Cryptocurrency Trading FAQs
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Cryptocurrencies, often referred to as 'cryptos', represent a new breed of digital currency that operates independently of any government or central bank oversight. These decentralized monetary systems leverage advanced encryption techniques to create, manage, and transfer units of currency. Stored in secure online wallets, cryptocurrencies facilitate direct peer-to-peer transactions and can be used for purchases at a growing number of online retailers that accept them.
Yes, you can trade spot Bitcoin, Ethereum, Litecoin, and Ripple with fixed spreads, low margin, competitive financing, and reliable trade executions. Cryptos are available on the Quick Givers and MT5 platforms, but not the MT4 platform. For more information, visit our Cryptocurrencies Trading page.
Bitcoin was the first decentralized cryptocurrency. Created in 2009, Bitcoin uses blockchain verification technology to secure and protect peer-to-peer transactions. Like other cryptocurrencies, Bitcoin is decentralized and not regulated by a central bank or any one government. For more info on Bitcoin, visit our Bitcoin Trading page.
Ethereum is a popular open-source, decentralized cryptocurrency platform and operating system created in 2015 that uses blockchain technology for security. “Ethereum” or “ether” are both terms used when referring to the cryptocurrency generated by the Ethereum platform.
At this time, cryptocurrency trading is available on the MetaTrader 5 platform, but not the MetaTrader 4 trading platform.
If you already have a Quick Givers or MT4 account, you can request an MT5 account via the Account tab in MyAccount by selecting ‘Add an additional account’.
Once the request is approved you will receive an email confirming the account information. Please note, you can’t log in to MT5 using an MT4 account and vice versa.
Most cryptocurrencies are stored using a digital wallet, which is essentially an online bank account that stores cryptocurrencies.
No, since you are not actually purchasing the cryptocurrency outright when you trade spot cryptocurrencies, there is no need to have a virtual wallet to store them.
What is the minimum trade size for cryptocurrencies?Some cryptocurrency markets allow fractional trade sizes under 1 unit. Please view the Market Information Sheets in the Quick Givers platforms for the most up-to-date details.
Yes, with margin requirements from 25%. This means that to trade 1 unit of a cryptocurrency, you only need 25% of the value of that unit to take a position. With increased leverage comes increased risk.
Please view the Market Information Sheets in the Quick Givers platforms for up-to-date details on margin requirements.
Yes, shorting/selling is just as easy as buying with spot cryptocurrencies, unlike when you purchase cryptos outright.
You can trade cryptos at Quick Givers 24 hours a day, 5 days a week from 5pm ET Sunday to 5pm ET Friday.
Except for Trailing Stop Orders and Guaranteed Stop Loss Orders, all order types available on Quick Givers’s platforms can be used when trading cryptocurrencies. Cryptocurrency trading is not available on the MetaTrader 4 platform.
Yes, an overnight financing charge of 0.0411% is charged for every day that a position is held after the market close at 5:00 pm ET. Bear in mind that for short positions, the overnight finance charge is 0.0136%.
Overnight financing is calculated as follows:
Position size x Closing rate x Financing charge = Financing cost
5 bitcoin (Long) x 9400 x 0.0411% = $19
5 bitcoin (Short) x 9420 x 0.0136% = $6.40
Cryptos are traded on multiple independent digital asset exchanges around the world, and the diversity of these exchanges can mean that there are different prices for the same cryptocurrency at different times and in different regions.
Quick Givers offers competitive cryptocurrency pricing based on multiple pricing models and uses leading digital asset exchanges to provide a volume-weighted average price. You can view our pricing information on our Cryptocurrency Trading page or in the Market Information Sheets within our platforms. Cryptocurrency trading is not available on the MetaTrader platforms.
There are several factors that make cryptocurrency trading risky and crypto markets volatile. For example, one reason Bitcoin is a highly volatile market is due to demand surges for a finite number of Bitcoins (there is a limit of 21 million available), so prices can experience dramatic and significant surges.
The price of Bitcoin has surged 40,000% since its inception and one of the biggest risks to traders is this extreme volatility. Cryptocurrencies like Bitcoin and Ethereum are currently much more volatile than most traditional markets, and when excess volatility crashes, you can be faced with significantly larger losses than in other markets.
A fork is a change to the software of the digital currency that creates two separate versions of the blockchain with a shared history. Forks can be temporary, lasting for a few minutes, or can be a permanent split in the network creating two separate versions of the blockchain. When this happens, two different digital currencies are also created. Learn about Quick Givers’s policy on forking.
If a current cryptocurrency market splits into two new cryptocurrency units, for example, Bitcoin splitting into two new Bitcoin units, this is known as a hard fork. When a hard fork occurs, we generally follow the unit that has the majority consensus of cryptocurrency users and will use this as the basis for our prices. In addition, we will also consider the approach adopted by the exchanges we deal with, which will help determine the action we take.
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