Cryptocurrencies are digital currencies. They can be exchanged or speculated on just like any traditional – or ‘fiat’ – currency like USD, EUR, but they exist outside the control of financial institutions and governments.
|Fiat (traditional) currencies||Cryptocurrencies|
|Physical – you can hold it, touch it, fell it.||Digital – you can store it in a virtual network|
|Connected to particular nation/country or group of nations||Global|
|Issued by national banks||Released through mining|
|Supply is mediated by central banks||Supply is mediated by miners and mining software|
|Must be injected into the economy through bonds and other securities||Injected directly into the cryptocurrency market|
|Heavily influenced by inflation and interest rates||Largely uninfluenced by monetary policy|
When you trade CFDs, you speculate on whether your chosen market will rise or fall in value. Prices are quoted in traditional currencies, and you never take ownership of the cryptocurrency itself.
CFDs are leveraged, enabling you to open a position with a fraction of the full value of the trade. In other words you could gain a large exposure to a financial market while only tying up a relatively small amount of your capital. Just remember that while this can magnify your profits, it can have the same effect on your losses.
Also, because there's no need to deal with an exchange, you could be set up and ready to trade much more quickly.
No, you don't. With cryptocurrency CFD trading, you won’t access the underlying exchange directly: we’re exposed to the underlying market on your behalf. This means you won’t need to set up and manage an exchange account.
Bitcoin is usually quoted against the US dollar — so when you buy bitcoin on an exchange, you are selling USD and buying bitcoin. If bitcoin’s price rises, then you can sell it for a profit, because bitcoin is worth more USD than when you bought it. If bitcoin’s price falls, then you make a loss.
When you buy bitcoin CFD with GoGet Crypto, you’re doing the same thing. But instead of taking ownership of bitcoin, you’re opening a position that will increase in value as bitcoin’s price increases against the dollar. If bitcoin’s price falls, then your position will lose value.
GoGet Crypto offers leveraged bitcoin trading CFDs. You can use both to open short positions as well as long: so if bitcoin’s price drops, your position increases in value.
As of May 2018, there were over 70 cryptocurrencies available to buy and sell, though most have little value. Of these, bitcoin, ethereum, ripple, litecoin have the biggest market capitalisation.
GoGetCrypto offers trading on the most valuable cryptocurrencies.
Our cryptocurrency markets is working 24/7 holidays included.
Our pricing algorithm looks across multiple exchanges and derives a fair mid-price, adding a number of points either side – known as the spread – to produce the price we publish on our platform.
Due to the spread, your position needs to move a certain distance before you’re in profit, and this represents our fee for the trade. You also need to pay to keep your position open overnight (swap).
An ICO is an initial coin offering. It is a way for founders of a new cryptocurrency to raise capital for their project, in exchange for their currency’s tokens. The project may solely be devoted to their new cryptocurrency, or may span multiple blockchain applications.
Yes. When you trade CFDs on cryptocurrencies, you can take a position as it falls in value, not just when it rises.
The blockchain is a shared digital ledger which records all transactions of a particular cryptocurrency between two parties. These transactions form clusters known as ‘blocks’, which are in turn cryptographically secured and linked to one another.
The information recorded on the blockchain is hosted by millions of computers and open to everyone, rather than being stored in one single location. This makes it both transparent and impervious to modification, with no one weak point vulnerable to human or software error. Once the data has been verified, it cannot be retroactively edited without the computing power and will of the network majority.