Nowadays a huge number of internet transactions are made, and the foreign exchange market is not the exception. For e-commerce, special digital coin called cryptocurrency has been created. It does not exist in the material form, this is only a special set of digital data. This special currency is created by miners. In order to acquire a certain amount of cryptocurrency, a special agreement should be signed.
What Do Cryptocurrency Miners Do?
The term “mining” is best known for its association with Bitcoin, but the etymology of the word refers to the exploitation of mineral resources. It means that cryptocurrency must be mined in the same way as, for example, precious metals. Since all operations with such currency are carried out through Internet resources, miners are engaged in a verifying a crypto transaction. The peculiarity of cryptocurrency is that its developers initially set a certain number of coins that can function in the market. Bitcoin has become one of the first benchmark currencies on the world market. In addition to it, there some other types of cryptocurrency. AvaTrade allows its customers to work with such types of currencies as Bitcoin Cash and Gold, as well as with independent currencies Ethereum, Ripple, Litecoin and EOS.
The Most Popular Cryptocurrencies Available at AvaTrade
- Bitcoin. Bitcoin was the first digital coin appearing in the e-currency market. The emergence of Bitcoin in the foreign exchange market was a revolutionary innovation in the field of trade. In just a few years, its value has increased immensely. In 2017 Bitcoin Cash was created. This type of cryptocurrency is more advanced and supports a larger number of transactions. Another improvement is the creation of Bitcoin Gold. The improved currency allows its owners to get more profit due to the development of a completely different mining algorithm.
- Ethereum. This cryptocurrency presents the globe system of computers interacting with each other. Ethereum can respond to sophisticated requests. Its value increases every day, and the popularity begins to surpass Bitcoin.
- EOS. The currency is very similar to the previous one, but wins due to the use of improved technologies, which allow to perform a larger number of operations in a shorter period of time. This cryptocurrency creates the most favorable conditions for trade.
- Litecoin. The basis of this cryptocurrency is the same block chain as in Bitcoin. But thanks to improved software, creating blocks is four times faster than creating bitcoin blocks.
- Ripple. This is a completely new payment system, characterized by an increased level of security and the use of innovative technologies. Its value continues to grow rapidly.
All cryptocurrencies created after Bitcoin are called Altcoins and their number is constantly growing. At the moment, more than a thousand digital currencies are already known.
AvaTrade – Trade With Confidence
AvaTrade company allows its customers to work with cryptocurrencies on the most favorable conditions. It was one of the first brokers that incorporated cryptocurrency into the trading. The conditions provided to customers are aimed at maximizing their profits with minimal risks.
How to start trading cryptocurrency?
To start trading cryptocurrency in AvaTrade you need to perform several actions:
- Choose a trading platform MetaTrader 4 or download a mobile application for making transactions and create your account.
- After choosing the platform and trading instrument – Bitcoin, Litecoin Ethereum and others, you need to create an exchange account and store the cryptocurrency in your digital ‘wallet’.
- The next step is to deposit your trading account.
- The final stage is the opening of transactions for the sale or purchase of cryptocurrency.
What are AvaTrade advantages?
Let’s consider the main AvaTrade benefits:
- high level of security, which allows to reduce to zero the risks of hacker attacks and prevents user’s crypto wallet from being hacked;
- customer support at any time of the day and anywhere in the world, the technical support is provided in 14 different languages;
- low interest rates, the leverage, as well as just $100 deposit makes trading available to any client, even with a minimal initial capital;
- a trader benefit from any change in the cryptocurrency rate, whether it be a rise or fall in price;
- AvaTrade uses the latest versions of the MetaTrader 4 application, which allows traders to perform a large number of operations with minimal time consumption, and the AvaTradeGO application creates even more opportunities for profitable trading.