How to Trade BitcoinAN INTRODUCTION TO CRYPTOCURRENCY TRADINGA FOREX.com educational guideFOREX.com is a trading name of GAIN Capital UK Limited, FCANo. 113942. Our services include products that are traded on marginand your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
Contents3 Introduction4 What is a cryptocurrency?5How Bitcoin works8 Trading vs Owning Bitcoin11 Trading Bitcoin13 Bitcoin CorrelationsOur services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
3IntroductionSince its inception in 2009, Bitcoin has become one of themost popular cryptocurrencies. It is a digitally-encrypted,decentralized currency with unique characteristics that makeit an unorthodox market, causing a lot of volatility in itsprice. Traders look to that volatility to find short-term tradingopportunities, speculating on possible spikes and falls.In this guide, we’ll introduce you to the world of Bitcoin trading. We will cover ways to: Keep you focused on your long-term trading objectivesPlay to the strengths of your trading typeAid you in your risk managementMinimize emotional decisionsProvide you with clear strategiesMeasure your successAfter familiarizing yourself with Bitcoin, try trading it yourself risk free with aFOREX.com demo account.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
4What is a Cryptocurrency?A cryptocurrency is a digitally-encrypted, decentralizedcurrency that is not connected to nor controlled by anygovernment or central bank, unlike traditional currenciessuch as the US dollar (issued by the Federal Reserve), euro(European Central Bank), or Japanese yen (Bank of Japan),among many others.Like these traditional currencies, cryptocurrencies generallyfill two primary roles: CENTRAL BANKSPayment systems for goods and servicesSpeculative instruments for trading and investingPOPULAR CRYPTOCURRENCIES:BITCOINSince its inceptionin 2009, Bitcoinhas grown rapidlyin prominence asthe world’s firstand most popularcryptocurrency.LITECOINLaunched in2011, Litecoin isused primarilyas a paymenttransactioncryptocurrency thathas been called“silver to Bitcoin’sgold.”ETHEREUMReleased in 2015,Ethereum hasrapidly gainedpopularity on theheels of Bitcoin,and currentlyhas a marketcapitalizationsecond only toBitcoin amongcryptocurrencies.RIPPLECreated in 2012,Ripple differs fromBitcoin in that itdoes not requiremining to create thecryptocurrency.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.DASHLaunched in2014, Dash, orDigital Cash, wasinitially known as“Darkcoin,” andis unique in thatit is considered ahighly anonymousand secretivecryptocurrencythat specializes invirtually untraceabletransactions.
5How Bitcoin WorksAs the world’s first and most popular cryptocurrency, Bitcoin eclipses allothers when it comes to public usage and recognition, market capitalization,and trading volume. The payment aspect of Bitcoin has continued to growat a brisk pace since its 2009 inception, as both individuals and institutionshave increasingly come to view the cryptocurrency as an accepted methodfor executing payment transactions.BITCOIN PIONEERED THE CRYPTOCURRENCY SPACE, ANDFOR NOW REMAINS THE STANDARD BY WHICH OTHERS AREMEASURED.As a decentralized currency that is entirely digital and disconnected from any government orcentral bank, Bitcoin has several key characteristics:Bitcoin utilizes a worldwidenetwork of encrypted peer-to-peertransactions that are verified andsecurely recorded in a “blockchain,”which is a digital public transactionledger devoid of any centralauthority. All confirmed andverified Bitcoin transactions areincluded in this blockchain.Bitcoins are created through aprocess called “mining,” which usescomputer processing capacity toform units of the cryptocurrency. Inorder to add new Bitcoins into theglobal network, miners must followstrict cryptographic rules specifiedby the system.Digital “wallets” are used to storeBitcoin credentials for each userand enable users to store, transfer,and spend their currency, atwhich point these transactions arerecorded in the blockchain. Bitcoinwallets use secured “private keys,”which are used to sign and provideproof of transactions.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
6BITCOIN UTILIZES A WORLDWIDE NETWORK OF ENCRYPTED PEER-TO-PEER TRANSACTIONSTHAT ARE VERIFIED AND SECURELY RECORDED IN A “BLOCKCHAIN,” WHICH IS A DIGITALPUBLIC TRANSACTION LEDGER DEVOID OF ANY CENTRAL AUTHORITY.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
7But the most rapid growth for Bitcoin has developed in its use as a globally traded financial asset. Bitcoin’sunprecedented appreciation in value over the relatively short period of its history, especially in recent months,has been responsible for generating profits for many early adopters of the cryptocurrency.Trading of virtual currencies, including Bitcoin, involves a high level of risk and may not be suitable for allinvestors. NFA Investor Advisory—Futures on Virtual Currencies Including BitcoinFOREX.com UK customers can hold long or short positions on bitcoin with our advanced trading platform.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
8Trading vs. Owning BitcoinYou may be interested to learn the key differences of trading versus owning Bitcoin.Here are some of the key differences:Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
9BITCOIN TRADINGPerhaps the most significant difference between trading Bitcoin and purchasing it is that when tradingyou can be either long or short at any given time depending on your outlook. If you buy Bitcoin outright,you obviously can only be long, and will usually just be compelled to hold through all of the volatile upsand downs in Bitcoin’s price.Traders will attempt to takeadvantage of all the potentialopportunities of Bitcoin’s volatility.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
10Bitcoin analysts are divided as to whether thecryptocurrency will continue to shoot up in valueor if it will drop sharply instead. As a Bitcoin trader,you can nimbly position yourself in either directionand take directional trading opportunities as theyarise.Relatedly, when you trade Bitcoin you can tradethe price swings on a short-term basis instead ofpurchasing Bitcoin at a certain price and holdinglong-term, hoping for further price appreciation.Margin and leverage are another way tradingBitcoin can be more flexible than buying itoutright. Depending on the price of each Bitcoinat any given time, owning just one Bitcoin couldbe prohibitively expensive. Trading Bitcoin withleverage allows you to take a position with lesscapital but remember, increased leverage increasesyour risk.Finally, trading Bitcoin actively allows the use ofentry orders, stop losses, profit-limit orders, andrisk management techniques that are just notpossible when simply purchasing Bitcoins.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
11Trading BitcoinThe original purpose of Bitcoin was to serve as a digitally-encryptedcurrency that could be used as payment for goods and services withoutbeing under the scrutiny of any government or central bank.But Bitcoin has gone well beyond its original purpose to where it cannow be traded as a speculative financial instrument in as simple andstraightforward a manner as trading any traditional currency.The creator of Bitcoin designed the cryptocurrency to be capped at a totalmined quantity of 21 million Bitcoins, in perpetuity. Currently, that hard limithas not yet been reached, but around 80% of the total Bitcoin capacity hasalready been mined as of late 2017.One important aspect of Bitcoin thatsets it apart from more traditionalcurrencies is the fact that there is alimited supply.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
12BTC/USD (Bitcoin vs US dollar)Weekly Chart (2015-2017)Charts by TradingViewThis characteristic and perception of scarcity have helped lead to Bitcoin’s massive rise in value sinceinception, particularly within the past year, as traders and investors have rushed to take part in buyingand selling the cryptocurrency.While actual Bitcoins can certainly be bought and held, there are some major advantages to tradingBitcoin as a financial instrument rather than simply buying and owning the cryptocurrency. Some ofthese advantages include: I mmediate exposure to Bitcoin price movements with the ability to trade long or short, without having tohold the underlying Bitcoins Easily execute both short-term and long-term trading strategies, or hedge any existing Bitcoin holdings Use margin and leverage to control Bitcoin positions, allowing efficient use of account equity E mploy stop losses, profit limit orders, and other trade management techniques on Bitcoin positions thatare just not possible when simply holding BitcoinsOur services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
13Bitcoin CorrelationsKnowledge and experience are key elements insuccessfully trading any financial market. Part of havinga solid base of trading knowledge lies in knowinghow markets generally relate with and react againsteach other. Intermarket analysis is the study of pricecorrelations among different markets and how marketprices may or may not be impacted as a result.When trading Bitcoin, traders have discovered that itsfundamental correlations with other global financialassets have tended to shift over time and are usuallynot nearly as robust as other, more establishedcorrelations.Bitcoin provides a potential opportunity todiversify trading and investment strategy.For example, the strong inverse relationship betweenthe US dollar and gold is both well-documented andreliable. The same generally cannot be said of thecurrent correlation between Bitcoin and gold, or that ofBitcoin and any traditional currency like the US dollar,euro, or yen.But perhaps it is precisely Bitcoin’s characteristicof low correlation with other markets that furtherboosts its appeal as a tradable asset. As most marketscurrently available for trading are correlated in someway or another with other markets, the emergenceof a relatively uncorrelated asset like Bitcoin providesa potential opportunity to diversify trading andinvestment strategy.Our services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
14Get started with FOREX.comOPEN A LIVE ACCOUNTGet access to exclusive market commentary, trade ideas,and technical analysis when you open an account withFOREX.com. Our application only takes five minutes.GET STARTEDOPEN A DEMO ACCOUNTTest your trading strategy and see our competitive pricingwith a risk-free demo account.SIGN UPOur services include products that are traded on margin and your capital is at risk. The products may not be suitable foreveryone - please ensure you fully understand the risks involved.
The trading of virtual currencies, including Bitcoin, involves a high level of risk and may not be suitable for all investors.Virtual currencies experience significant price volatility, and fluctuations in the underlying virtual currency’s valuebetween the time a trade is placed for a virtual currency futures contract and the time liquidation is attempted willaffect the value of the futures contract and the potential profit and losses related to it. You are advised to be verycautious and closely monitor any investment you make. For more information, please visit the NFA’s investor advisory‘Futures on Virtual Currencies Including Bitcoin’.The information and opinions in this report are for general information use only and are not intended as an offeror solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and informationcontained in this report are subject to change without notice. This report has been prepared without regard to thespecific investment objectives, financial situation and needs of any particular recipient. Any references to historicalprice movements or levels is informational based on our analysis and we do not represent or warrant that any suchmovements or levels are likely to reoccur in the future. While the information contained herein was obtained fromsources believed to be reliable, the author does not guarantee its accuracy or completeness, nor does the authorassume any liability for any direct, indirect or consequential loss that may result from the reliance by any person uponany such information or opinions.Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss andis not suitable for all investors. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject toregulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents.Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level ofexperience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein isintended as general information about the subject matter covered and is provided with the understanding that FOREX.com is not rendering investment, legal, or tax advice. You should consult with appropriate counsel or other advisors onall investment, legal, or tax matters. FOREX.com is regulated by the Commodity Futures Trading Commission (CFTC)in the US, by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission(ASIC) in Australia, and the Financial Services Agency (FSA) in Japan.CALL US0800 056 7928LIVE CHATCONTACT US
AN INTRODUCTION TO CRYPTOCURRENCY TRADING A FOREX.com educational guide How to Trade Bitcoin FOREX.com is a trading name of GAIN Capital UK Limited, FCA No. 113942. Our services include products that are traded on margin and your capital is at risk. The products may not be suitable for everyone - please ensure you fully understand the risks .
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