Using CFDs to trade cryptocurrencies offers the flexibility of taking a position on whether Bitcoin rises or falls without having to actually own any Bitcoin. This means that there are more trading opportunities available, as profit can be made from buying or selling cryptocurrencies.
Here are the pioneering cryptos that formed the foundation of digital assets today which has ballooned tremendously in the past year.
As the harbinger of the cryptocurrency era, Bitcoin is still the coin people generally reference when they talk about digital currency. Its mysterious creator — allegedly Satoshi Nakamoto — debuted the currency in 2009 and it’s been on a roller-coaster ride since then. However, it wasn’t until 2017 that the cryptocurrency broke into popular consciousness.
Ethereum — the name for the cryptocurrency platform — is the second name you’re most likely to recognize in the crypto space. The system allows you to use ether (the currency) to perform a number of functions, but the smart contract aspect of Ethereum helps make it a popular currency.
Tether’s price is anchored at $1 per coin. That’s because it is what’s called a stablecoin. Stablecoins are tied to the value of a specific asset, in Tether’s case, the U.S. Dollar. Tether often acts as a medium when traders move from one cryptocurrency to another. Rather than move back to dollars, they use Tether. However, some people are concerned that Tether isn’t safely backed by dollars held in reserve but instead uses a short-term form of unsecured debt.
Formerly known as Ripple and created in 2012, XRP offers a way to pay in many different real- world currencies. Ripple can be useful in cross-border transactions and uses a trust-less mechanism to facilitate payments.
Launched in March 2020, Solana is a newer cryptocurrency and it touts its speed at completing transactions and the overall robustness of its “web-scale” platform. The issuance of the currency, called SOL, is capped at 480 million coins.
Cardano is the cryptocurrency platform behind ada, the name of the currency. Created by the co- founder of Ethereum, Cardano also uses smart contracts, enabling identity management.
No risk of losing your private keys or having your digital wallet being frozen. Skip the hassle of self-tracking your cryptocurrency gains.
You can buy and sell crypto-asset products seamlessly in your portfolio, just like buying your favorite stock.
Thanks to a large choice of crypto assets, you can invest in cryptos while diversifying your risk.
Open a Hyro account in just a few steps and gain access to all your favourite crypto.
Open a Hyro account in just a few steps and gain access to all your favourite crypto.
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CFDs are considered complex derivatives and may not be suitable for retail clients. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The products mentioned here may be affected by changes in currency exchange rates. If you invest in these products, you may lose some or all of your investment and the value of your investment may fluctuate. You should never invest money that you cannot afford to lose and never trade with borrowed money.
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