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Everyone always wants to know my favorite currencies too trade and I almost always give them an answer that they do not want to hear…
I am not going to tell you because I know you will start trading these coins just because they are MY favorite.
You should never be trading anything that you do not believe in.
If you are trading a coin and you do not even know what the coin is used for, you have a major issue.
Think of it like this…
If a girl scout came up to your house and asked for $1000 for a project she is working on, would you do it?
Probably, not right?
Well, what is the difference when looking at cryptocurrencies? If you have no clue what someone is going to do with your money, why the heck would you give them your money?
I kinda get sick and tired of people asking me this question so I made a video teaching you exactly how to do your own research.
It is one of the best decisions that you will ever make. Check out the video here:
Magnr is a handy cross-platform trading site connected to a few big Bitcoin exchanges. Accounts never require any personal data or identitiy proof. So signup is quick and possible with anonymous data.
Leverage is available at Kraken up to 5x for several cryptocurrency pairs, including bitcoin. The fees are depending on the volume of the margin account.
Bitcoin can be traded on GDAX up to 5x leverage. The margin trading option must be manually turned on the account in order to make sure the users understands and reads the associated risks.
Margin trading is basically borrowing funds to purchase an asset, this allows you to buy more bitcoins that you would normally be able to do normally in the hope of making bigger profits on the price movements.
Advantages of Margin Trading.
The biggest benefit of margin trading is that you can take advantage of the additional funds when the market moves in the direction you expected. The overall profit of the positions once the bitcoins are soled and the loan is repaid is significantly higher compared to an ordinary trade execution.
Disadvantages of Margin Trading.
The disadvantage of margin trading is by nature the amount of risk a margin account can hold. The higher amount of leverage you take the bigger amount of money you can loose in case the market moves in an unfavorable way. Due to the margin call, the margin account must be funded countinuesly that involves significant amount of liquidity. It is only advisable to trade on marking if you have enough experience already on the market. To mitigate the associated risk, many trading platforms only offers limited amount of leverage trading opportunites.