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How to Trade Bitcoins and CryptoCurrencies on Plus500
In this article, we’re going to demonstrate you how to trade the cryptocurrency of your choice on Plus500. You can presently trade a broad selection of coins including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or Dash (DASH).
But before we begin displaying you how to trade, you must make sure that you already have opened an Account (Click here for our Tutorial #1) and deposited money on it (Click here for our Tutorial #Two). If you have a trading account on Plus500 with money on it, then you can embark reading the below tutorial!
Lastly, we would like to remind you that Plus500 is a CFD Trading service, you should only risk capital you are ready to lose.
How to trade CryptoCurrencies on Plus500
Step 1: Go to your Trading Dashboard.
Log in to your account, and Click on the Trade Icon located in the left Menu:
Plus500 Main Menu
Step Two: Pick the Crypto Currency of your Choice
- On this page, click on Crypto > Crypto Currencies
- Then select the cryptocurrency of your choice. In this tutorial, we will use Bitcoin (BTC).
USEFUL Peak: You can instantly take a look at the historical price graph of the coin you selected. There’s also a tick function which updates the graph live.This should be used as a valuable source of skill regarding the latest volatility of the coin you are about to trade.
Step Three: Select a Trading Strategy
Now that you have selected the CryptoCurrency you would like to trade, it is time for you to determine if you believe the coin will build up value or lose value in the near future. In this tutorial, we will speculate on Bitcoin losing value.
- For this example, let’s anticipate that Bitcoin is about to lose value, so we click on Brief (if you believe the opposite while trading, you would simply need to click on “Buy”)
Then, a fresh window will show up on the right of your screen. That’s where you can inject all the details of your Contract.
- Number of contracts: which is the initial value of the investment you would like to make. Essentially, this denotes how many contracts for difference you’d like to open a position with. So, the fatter the number of contracts, the higher your initial investment will be.
- Required Margin: Plus500 suggest a high margin on your trade. That’s were the value needs to be in order for you to make some money.
- Close at Profit: A Stop Limit Order is a way to protect your profits, should the Crypto Currency price budge favourably. The stop limit order instructs Plus500 to close a position when, and if, the instrument reaches a certain price.
- Close at Loss: A Stop Loss Order is a way to protect yourself from a loss, should the Crypto Currency price stir unfavourably. The Stop Loss Order instructs Plus500 to close the position when, and if, the instrument reaches a certain price.
- Assured Stop: This option enables you to put an absolute limit on the “downside risk” and the potential loss of your position. Even if the market drops abruptly, the position will be closed out at exactly the price specified, with no risk of slippage.
Step Four: Confirm and Monitor your Trade
If your speculation was right and you want to make a profit, you simply need to close your trade.
- Go to “Your Trades” on the left Menu, which will take you to a list of all trades that are open right now.
- Choose the trade you want to close and click on “Close”.
- That’s it! Now the profits will be added to the balance of your account and you can embark using it for fresh trades, or determine to withdraw your profits.
That’s essentially it for how to trade Bitcoins or any other Crypto Currency on Plus500. This tutorial should give you enough insight on how the platform works and how traders can invest online.
We hope that you loved this tutorial and don’t leave behind to check out our article about the Top six Bitcoin Trading Strategies.