Topic: The effects of Bitcoin on Forex (Read 136 times)

I know that bitcoin facilited easy deposit and withdrawal just like other platforms that use blockchain and bitcoin like gambling casino. Bitcoin make tins about financial transactions dey very easy in all aspects even for exchange. Forex brokers don include am for the platform and does wey never dey feel say dem dey lack behind. Brokers like Alpari get such  payment, hotforex too and some more and d the don make dem wey dey operate bitcoin begin use naira too and e don make tins flexible enough.

E even get wen pepo dey send $ and d the tin go stay days but now na fast fast even for deriv as I don read some tins about d transaction.

Bitcoin don helep forex traders well well. Na even now forex brokers dey enjoy the exchange market. Though they are trading all the currencies in the world but as bitcoin come dem come enjoy am like say dem dey work rings in shell companies. Me I even believe say, na di miners and forex traders before the invention of bitcoin are di people wey dey enjoy bitcoin now.

I don deposit bitcoin to a trading platform and convert it to USD and used it to trade. I converted it to USD to trade because the platform does y allow bitcoin to trading straight for dollar and other currencies. But the brokers allow you to deposit with bitcoin and convert it to US dollar before you can trade. Omo I lost everything ooo. I no come dey do again.

For your question op, without bitcoin forex trading would have been like the way it was as of 2010 and 2015, it was bitcoin that make forex trading more popular, u know sae, most Yahoo boys dey use forex trading as cover up. Dem dey hide under forex trading to do their nonsense.

The two words are different from each other. Forex trade simply means trading of fiat currency of one country to another country fiat currency. Just like when you dey go another country, the moment you reach airport, you convert your Naira to their own currency and all those currencies get government regulation. Bitcoin is a cryptocurrency that came to give forex traders access to make profit from it by accepting to trade it for any currency that their customer wants. Forex trading service is expensive that is why you see that we have exchanges that are only into cryptocurrency where you can make your exchange easily and with low or no fee.

I knew forex trading in the year 2009 and that was the year I started my computer journey. At that time forex trading was bumping and in 2014 to 2018 FTX trade became on the peak. And forex trade uses digital fiat currencies to do exchange online. So when bitcoin came to an existence, those forex brokers where very happy to accept bitcoin to continue they forex trading, and the rate of adoption was very high in the foreign exchange market and that making some fiat currencies not to be focused in by the brokers and that making the fiat Currency to be weakened so those countries started to ban bitcoin in their financial institutions. So the effect of bitcoin on the forex trading and s that it makes the forex trading more active and profitable more than before. As it is said, forex trading is when you trade two currency to one another and bitcoin is a Currency so bitcoin became well fitted to forex trading space.

Forex trading simply refers exchange of international currencies against another. The least trade way you go worl with aboki for street, omo you don trade foreign currency o, e no remain online with them brokers and there platforms. Though, na for the online na em people really take the trade to another level as, you git dey do spot market trading where, you fit dey profit or lose with every pip on the chat.

You get am when you say, people don dey trade forex since before bitcoin come and even till now, forex na stil very vital market way dey employ many. One thing you gat realise be say,the inception of bitcoin no get much to do with forex but instead, e open people eye to forex and more online awareness. Crypto options even feature for forex market under indices and people dry trade am as commodity dey go.
The best cryptocurrency do with gorex na to provide more options else, them both dey operate independent of themselves as it should be with your expertise to give you preference on where to spend more of your trading.

Point of correction my friend, the invention of Bitcoin and other coins didn't lead to the creation of cryptocurrency, but the invention of Bitcoin gave birth to the existence of cryptocurrency, as Bitcoin itself is a crypto & the first to exists.

Another correction my friend, forex trading have absolutely nothing to do with Bitcoin. But though they may have many similarities, but they are quite different, as there are two types of trading "forex trading" and "Crypto trading", whereby forex trading is the process of taking advantage of the price difference between two or more foreign currencies (i.e Dollar, Pounds & Euro), Crypto trading on the other hand is the process of taking advantage of the price difference between two of more cryptocurrency  (i.e BTC, ETH, XRP e.t.c).

Hey mate,  wish this meets you well!

You have overly mixed conceptualized a lot of things as regards to your words arrangements which made me to read your first sentence three times before I could figure out the point you were trying to make in your statement.

But then also you did a good job in the last paragraph with single usage of the word bitcoin instead of the over usage of cryptocurrencies in your first paragraph.

Now back to the discussion,  let me assume that you mean to say the effect of Bitcoin on forex trading,  well for as much as I know,  bitcoin is just trading pier in the forex market,  because, in some exchanges that have multiple piers such as Bitcoin and other national currency at that point, Bitcoin will stand as liquidity against the national currency e.g USD,  EURO and the rest of them,  so at that you shouldn't border so much as a trader on the effect of one asset against the other if you already know how to focus your market analysis and the right asset to hold at every point.

Let me mention the word cryptocurrencies since I want to talk about other digital currencies which are available on the stock market also,  and the bone of contention in many cases was the weaker national currencies that are affected by high inflation base the blame game on bitcoin and other digital currencies as being bad actors against the value.

Forex trading in general has recorded a higher percentage of adoption alongside Bitcoin and the entire cryptocurrency market,  and many traditional commodities are also align it themselves to that concept of changes in the market system,  so in all ways we are both good to collaborate none need to kill the other.

Well, Bitcoin actually made many people to be able to trade forex. You remember that it was very difficult funding forex account with Naira debit cards as there have been restriction on FX by our government. Paypal which would have also been another option is also restricted in Nigeria. Fortunately, Bitcoin came to the rescue as alot of Nigerians are now able to pay for prop firms such as MyForexFund , TheFundedTrade and others. More Nigerians actually got into these firms because of Bitcoin else Otilo o

This is not a good conception of the fact, the Forex market has been huge before cryptocurrency and had continued to grow in trillions of dollars before it and would have continued to do so without it.

For trading, cryptocurrency trading is one of many asset classes that forex brokers offer and it doesn't contribute largely to the daily trading volume because most people prefer to trade their coins through exchanges rather than forex brokers because of the better trading condition with exchanges.

For depositing and withdrawal, many people have truly moved to cryptocurrency because of little or no regulations and requirements, but the other alternatives were doing the job perfectly before crypto and wouldn't have affected the market, it's just an added option, not an added value.

I pay more fees when depositing and withdrawing through crypto which is making me think of changing back to Debit card/Skrill/Perfectmoney. Forex brokers use third parties that fix rates ambiguously to exploit users.

Forex trading was not as popular as it appears to be today, and many people where never aware of how the forex market operates until Bitcoin gained popularity and their was a lot of people who confused Bitcoin trading with that of the forex trading. And most forex brokers have added Bitcoin as part of their trading pairs which I believe also attracted new users to the community.
Bitcoin brought about exposure in different digital market.

Before the invention of Bitcoin, people traded online currency pairs, stocks, and gold. Although, after the invention of Bitcoin, other digital currencies came in also, leading to the creation of cryptocurrency. Since the inception of crypto trading, there has been a significant rise in those who are into forex trading and even some forex brokers accept  bitcoin as a payment method.
question
I would like to know how else Bitcoin has affected forex trading and what the growth of forex trading would have been like if Bitcoin had never existed