Does anyone have any suggestions for minimizing the cost of exchanging bitcoin to forex currency and vice versa? I am going to fuse my two loves because it seems practical, and it also offers me lots of advantages since I'm starting to develop a keen knack for bitcoin changes - I can pretty accurately predict short-term dips and rises with nothing more than a couple of google searches at this point. I could easily make a career out of it with more invested if things stay the same for a while. With that said, I still love forex because I love trading up, and considering the size of the forex market, it seems like the perfect fit for me. I've been doing a LOT, LOT of reading, but the biggest issue I'm having is the idea of exchange fees getting to be percentage based and eating away at me later on down the road. Thoughts? Where would you go to minimize all of your fees if you were regularly converting currencies with cryptocurrency?
Are you only looking to convert bitcoins to dollars, or would you also like to access other foreign currencies? Also, are you looking at an active trading strategy or one where you can preplan trades? Those two issues will both affect what commission the sites take, and of course after Mt.GOX, you want to make sure that whoever you trade through is trusted. It has been a very long while since I used bitcoin, although I still have some from when it was at $200 which I'm holding onto for now. When I was considering selling them, I did not find any exchanges charging a flat rate. Most of them seem to charge percentages, e.g. cex.io charges 0.2%, although several do offer volume discounts which might help. If you look up the Bitcoin Exchange Guide, they can give you a list of the current traders and how much they are trusted. You can get the exchange rates easily enough from the sites themselves and see which works for you. Cex.io and Coinbase seem to be the two main ones. Cex.io has apps and fast trades while coinbase has slightly higher fees but is backed by slightly bigger names and has a trading platform. If you are looking for a fixed-fee commission through, I think you may be out of luck.
I'm not too familiar with the bitcoin scene but the same rules should apply. You need a broker who is 1. Trustworthy 2. Capable of giving you access to the markets you need 3. Cheap. And in that order. However I always start my research from #3. Find the cheapest one. Then see if they fill #1 and #2. If they don't then try the next cheapest one. And repeat until you find a broker that does these 3 things... you might end up paying a bit more in fees but #1 and #2 are worth it.
Wow sweet, thanks for the links Yes, I want to hold bitcoin against as many other currencies as possible. I got a ton of stock advice when I was 13 from this teacher I was TA'ing for, and he basically explained to me the concept that mobile money is always worth more than standing money because it can both go where it's better off and get away from the danger zones. 0.2 is vicious, but I guess considering the volatility of the market and the ability to flip day-to-day once bitcoin is introduced, it isn't that big of a deal. The only problem is, when I'm looking at a 5% flip, that's actually 1/5th of 1/5th of what I'm making, or 4% -_- Wow, sweet, awesome advice. I'm looking around right now and most of them pass 2, but 1 and 3 are still questionable because they seem to have similar rates with different ways to save being obscure and obfuscated percentages that could go north or south depending on how they're used...which would take time to get a feel for, ugh. Sort of looking like I should split my interests between them and see how that goes, but I hate that idea.
Now I see some broker already ofer bitcoin as instrument trading, but so far i am not yet familiar with bitcoin, I am ever reaidng if this crypto currency will become more popular and very good currency on the world, i don''t know for sure
One major advantage of trading bitcoin with forex is that there is no central bank to monitor bitcoin valuations. Trading bitcoin with forex is more of an art than a science and requires experienced investors. This is because you are pairing two currencies with a third currency. MIT researchers have developed a trading system that can almost double a bitcoin investment in 50 days based on the fact that volatility boosts profits.
But I see on the chart forex which there are instrument trading for crypto currency btcusd, this instrument trading on daily timeframe movement not like as few years back, price movement seems too narrow movement might as sign if demand for crypto currency not like as on major pair like as eurusd or another pair.
Which Forex provider allows you to trade on their platform with Bitcoin? I'd be very interested in knowing this because I have a significant number of Bitcoins which I'd happily diversify into the currency markets to hedge against major pricing swings which Bitcoin has become famous for of late.
There are broker forex which also offer trade on bitcoin, like as FXopen and also forexmart, but I am alone rarely trade on bitcoin and still prefer trade on forex with choose pair as instrument trading although broker also offer CFD and bitcoin, if not wrong on FXOpen has bonus 10$ if trader open cryptocurcrency, but I don't know wether this offer still apply or already over
Bitcoin is just your sliding medium. You hold in stable shares and trade in bitcoin. It's not for everyone as I've learned, it's more like an exclusive cut of people that both want to trade in forex and want to deal with bitcoin. I am having mild success, will post a sweet update a bit later down the road when I have more results to go on
