Cryptocurrency Exchange VS Forex Broker – Which Is Better For Trading Bitcoin?

Cryptocurrency Exchange VS Forex Broker – Which Is Better For Trading Bitcoin?

Cryptocurrency Exchange VS Forex Broker
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Bitcoin has seen phenomenal growth in popularity and value over the last decade. Despite this, Bitcoin is still considered to be in its early stages according to the vision set out by its creator’s.

As well as being an alternative currency for the purchase of goods and services, Bitcoin has also become an instrument for traders looking to make large returns and grow their accounts. Its rapid price increases and volatility have only bolstered that and is even drawing in individuals who have never traded before. Bitcoin has the potential to become a new major world currency and people are investing their money on the hope that it will.

Of course, whether Bitcoin becomes the ‘future of money’ or not isn’t the be all and end all for well-informed traders. Bitcoin certainly has some impressive technology behind it; however, the top priority for traders is simply to profit from its price movements. Traders can look to profit from Bitcoin if it succeeds or if it fails, either way, strong trends are bound to occur.

Where can you trade Bitcoin?

There are basically 2 main options you have for this as a Bitcoin trader, they are:

1 - Cryptocurrency exchange

2 - Online Forex broker

At a cryptocurrency exchange, you will buy and sell actual Bitcoins whereas through a forex broker you will trade a Bitcoin CFD (contract for difference).

I believe that online forex brokers are the best option for trading Bitcoin and will cover this today. I will outline the differences between the two and my reasons for this judgment.

Advantages of trading Bitcoin with a forex broker

Regulation – Reputable forex brokers are fully regulated so you know they have to operate responsibly and with professionalism. They will keep your funds in segregated bank accounts so they are always protected. Cryptocurrency exchanges, on the other hand, are completely unregulated. If a cryptocurrency exchange goes bust or closes down the protection you have may be very limited

Simplicity – This is a big one for me. Setting up a cryptocurrency account and getting started trading is certainly a complicated process, there’s no doubt about that. First, you will need to find an exchange that accepts residents from the country you are from. You then need to find a way to deposit funds into that account, which can be surprisingly difficult. I’ve even heard in some cases that traders will open a new bank account just so they can make deposits into their cryptocurrency exchange account.

What you will find with most traders that use cryptocurrency exchanges is that they have multiple accounts with different exchanges. They then use each account for different reasons. One could be for deposits, one for buying Bitcoin, one for margin trading, and one for short trades and so on.

It’s a totally different story trading Bitcoin with an online forex broker. You can set up an account in minutes if you do not have one already. You can then deposit funds into your account using your preferred currency and any Bitcoin trades you make will be automatically settled back into your chosen currency.

Hidden fees and charges – This leads on nicely from the topic before. With an online forex broker, it’s free to open an account, free to deposit/withdraw your funds and there are no commissions Bitcoin trades. Your only expense when trading Bitcoin through a forex broker is the spread. This makes it much easier for a trader to manage their money and keep track of their expenses.

When using a cryptocurrency exchange there seem to be fees involved every step of the way. You will often pay fees depositing into your account, fees withdrawing, fees exchanging currencies, fees purchasing Bitcoin, fees transferring Bitcoin and commissions on trades. All these different fees can be costly and make keeping track of your expenses a complicated and time-consuming process.

Professional tools and platforms – Trading Bitcoin through an online forex broker will give you access to professional tools and platforms like the award-winning MetaTrader platforms. MetaTrader 4 and 5 allow traders to apply all different kinds of indicators and analysis tools helping to enhance your performance. They also allow you to trade directly from the Bitcoin charts.

The charting tools available on many cryptocurrency exchanges are lower quality with traders often using the exchanges only to place their trades. They will then use separate platforms for their charting and analysis requirements.

Maximum opportunities – Again trading through a cryptocurrency exchange can be complicated if you have certain requirements. Not all cryptocurrency exchanges will allow shorting and some will not provide leverage or margin.

When trading Bitcoin with a forex broker you have access to leverage and margin allowing you to trade at the size you want. You can also trade both long and short on Bitcoin trades enabling you to capture trends in either direction. If you are already a forex trader, staying with a forex broker allows you to keep all your funds in one place and monitor both your forex and Bitcoin trades at the same time.

Cryptocurrency Exchange VS Forex Broker Overview

What the future holds for Bitcoin nobody knows. What we do know is that it’s more than likely going to be eventful. Whether Bitcoin sees further success or eventual failure, opportunities will arise for traders no matter where they decide to trade it. If you are looking to use Bitcoin for purchasing goods and services then this is a different situation to what we’ve covered today. When it comes specifically to Bitcoin trading, I do feel that overall forex brokers currently provide the best, easiest and safest option.

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Why Working With Special Populations Doesn't Make Me A Good Person

What you're missing from the bigger picture.
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"What do you do?” might be one of my least favorite questions. Let me tell you why. I am currently a Registered Behavior Technician at a wonderful program (MAP) nestled in the heart of North Carolina. Usually when I tell someone what I do, their response is either an uncertain nod or a plain look of confusion. At that time, I break it down by saying, “Basically, I work with children who have autism.” Now, more times than not, the response I receive is along the lines of, “Wow, that’s so amazing of you” or my personal favorite, “Good for you. I could NEVER do that.”

I understand that working with special populations isn’t for everyone, just like being a neurosurgeon isn’t for everyone. But, working with special needs children doesn’t make me a good person, a saint, or a hero. Every time someone tells you he/she is a teacher, do you gasp and express how much you could NOT be a teacher? What about when you meet a pediatrician? These people work with children just like I do. I’m certain if you spent one day in my shoes you would see just how much you COULD do my job.

Maybe not all of the technical work, but after a day with these children you would be humbled by how much you could learn from them. After all, these children are just children. They want to be accepted just like every other child. They want to be understood and to be part of a community just like the rest of us. My job has given me the opportunity to get to know a handful of the more than 3.5 million Americans on the spectrum. I’ve gotten to know each of their personalities, their quirks, and what makes them unique. I can’t help but imagine a world where everyone gets to know these individuals as I have. A world where we accept all of those who might appear or act different from us and educate ourselves on these populations. A world where that education helps us see that they aren’t so different from us after all.

Working with individuals with special needs doesn’t make me a good person, because I do it for selfish reasons. I work with them because I don’t know what my life would be like without them. They have taught me so much and changed my life in so many ways. I get to play a small hand in these children’s lives. I get to help them learn fundamental life skills you and I take for granted.

But, I also get to leave work everyday having learned a lesson. These children have taught me to be a better version of myself and to appreciate even the smallest of things life has to offer. Each day they challenge me to laugh more, have more fun, and not take myself so seriously. They show me more love than I ever knew possible. Maybe it isn’t with their words. Maybe it’s with the smiles and giggles when we’re singing their favorite song, or the way they look at me when they finally get something they have been working so hard to learn.

The hugs, the kisses, and the moments where our two worlds collide and we finally connect; these are the moments that remind me how much these children have to offer the rest of us. If only we would take the time to let them teach us, we would be more selfless, less judgmental, and have a greater appreciation for life.

April is National Autism Awareness Month. My hope is that this month we work to spread awareness for Autism, as well as other special needs. We take this time to learn something new, to help educate others, and to stop looking at these individuals as though they need special people in their lives to help teach them and focus more on opening our minds to the things they can teach us.

Cover Image Credit: Katharine Smith

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11 Things That Changed When I Quit Working In Retail

"Working 9 to 5, what a way to make a livin"
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As of three weeks ago, I no longer work in retail. I was very lucky to find a paying internship for the summer so with great sadness I put in my two weeks and moved on from my sales associate job title. I’ll always remember my retail experience fondly (because of my amazing co-workers and managers, customers generally suck tbh), but I have noticed some pretty interesting changes since I started my office job.

1. Missing the Group Chat

I never thought I would miss being bombarded with notifications but man do I miss the staff group chat. There’s nothing better than complaining about customers and catching up on work drama with all your co-workers.

2. Less Movement

No longer do I walk laps around a store for hours, instead I sit at my desk and stare at the computer.

3. Work-Out More

A side effect of sitting down all day is that I’m much more willing to work out now. I used to never want to go to work with sore legs because I knew how much you move around in retail. But now, being sore isn’t as inconvenient.

4. Make-up

Don’t wear it anymore. There’s no longer the pressure to have my physical appearance match up with a store’s branding. Which is awesome because I can sleep later and my skin is happier.

5. Weekends

I get full weekends off now and its amazing! No more weekend crowds and more pool time for me.

6. Free Time

Yet even with weekends off, I have a lot less free time during the day. Working standard hours instead of retail shifts has been an adjustment but hey, I’ll get used to it.

7. Customer Service Voice

My awful, high pitched retail voice is gone for good. Plus I no longer have to interact with strangers constantly which is a plus.

8. Defender of Retail Workers

Another side-effect of not having to be nice to people to keep my job is that I can now call people out for being rude to retail workers. Something I could never do when I was one. I may have moved on but I still have your back.

9. No More Holiday Dread

I could finally enjoy Memorial Day this year instead of dreading it. In the retail world, holidays mean tons of customers and extra-long shifts. But in office job world, I got a three day weekend.

10. Less Socialization

I sit in my cubicle all day so I don’t really talk to my co-workers as often as I did on the sales floor. Plus since I’m an intern there’s not as many people my age in the office.

11. Goodbye Discount

Unfortunately there’s no employee discounts at an office job. Which is probably good for my wallet but I’m still sad about it.

Cover Image Credit: https://www.pexels.com/photo/business-chair-coffee-computer-265072/

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