Bitcoin is traded on InstaForex platform..
FOREX refers to Foreign Exchange (FX) market where currencies are traded. It is the highest and fastest growing financial market globally with a daily turn over of over $5.2 trillion dollars far in excess of the total traded volume of the US stock exchange.
Trading is done over the counter OTC,which means that there’s no central exchange or clearing house involved. It is a twenty four hours business, Mondays-Fridays. It was once the exclusive preserve of the banks,corporations,investment houses and financial institutions. With the advent of brokers notably Instaforex, the Forex market is now accessible to all traders worldwide.
Currencies tradeable are categorised into two thus:
1. Major currencies; these are paired with the usd,with a characteristics of lower spread-: three pips spread .e.g EURO/USD,GBP/USD,USD/CHF,USD/JPY etc
2. Cross currencies; These are not paired with the usd,and with a characteristics of varied pips spread e.g Eurjpy,GBPJPY,AUD/JPY,EURPNZD etc
BITCOIN: Was created by a mysterious developer using the pseudonym Satoshi Nakamoto on the 3rd January 2009(from Japan). It is the first decentralised digital currency otherwise known as Cryptocurrency. It is now legalised in the USA and are subject to the same taxes and reporting requirements as other currencies. There is no physical bitcoin as there are dollars,Euros or pounds. One can create a digital wallet where you can securely store digital currencies, then connect your bank accounts,debit cards or credit cards so that you can exchange digital currencies with local currencies.
All Bitcoins transactions are public,traceable and permanently stored in bitcoin network. Bitcoin addresses are the only information used to define where bitcoins are allocated and where they are sent.These addresses are created privately by each user wallets.
Bitcoin is traded on Instaforex platform,for example on Mt4 thus:
1.Locate ‘Market Watch’put your cursor inside it,right click,& locate ‘Show All’& click.This action would enable you to see all tradeable instruments on the platform.
2.Locate ‘Create a new chart’ on the platform,click & locate ‘Cryptocurrency’.
3.Place your cursor on ‘cryptocurrency’ & locate ‘Bitcoin’
4.Click on ‘Bitcoin’ & the Bitcoin chart would be displayed for trading
GOLD: Is similar to currencies like the US dollar or EURO because it is durable,portable,a store of value and widely accepted globally with standardised physical characteristics. Since the price of Gold often fluctuates, independent of its industrial supply and demand,the emotions and behaviours of traders tend to drive major trends of this metal. One of the major determinants of gold prices has been the level of real interest rates. When interest rates are low,investments in cash and bonds tend to provide negative returns,thereby prompting investors to seek alternative ways to protect the value of their wealth and vice versa, when the interest rates are high.
Gold is traded on InstaForex platform thus:
1.Locate ‘Create a new chart’ on the trading platform,click & locate ‘Metal’
2.Place your cursor on ‘Metal’& locate ‘Gold’.
3.Click on ‘Gold’& the Gold chart would be displayed for trading.
As with any other instruments there is no single best way to trade Gold. Many traders from other markets have found that the technical trading strategies utilised on other instruments, can easily be applied to the gold market. Success in gold trading have been found in adapting strategies that are based on trend-lines,overbought and oversold oscillators like the R.S.I and Stochastics.
From the above analysis,the InstaForex trading platform is among the first and always in the forefront of providing traders worldwide with the state of art/cutting edge technology which ensures that traders get the best as far as their trading business is concerned.
Start your Forex,Bitcoin and Gold trading career with InstaForex Nigeria and experience trading at its best. Hence, InstaForex prides itself as one of the best brokers globally.
To open a Free Forex Account Click here..