My old poll about the popularity of currency pairs had rather predictable results — EUR/USD, GBP/USD, the JPY pairs are the leaders. But how about cryptocurrency trading? Can it be considered a part of the more traditional Forex scene? Given the fact that many FX brokers now support trading in crypto, should they be considered separate entities, or does BTC/USD or ETH/USD can be analyzed and traded on mostly the same rationale as EUR/USD and USD/CHF?
It seems to me that the majority of people acquainted with cryptocurrencies are predisposed to investing in them rather than speculating on an exchange or through a broker. A limited number of them (including me) might be also interested in using their crypto balances further to invest in margin funding on exchanges. However, with both the trading technology and the volumes advancing by leaps and bounds on a daily basis, more and more people should be switching to day trading or some other form of active trading in the cryptocurrency market.
Of course, it is hard to compare the power of the Forex market with its $5.1 trillion daily volume with the liquidity available in cryptocurrencies. Even Bitcoin, with its relatively long history and widespread adoption, can be manipulated, and its price often deviates significantly between different exchanges. Nevertheless, more and more foreign exchange companies are putting BTC/USD symbol into the Market Watch window of their MetaTrader platforms. The poll below will show us whether the crypto pairs are a thing in the Forex industry and which ones are the most popular among the traders.
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If you want to share your thoughts on how cryptocurrency trading is similar to trading the traditional currency pairs or how exactly they are different, please feel free to reply using the commentary form below.
