Today, there are tools that years ago, it was impossible to imagine, the world is advancing in an accelerated way, and sometimes it is difficult to realize them.
The foreign exchange market is the most comprehensive and most liquid market in the world. It works 24 hours a day and 7 days a week all over the world. And today, the already dynamic forex is expanding into another dimension, offering traders to work with a fundamentally new class of currency assets, known as the so-called cryptocurrencies. Indeed, many forex brokers already accept bitcoins as a trading currency, with which you can confidently work in the foreign exchange market, evaluating and predicting their short-term and long-term trends.
Before learning how to make payments to Forex through Bitcoin and find brokers that welcome deposits in BTC, we must know what it is and what its advantages are.
Bitcoin is an electronic cryptocurrency. It offers a decentralized way to store, transfer, and acquire money. In the same way that the dollar, the euro, the yen, or the different local currencies that you can find in the market, its uses are the same. What makes a big difference with those known as fiat currencies (which are generated and backed by a central bank) is that it is not in a tangible form.
Since it only has life on the blockchain that supports it and due to a sophisticated transaction verification (consensus) process, It is impossible to use it more than twice, each Bitcoin, or a fragment of it, is exclusive, Each fragment is placed on a public list (although without personal data) in a huge digital accounting “book” made with complex cryptographic structures, called a blockchain. That is why bitcoin is called ‘cryptocurrency’ and is only the first of its kind. By this, we can say that Bitcoin is the most popular of the existing cryptocurrencies.
Users can run their funds with digital wallets that have both a public key (similar to a bank account number) and a private key (similar to the bank account password). With both, it is probable to carry out monetary transactions from wherever in the world and at any time, which is why, also, it is a currency that does not have territorial ties, as fiat money does. In the same way as any other currency, it’s possible to exchange it for local money, for which there are exchange houses or platforms, which work all over the world.
It is abbreviated as BTC, and while the platform as a whole is spelled with a capital B, ‘bitcoin’ in lowercase refers only to units of the currency.
Therefore, Bitcoin offers a very convenient deposit and withdrawal option for Brokers. Furthermore, the cryptocurrency itself can be used as a counterparty in a currency pair – for example, BTC/USD (Bitcoin vs. Dollar), BTC/EUR (Bitcoin vs. Euro), etc.
There are many deposit and withdrawal systems for comfortable Forex trading; it is very common to get an impressive amount of payment methods to make deposits in trading accounts and withdraw profits from them.
The speed of accreditation of deposits by this method depends on certain conditions that vary. It is important to know; please note that, in some cases, funds will not be credited to the account instantly.
You can deposit and withdraw funds from your accounts with different platforms that are available to everyone. They are using “smart contract” technology, and as a result, it can be applied in various financial areas to simplify the recording of transactions with any contract.
You can get some requirements like a minimum payment, and the commissions are usually very low.
In general, the process of depositing your Forex account with Bitcoin is very simple, it is how to deposit in your traditional fund deposit account, generally, and the steps to carry out this transaction are as follows:
- You will be redirected to the Bitcoin payments page. Where an invoice will be generated that will show a QR code.
- Scan the QR code, and you will be redirected to your Bitcoin wallet app.
- Once it is in your Bitcoin wallet, confirm the payment.
- Once payment is confirmed, stay on the page for another 5 to 10 seconds. You should see the status of the transaction.
From there, you can follow the progress of your transfer. When the status of your deposit appears as “In process” in this section, it implies that your request has been accepted and is pending completion. Usually, the status will change to “Funds Deposited to Your Account” within 1-2 hours. It is important to keep in mind that if you want to deposit large amounts or high sums in USD/EUR/GBP into your account, you must share your identity documents.
After knowing the previous steps, you can deduce how novel and easy it is, also, that due to the advantages of this currency, the vast majority of Brokers prefer Bitcoin. It offers absolute security, with regulatory authorities and segregated accounts; your money is protected at all times. Bitcoin never sleeps, as an added value, you can limit your risk, and you can configure profit and loss levels.