Reasons why you should NOT trade cryptocurrencies

LeadPellet posted:
Thanks to ESMA, leverage on crypto is now something like 1:1 Who can afford 1 bitcoin at $8000!

Still there are some brokers who are offering leverage up to 5X on cryptos.

kacper5 posted:

LeadPellet posted:
Thanks to ESMA, leverage on crypto is now something like 1:1 Who can afford 1 bitcoin at $8000!

Still there are some brokers who are offering leverage up to 5X on cryptos.

Those are either not located in the EU, or they are unregulated.
I wouldn't trust an unregulated broker, or one regulated on some vacation island like Vanuatu, St Vincent and the Grenadines...

The regulated ones on 'vacation islands' I am using for a long time on Forex. Never had an issue - BUT wiring money to US bank accounts doesn't work. US banks will not accept the funds and send them back. True for TD America and Bank of America.

Brokers on 'vacation islands' are probably fine 90% of the time but the problem is if something goes wrong and they go bankrupt or there is a black swan event. Then you are screwed

fastdrive55 posted:
... wiring money to US bank accounts doesn't work. US banks will not accept the funds and send them back. True for TD America and Bank of America.

So, how do you solve the issue?
A third-party payment provider?

fastdrive55 posted:
The regulated ones on 'vacation islands' I am using for a long time on Forex. Never had an issue - BUT wiring money to US bank accounts doesn't work. US banks will not accept the funds and send them back. True for TD America and Bank of America.

USA regulation sucks
European is getting closer

Bohdan73 posted:

fastdrive55 posted:
... wiring money to US bank accounts doesn't work. US banks will not accept the funds and send them back. True for TD America and Bank of America.

So, how do you solve the issue?
A third-party payment provider?

This is why too many brokers directly don't accept US clients :)

Crypto prioce has been sideways for months now. It this a time to stay our or a good time to buy at a lower price? I like the idea of getting into crypto but not sure if now is right

If you look at the daily chart of BTCUSD one can see that it is almost dead by now. No significant movements to any direction. In engineering language one can describe it as an exponential overshoot curve followed by attenuated oscillations (ringing). I wonder if this is a permanent situation?

IMHO, it's just a matter of time until it breaks out in one of the two possible directions... It's been in that triangle for quite some time.
We'll just have to wait and see.

Crypto currency implementation still needs government scrutiny. Crypto currency needs legal further language for the world of economic. as we can see, not many economic conductors use CC so the price still drop and go up, very very fragile.
The true meaning of CC world for the time being is the blockchain technology. We need to implement this technology soon.

niceGLer posted:
If you look at the daily chart of BTCUSD one can see that it is almost dead by now. No significant movements to any direction. In engineering language one can describe it as an exponential overshoot curve followed by attenuated oscillations (ringing). I wonder if this is a permanent situation?

The crucial is $6,000 level. If it drops below that line then BTC is dead.
Why?
As the cost to mine 1 BTC is about $6,000

Bitcoin like trading a pump and dump penny stock after it was pump and dumped.

niceGLer posted:
If you look at the daily chart of BTCUSD one can see that it is almost dead by now. No significant movements to any direction. In engineering language one can describe it as an exponential overshoot curve followed by attenuated oscillations (ringing). I wonder if this is a permanent situation?

That doesn’t mean, BTCUSD is over! Mate, the value of crypto market is really incredible! Maybe very soon, we’ll see such an outstanding move like 2017 for sure.

Weekly chart don't look good for BTC ,I'll sit on the side line till it breaks much lower.

snapdragon1970 posted:
Weekly chart don't look good for BTC ,I'll sit on the side line till it breaks much lower.

SELL BTC!!! It will only go down! 😎

Thinking about risks related to crypto’s for a while now. Thanks for sharing, this was a great help.

BluePanther posted:

snapdragon1970 posted:
Weekly chart don't look good for BTC ,I'll sit on the side line till it breaks much lower.

SELL BTC!!! It will only go down! 😎

The expectations are quite opposite.
https://cryptodaily.co.uk/2018/08/why-bitcoin-btc-might-still-hit-60000-by-july-2019/

There will be opportunities in both directions ,I never rule out that possibility,charts can tell a lot but it only takes some positive data/news to flip direction.