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The value of bitcoin in relation to other currencies typically USD varies wildly almost from minute to minute, making it very interesting from a binary options point-of-view. There are now also brokers that accept bitcoin, and other cryptocurrencies, as deposit methods. So traders can fund their account, and be paid out, in Bitcoin or Ethereum etc. Bitcoins are a worldwide phenomena and a growing interest in binary options.
The digital currency has a wickedly volatile exchange rate making it perfect for binary trading of all expiry. The popularity, and notoriety, of the currency also makes it a prime target of potential scams and the like, so be aware and only trade with trusted brokers such as the ones we list here on binaryoptions. To begin trading Bitcoin binary options you should have at least a marginal understanding of what they are. Basically, Bitcoins are digitally created currency units that can be spent anywhere Bitcoins are accepted.
They are meant to be a free and easy system for international trade that is not reliant on central banks or charges outrageous fees. As coins are mined they become available for sale, trade or exchange. Bitcoins are now used to exchange currencies around the world and for international trade but have yet to be embraced by the world powers. A few years ago, the number of brokers offering Bitcoin as an asset to trade was very low.
Now, the opposite is true. So traders now have a range of choices when it comes to finding a broker that offers cryptocurrency trading. If your current broker does not offer it, consider moving.
Sensing a new opportunity with Bitcoin and binary options, some innovative brokers have come up with ways to trade binary options and Bitcoin together. There are essentially 2 ways to trade Bitcoin binary options.
The first method is by using Bitcoin as a medium of Exchange. The second method is by using Bitcoin as an underlying asset. When it comes to using Bitcoin as a medium of exchange, traders will be trading the various underlying assets in financial markets with Bitcoin. So if their trade is successful, they will be paid in Bitcoin instead of fiat currencies like the U. S dollar or Euro.
You might be wondering why anyone would just want to accept Bitcoin when getting paid in U. S dollar as always been fine before. The first benefit of transacting in Bitcoin is the fact that the cost of transaction is the lowest among all forms of online payment. This is the very reason why Bitcoin was created in the first place, to lower the cost of online transaction.
Since there is no central authority managing Bitcoin, no service fee is paid when receiving or transmitting payment. Another key reason for traders to use Bitcoin in Binary options trading is to earn extra Bitcoin. Bitcoin by itself is traded and its value to the U. S dollar varies according to the demand for it. By having all the trading transactions denoted in Bitcoin, a trader is able to shield himself from the fluctuation of this crypto currency while at the same time earn more of it through profits earned in trading.
Nevertheless, it should be noted that this form of trading is however confined to binary brokers who will accept Bitcoin as a medium of exchange. In other words, there are only a limited number of binary options brokers which fall into this category.
Another method of trading Bitcoin with binary options is to regard Bitcoin as an underlying asset. As mentioned earlier, Bitcoin itself is traded on specialized Bitcoin Exchanges. Its exchange rate in relation to the U. S dollar rises and falls in accordance to the demand for it. For example, during the Cyprus banking crisis in , loss of confidence in Euro led to investors switching their safe haven of wealth from the Euro to Bitcoin.
This sudden surge in demand for Bitcoin helped to push its value up to almost on par with the value of gold prices. Because of this volatility, some binary brokers began introducing binary options contracts which tied to the value of Bitcoin.
Some brokers will now accept bitcoin as an account funding method. This allows traders to deposit, trade with, and be paid out in Bitcoin. The leading broker offering such a service is BinaryCent.