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Read more about Cryptocurrency
Cryptocurrency, often referred to simply as crypto, is typically a decentralised digital currency, which is secured by cryptography and based on blockchain technology. Unlike paper currencies, cryptocurrency does not exist in physical form, is not controlled by governments or any other central authority, and is issued by the private sector.
However, although not being directly controlled by a central authority, as its popularity increases, cryptocurrency is facing greater scrutiny and increased regulation from governments around the world.
Despite being relatively unheard of ten years ago, cryptocurrency has attracted significant global attention in recent years and even became legal tender in El Salvador in September 2021.
Bitcoin, which was launched in 2008, was the first cryptocurrency, and it remains the most well-known and largest by market capitalisation.
When people think about cryptocurrency, they usually think of Bitcoin, so much so that, to many, the terms Bitcoin and crypto are synonymous. However, this is not the case.
Whilst Bitcoin may be the most popular type of cryptocurrency, it is certainly not the only one, and traders should avoid making the mistake that Bitcoin and crypto are one and the same. Other popular types of crypto include Ethereum, XRP, Cardano and Dogecoin.
For those interested in trading crypto, the most intuitive thing may seem to simply buy and hold crypto, potentially selling it for a profit in the future if its value rises. However, by trading crypto in this manner, you can only potentially profit from rising prices. Furthermore, when buying crypto coins, you need to factor in crypto exchange fees.
However, trading crypto CFDs allows traders to attempt to profit from both rising and falling cryptocurrency prices which, given the historic volatility of crypto, provides many more trading opportunities. Nevertheless, it is important to bear in mind that, as well as increased trading opportunities, volatility brings a significant increase in risk.
By trading crypto CFDs, traders never actually own the underlying cryptocurrency and trades are usually executed instantaneously at the market value. Moreover, trading crypto using CFDs means traders benefit from the use of leverage, which can magnify potential profits. However, leverage must be used with caution, as it will also magnify losses when the market moves against you.
Many brokers don’t charge commission fees for trading crypto CFDs. However, traders will need to consider the spread and, if they want to maintain a position over night, they will be charged swap fees.
Traders also need to consider and be aware of potential tax on cryptocurrency.
As with the majority of assets, any profits made from trading crypto may be liable to capital gains tax, regardless of whether you trade using crypto CFDs or buy cryptocurrency and then sell it for a profit - although some tax authorities may allow you to deduct your losses from capital gains.
In order to ensure you understand and comply correctly with tax on cryptocurrency, it is important that you check the specific requirements with your local tax authority.
Cryptocurrency prices have a history of being particularly volatile in comparison with other assets. When it comes to trading, volatility is very much a double-edged sword.
The presence of increased volatility provides traders with many more opportunities to potentially profit from going both long and short, with some traders thriving in volatile market conditions.
However, increased volatility also significantly increases the risks associated with trading. Therefore, for those trading crypto, it is especially important to develop and implement a sound risk management strategy.