In addition to trading currencies from different parts of the world, or shares such as Nike or Coca Cola, it is possible to trade crypto-currencies. The OctagonTrade broker gives some details about the operation, and which ones are suitable.
To try to get money with crypto-currencies like Bitcoin, there are two possibilities. On the one hand, you can acquire some of the different digital currencies on the market, store them in your electronic wallet, and be able to sell them at a higher value, either in the short or long term.
Another alternative – explained in OctagonTrade – is to trade, without having to acquire the crypto-currencies, or deal with the complexities of their storage.
To do this, different brokers carry out an operation called CFD, or Contracts for Difference, by which traders try to achieve economic benefits in buy-sell contracts, selling at a higher price than the one they have bought for. In other words, they do not actually purchase electronic currencies, but speculate on their prices. In this way, professional traders often make profits, and in that mirror more and more users are looking at themselves, registering with some of the online brokers available in the market, to achieve that goal as well.
What are the most commonly used crypto-currencies in online trading?
The most popular crypto-currency has a current value of around $11,300 USD, and is the most widely traded. In this OctagonTrade candlestick chart you can see the upward trend that it has had during this year 2020. Remember that the historical maximum value was $19,783 USD in December 2017, towards a later fall to $3,300 USD in December 2018, so it is currently in recovery.
Far from the values of Bitcoin, this crypto-currency previously known as XCoin and Darkcoin has a current value of $68 USD, although it is worth noting that its value reached $180 in June of this year. Dash was launched in January 2014.
Ethereum was created in 2015 by the programmer Vitalik Buterin.
Unlike Bitcoin, which has established itself as a crypto-currency, Ethereum is a multi-purpose platform, and its digital currency Ether is just one component of its intelligent applications for electronic contracting. The current value of Ether is $371 USD.
Finally, another crypto-currency that can be traded on a broker such as OctagonTrade is Litecoin.
Litecoin is very similar to its big brother Bitcoin in many ways, although it has more units that can be mined (84 million vs 21 million), and it processes a block faster than Bitcoin.
As you can see from this OctagonTrade candlestick chart, it is priced at $48 USD as of October 2020.