether the price goes up or down. Find out more about how cryptocurrency trading works.
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Just like standard currencies, cryptocurrencies (also known as crypto) are a form of digital currency that can be used as payment and exchanged for goods and services.
Each cryptocurrency is created or issued by a different organisation; a simple comparison would be different casinos issuing their own tokens or casino chips. Cryptocurrencies are only held online and operate using blockchain technology.
Blockchain is a form of decentralised technology that makes use of multiple computers to ensure and manage the integrity of transactions. As there is no central computer or authority that keeps a copy of these transactional records and all records are publicly visible, it makes it effectively impossible for any single person or entity to change the historical transactional data. This makes blockchain technology highly secure and adds to its trustworthiness.
Bitcoin is the first cryptocurrency. It was created in 2008 as a “new world” currency that people could use in the knowledge that no single government or authority in the world is able to control or produce more of it.
Yes. When trading a volatile cryptocurrency like Bitcoin as a CFD, it’s crucial to choose a reputable and accountable broker for your trades.
Help protect your account and reduce your risk by choosing a trusted, respected and fully regulated broker.
No. When trading Bitcoin as a CFD, you are effectively buying and selling the price movements of financial products. This allows you to benefit from the volatility that exists in the market for Bitcoin.
The main difference in trading with CFDs is that there is no need to physically (or in this case, virtually) own the asset that you are trading. When trading CFDs on Bitcoin, you are only speculating on the price fluctuations of the cryptocurrency.
Bitcoin CFDs allow you to participate in the Bitcoin market without having to physically (or virtually) own any Bitcoin. Hence, there is no need to own a cryptocurrency storage wallet or even be involved in the Bitcoin exchange.
Bitcoin wallets are highly vulnerable to hacking attacks and theft; once a wallet is hacked and Bitcoins are stolen, there is no way to recover them. To help avoid such risks, trading Bitcoin CFDs is a safe and regulated alternative.