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

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.

You can get 100/1 leverage at Hugosway on Crypto.

Crypto Trading is good but very very volatile!
I have won lots and lost lots with this.

jamesgwyther posted:

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.

You can get 100/1 leverage at Hugosway on Crypto.

Where are they regulated?

jamesgwyther posted:
Crypto Trading is good but very very volatile!
I have won lots and lost lots with this.

Higher the volatility higher the risk but you also have opportunity to make high profits.

pmichael posted:

jamesgwyther posted:
Crypto Trading is good but very very volatile!
I have won lots and lost lots with this.

Higher the volatility higher the risk but you also have opportunity to make high profits.

If you know what you're getting into and can manage your risk wisely then you can handle crypto trading and that too profitably. Most of the times traders lose their money (be it forex, cryptos, stocks) because of their lack of knowledge and an abundance of overconfidence.

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 :)

foxmartingale posted:

pmichael posted:

jamesgwyther posted:
Crypto Trading is good but very very volatile!
I have won lots and lost lots with this.

Higher the volatility higher the risk but you also have opportunity to make high profits.

If you know what you're getting into and can manage your risk wisely then you can handle crypto trading and that too profitably. Most of the times traders lose their money (be it forex, cryptos, stocks) because of their lack of knowledge and an abundance of overconfidence.

Agree with you completely, it's highly important to set the right management and attitude towards crypto, as small mistake can slap the account painfully. hard to recover back.

davidwatson posted:

foxmartingale posted:

pmichael posted:

jamesgwyther posted:
Crypto Trading is good but very very volatile!
I have won lots and lost lots with this.

Higher the volatility higher the risk but you also have opportunity to make high profits.

If you know what you're getting into and can manage your risk wisely then you can handle crypto trading and that too profitably. Most of the times traders lose their money (be it forex, cryptos, stocks) because of their lack of knowledge and an abundance of overconfidence.

Agree with you completely, it's highly important to set the right management and attitude towards crypto, as small mistake can slap the account painfully. hard to recover back.

It is very human nature to TRY to become rich fast and without effort...

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