Cryptocurrencies are once again all the rage in the financial markets. The primary asset in this class, Bitcoin, recently reached an all-time high of almost $70,000. That growth, paired with a higher risk appetite among market participants, has led to another boom in the crypto trading world.
If you would like to join the forex and make money from cryptocurrencies, it’s important to pick a good broker. Our recommendation for a company that makes it easy and convenient to trade cryptocurrencies is SuperForex.
Here is why.
A Trustworthy Broker
Since you’re investing your hard-earned money, you need to be able to trust the broker you are trading with.
Luckily, SuperForex’s reliability is not difficult to verify. The broker is licensed by the IFSC. The number to verify this can be found on the company’s website.
This regulation means that SuperForex gets its finances evaluated regularly and can ensure the protection of its customer’s funds.
In addition, this broker has built a solid reputation for itself since it first launched its services in 2013. With years of experience and many awards to its name, SuperForex is certainly an important player in the Forex trading industry.
Trade Without Swaps
With SuperForex, customers have the option to create a swap-free account.
Swaps are fees that are charged when positions stay open after the market closes, i.e. overnight. They are usually relatively small, but when a position stays open for days or weeks on end, they can add up.
Thus, a swap-free account is quite useful. It eliminates the need to pay a fee every day to keep your positions open. Though, of course, if swaps don’t bother you, you can try other account types this broker offers.
A Wide Selection of Cryptocurrencies
Bitcoin and Ethereum might be the names you hear the most when it comes to cryptocurrency trading. Nevertheless, SuperForex actually offers a lot more assets in this class such as Litecoin, Ripple, and many more. You can view the full list of cryptocurrencies the company offers here.
Leverage is one of the main reasons why people turn to discount brokers in the first place. In traditional trading, you need to have the money to pay for the asset you’re buying exactly.
For example, if you want to buy $500 worth of Bitcoin (which is still a fraction of one full Bitcoin), you have to pay $500 to do it.
With leverage, your money is multiplied to simulate a higher balance. SuperForex offers a leverage of up to 1:10 for crypto trading. So, to buy $500 worth of Bitcoin, you will only need $50 when your leverage is 1:10.
In other words, you can trade more by investing less, thanks to the higher leverage.
Whatever asset you enjoy trading, it is always best not to put all of your eggs in one basket. Investing in many instruments, preferably from different asset classes, is key to hedging your funds.
That is why you will be better off with a broker that can offer you many investment opportunities.
Aside from crypto, SuperForex also offers stock trading, CFDs, ETFs, and currency trading. This means there are plenty of other ways to make a profit. It is important to remember that some events, e.g. risk aversion, hurt cryptocurrencies but not other assets.
The overall variety of services and years of expertise have positioned SuperForex at the top tier of discount brokers. Thus, this company will be a good match for anyone interested in trading cryptocurrency and more.