Trading with crypto has become a growing trend over the last few years, and having crypto is considered beneficial in many ways. It’s no wonder that more traders choose to trade with crypto — because it can potentially generate more crypto.
However, many people are still hesitant to get started with it. For those who lack the basic knowledge of crypto, joining the crypto world may seem expensive or complicated. We’re here to clear up that myth and other common myths about cryptocurrency.
Myth #1: Crypto is expensive
Not really. The price can be quite high if you decide to buy the entire Bitcoin at once. But you can also buy and own tiny fractions of it, otherwise known as satoshis. For example, if you place a trade on Deriv, the minimum trade amount required for Bitcoin is 0.0001 BTC, which currently costs less than 5 USD!
Myth #2: You’ll need to learn a whole new market
If you decide to trade on cryptocurrency, yes, you’ll probably need to know a thing or two about the market. But you don’t need to learn about an entirely new market if you’re trading with crypto. It’s just like using USD, EUR or any other fiat currency, where all you have to do is select your favourite market to trade. Then place your trade with the cryptocurrency of your choice. If you don’t want to trade the crypto market, trade with it.
Myth #3: The only way to have more crypto is to buy it
When you trade with cryptocurrency on markets like forex or synthetics and earn a payout, you’re adding to your crypto wallet. Yes, you do need to buy cryptocurrency to start using it, but after your initial purchase, you can potentially earn more through your trades. Just like gaining profit in fiat currency, you’re gaining profit in cryptocurrency.
How can you start trading with crypto?
If you are already familiar with trading, it’s not that different. Let’s go through the steps in detail.
1. Open a crypto account
Some people use so-called wallets to keep their crypto safe. The wallet can be in the form of an app or a device but, on Deriv, it’s easier. You don’t need to download another app or buy another device. You can just keep your cryptocurrency in your Deriv account and place trades directly from there. All you need to do is:
Click on the triangle next to your account balance, click on Real, then click on Add or manage account.
Select the cryptocurrency account you would like to add and click Add account.
2. Buy crypto using one of our fiat to crypto exchanges
Fiat to crypto exchange, also called fiat onramp, is a cashier service that allows you to convert your fiat currency into cryptocurrency. In other words, you buy crypto with regular money. If you’d like to know more about fiat to crypto exchanges and how they work, we have a blog to help you with it. If you are ready to proceed, here is what you need to do:
Select your new cryptocurrency account, go to the cashier page and select fiat onramp.
Select your preferred fiat to crypto exchange option.
Complete the required steps to prove your identity and proceed with the transaction.
3. Place your trade
Congratulations! You are now set to start your trading journey with crypto. Go to your favourite platform and place your trade on your preferred market. But you probably already know what to do. It’s no different from trading with fiat money.
Let’s do it? Go on and create your Deriv cryptocurrency account now.
Cryptocurrency accounts are not available for clients residing within the EU.