Bitcoin has been making its way to the mainstream news media since April this year when its price has jumped by almost 1000% in several days. From then on, its popularity in various areas of online life began to grow rapidly. With Bitcoin being a sort of currency and a payment method at the same time, it basically has two ways of being connected to Forex market — as a deposit/withdrawal payment method and as a trading instrument.
Some brokers already offer BTC/USD trading. It is done in a form of a CFD, which is not a real Bitcoin trading, but is rather an artificial derivative contract. It can only be traded during usual Forex market open hours (only on weekdays), while the real Bitcoin exchanges are open for 24 hours every day. Such exchanges could be a nice substitute for the traditional FX brokers to those who want Bitcoin trading, but, unfortunately, they cannot compete with online brokers in terms of leverage, convenience and platform functionality. The niche for a Forex broker that allows Bitcoin trading with direct access to exchanges via MetaTrader (or other platform) remains vacant as of now.
Other brokers now accept deposits via Bitcoin. This sounds as a promising tendency as it offers two advantages: anonymous transfers and
I believe that Bitcoin and other cryptocurrencies is a very smart invention that can be useful to almost everyone. Currently, its main target audience fits the one of the online Forex brokers nearly perfectly, which means that all the industry participants will benefit from the soonest adoption of this new technology. And what do you think about it?
Loading …
If you want to share a detailed opinion on the role of Bitcoin in Forex trading, please feel free to submit them using the form below.
