How to make Profit with Cryptocurrency: Forex Leads the Way
The crypto sphere still represents an enigmatic and innovative piece of the financial domain. Some even see a digital payment revolution unfolding on the horizon. Despite rising inflation, the interest in crypto is still growing, and adoption continues to expand. One of the industries that are bridging the gap between crypto and ordinary people is retail Forex trading.
In the midst of global economic and political uncertainties and disturbances, people increasingly seek out the cryptocurrency market to probe its inner workings, principles and financial potential. Investors use crypto to diversify their portfolios, whereas the mother of all cryptocurrencies—bitcoin—even established itself as a ‘store of value.
Upon this investigation, some questions arise that need to be addressed:
How does one profit financially from crypto? And how does crypto trading work?
Brief intro
The cryptocurrency and blockchain industry is no fleeting matter by any stretch of the imagination. On the contrary—it’s a 1.3. trillion USD market with a daily trading volume of over 50 billion USD. Of those regularly participating as investors and traders, approximately 65 per cent are bitcoin owners. Today, about 300 million people worldwide use crypto and apply blockchain technology in some way or the other. Then again, this is just 3.8 per cent of the entire world population. So, we are still somewhat early. The adoption of blockchain assets into legacy finance is best illustrated by introducing new instruments like bitcoin ETFs and bitcoin futures, traded at CME Group.
Fundamental research
Crypto becomes a whole different landscape if serious research is done. ‘Do your own research is the credo of the market. Always do your homework before trading and never invest in something you do not understand. Crypto is not a risk-free business. Your hard-earned money is on the line. Therefore, you must strive to make only well-informed investment decisions and apply proven and back-tested trading strategies.
Usually, behind every cryptocurrency there is a dedicated company or organisation that claims to offer something brand-new to the sphere—some never before seen feature or a unique and improved element of an existing system. Track the social media and press releases of these young fintech blockchain start-ups: you might even catch the decisive news earlier than the general market, beating its next move to the punch.
Profit from crypto with a Forex broker
The idea is quite straightforward: After having done your research, purchase a particular cryptocurrency with the help of your certified Forex broker and observe your asset’s movement in time, price, and total market capitalisation. In crypto, prices can and do change very swiftly. Once your profit margin is reached, sell your crypto asset for a digital stablecoin like Tether (USDT) or any supported fiat currency to capture your newly generated financial gains.
You can also trade different currency pairs against each other and generate a profit that way. Nowadays, every major brokerage service offers the most popular cryptocurrencies for traders to buy and sell on a regular basis. Keep in mind that trading is a much more dynamic process than mere investing. The leverage applied plays a tremendous role and should be handled only after considerable training and guidance. Thankfully, there are plenty of those out there that make for qualitative and deep education in that regard.
Bridges to the real world
The final step is converting your bitcoin (BTC), Tether (USDT), Ethereum (ETH), Cardano (ADA), Solana (SOL) or any other supported cryptocurrency to your native currency and making a withdrawal to your conventional bank account. With every careful move you make, you have to pay attention to the conversion rate of each involved currency as they all relate to their respective market prices.
And who knows, you might skip the conversion part, if not now, then soon: Since services like Subway, a fast-food chain, and Microsoft, a software company, already accept direct payments in bitcoin, as does Twitter, a major social media platform, with its 'tips feature'.
Another important statistic is the most recent number of large bitcoin holders—or ‘whales’—that reached a new high of 15,800. A clear indication that some influential and resourceful market participants believe in the continuation of the crypto rally, accumulating as many coins as possible.
On balance, the future looks bright for the crypto payment revolution, having the online gaming communities—and even legacy finance—very willing and eager to adopt what might just turn out to be the next huge paradigm in finances.
OctaFX is a global broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services utilised by clients from 150 countries who have opened more than 12 million trading accounts. Free educational webinars, articles, and analytical and risk management tools the broker provides help traders reach their investment goals.
The company is involved in a comprehensive network of charity and humanitarian initiatives, including the improvement of educational infrastructure, short-notice relief projects, and supporting local communities and small to medium enterprises.
On a side note, OctaFX has also won more than 50 awards since its foundation, including the 2021 ‘Best Forex Broker Asia’ award from Global Banking and Finance Review and the 2021 ‘Best ECN Broker’ award from World Finance.
[Sponsored]
Source: Legit.ng
