Time to Trade CFDs on Cryptos with Plus500
Never traded CFDs on Bitcoin? In this article, you will learn how can you trade CFDs on Bitcoin and other cryptocurrencies in an simple, secure way.
Note: CFDs are complex financial products and should only be used by people with financial market experience. CFDs are leveraged products that can quickly lead to a loss of your capital
First of all, open an account
While there are several ways to trade Bitcoin, the easiest way is to open an account with a fast, reliable broker such as Plus500, which provides traders
Compared to other services to trade cryptocurrencies, Plus500 offers leverage and the possibility to open short positions in Bitcoin, thus profiting from market declines.
Opening an account at Plus 500 is an easy process, just follow these simple steps:
2 On the next page choose Real Money:
4 In order to activate your account, you will have to provide your personal details as well as documentation to verify your identity:
5 Once your account has been approved, you will be able to deposit funds. Plus500 offers traders the ability to deposit funds using a bank transfer, credit and debit cards, as well as Paypal and Skrill accounts:
6 Once your account is funded, you’re ready to trade Bitcoin as well as other cryptos. Just click on ‘Trade’ and choose ‘Crypto Currencies’ to get the full list of CFDs on cryptocurrencies you can trade and take a look at some charts:
It’s Time to Buy and Sell
The Plus500 easy-to-use platform allows to quickly buy and sell cryptocurrency CFDs by choosing the right button.
For example, if you want to buy Bitcoin, just hit ‘Buy’. A new window will appear where you’ll be able to set up the parameters of your order including the number of contracts, as well as the take profit and stop loss levels. The required margin for the trading position is quickly updated as you modify the size of the contract. Once your order is ready, just click the Buy button to open a position.
Once your order has filled you will get real-time information about your open position, including the required margin, the profit or loss and the available funds to trade. Closing your position is straightforward: just click on the ‘Close’ button that appears next to your position.
In addition to Bitcoin, there are other cryptocurrency CFDs you can trade at Plus500 as well. These include CFDs on Ethereum, Bitcoin Cash, Litecoin, Ripple, Monero, IOTA, EOS and NEO. This is definitely a whole new world of assets to explore and find good trading opportunities.
Shape your strategy
Before positioning yourself in the market, take advantage of all the FXStreet resources to make smarter decisions:
- Learn more about trading strategies in our Education section.
Read about the fundamentals of cryptos, the technical analysis and how to design a trading strategy.
- Identify key trading levels with our exclusive Technical Confluence Indicator.
Discover the clusters of support and resistance lines where the price is affected and use them for your entries, stops and take profits.
- Keep up to date with the latest crypto news.
Have a clear view of the market action, explained by FXStreet experts, understanding which are the forces driving the price right now.