iFOREX – a Place to Trade Crypto CFDs
Cryptocurrency tokens have been known to appreciate explosively, leaving their owners with astonishing windfalls. Yet, we can’t pretend the last few years haven’t taught us a thing or two about their inherent hazards. In the second week of November 2022, when clients of the Celsius and Voyager Digital crypto platforms had been locked out of their accounts for months, FTX customers were adjusting to the fact that they were now in the same boat.
Lots of real heartache resulted from these bankruptcies. After witnessing their fallout, not to mention the relentless list of crypto hacks in recent years, it’ll be hard to convince people to trust crypto exchanges as they once did.
Putting this aside, for most of those interested in purchasing one of the more popular tokens, the expense is simply prohibitive. Even after managing to pull this off, your fortunes will be tied to the notoriously volatile prices of Bitcoin. Suffice it to say that sending your money into the crypto space should be done with the most careful of consideration, not least of your own financial circumstances.
A great way to gain exposure to the crypto sector is through CFD trading in crypto prices. This method of crypto trading effectively removes the aforementioned risks, and it also sets you up to control your deals with a much greater degree of autonomy. In this article, we’ll explain how crypto trading works on the iFOREX platform, and we’ll also touch on a couple of admin points for those who’d like to open an account with iFOREX.
What is CFD Crypto Trading?
When you trade in a cryptocurrency in CFD form, you do not purchase any crypto at all but, rather, establish a contract with your brokerage on the fluctuation of its prices within a particular time period. If you open a “buy” deal on a particular token today, and then find its prices surging in hours or days to come, you will reap earnings in proportion to your deal size, which is entirely up to you. So much for that price barrier restricting crypto trading to the loaded.
Plus, there’s nothing forcing you to speculate bullishly and brave the storm of jittery prices. You may equally open a “sell” deal on your token in anticipation of victory for the bears. In this case, the success of your deal depends on falling — not rising — prices in the given period. So much for constantly worrying that some news item will send Bitcoin prices down the tubes.
But CFD trading also opens up the door for you to enter the control room of your crypto deal. You can set the dials just as you prefer in terms of stop loss and take profit orders. You can personally open and close your deal at just the right moments. And you can magnify your deal with the use of leverage of up to 400:1, turning a $500 deal into $200,000 deal, as we’ll explain.
In the case of a $500 “buy” deal on a token that appreciates by 2%, your earnings would equal $10 (2% of $500). However, if you took advantage of the full possible 400:1 leverage, your earnings for the same price jump would amount to $4,000 (2% of $200,000). Not bad after only putting down $500! Leverage should be used with caution, though, because it also has the power to magnify your losses when things don’t go your way.
Joining the iFOREX Team
Once you sign up at iFOREX, a generous array of crypto tokens will become available to you for CFD trading, including names like Avalanche, Cardano, NEO, XRP, and Solana. This is to say nothing about the other types of CFD instruments on the platform, which include company shares, indices, ETFs, commodities, and forex pairs.
When you trade with iFOREX, you enjoy the firm’s customary support and guidance as you go, which comes in the form of focused market news and daily analysis for your instrument. iFOREX’s signature app sends you live rates for your asset, but also useful trading signals when opportunities in the market arise. Whenever you run into a doubt, just consult iFOREX’s well-organized Education Center to get yourself back on track.
Moving Ahead
To get started, visit the iFOREX website and click on “Register”; fill in your details; and deposit funds to activate your trading account. The process is straightforward. After reading the information on the site, send any questions you may have to an iFOREX staff member by phone, email, or chat. iFOREX prides itself on its customer support, which they have maintained during over 25 years in the online trading business.