How to trade BTC/USD with Exness

There are more than 200 instruments on the Exness trading platform, including stocks, forex, metals, indices and many others. Over the last few years, trading cryptocurrencies has become popular, especially the BTC/USD pair. Let’s find out how to use the Exness trading platform to trade BTC/USD, as well as what tools to use and risk management.

BTC/USD pair on Exness

The BTC/USD pair is the ratio of the value of the cryptocurrency Bitcoin (BTC) to the US dollar (USD). This currency pair has become one of the most traded in the cryptocurrency market due to its high value and popularity. BTC/USD trading involves traders speculating on changes in the bitcoin exchange rate against the dollar.

Exness provides various BTC/USD trading opportunities on its platform:

• Ability to trade on specialized trading platforms MetaTrader 4 and MetaTrader 5, which are popular all over the world.
• Support of different devices on different OS for more comfortable use of trading platforms.
• Exness spreads are considered narrow which adds the possibility to trade more favorably.
• Ability to customize a large level of leverage, for some assets leverage can be unlimited.
• Exness support is not considered one of the best, but they do their job and work around the clock in many languages.

Trading BTC/USD on Exness

In order to start trading BTC/USD you need to register on the platform, it is free of charge and after registration you can use a demo account.

Let’s see how to use the platform to trade BTC/USD. On Exness there are cryptocurrency contracts for difference (CFDs) – which allows you to speculate on the change in the price of bitcoin without even owning it – this is what we are interested in. The cryptocurrency market is very volatile which can lead to large price changes in a short period of time. This is highly noticeable when news or economic events cause prices to move in unexpected ways.

By studying news resources – in some cases you can predict the behavior of cryptocurrency, for example in the middle of 2023 came negative news from the U.S., the pressure on the cryptocurrency had a fall in U.S. stock indexes and strengthening of the dollar after the publication of the Fed minutes, and this gave a drawdown in the market value of bitcoin.

In order to successfully trade BTC/USD it is not necessary to know various strategies and tricks, it is enough to understand the world economy and based on world news you can make a conclusion about the movement of bitcoin price.

Before you start your trading journey on BTC/USD, set up all the tools to make trading comfortable:

Be sure to manage possible risks. In order to be successful in trading you need to take into account that in any, even perfectly calculated, strategy there can be a mistake that can lead to a critical error, and in order to reduce the probable risk use various tools:

1. Application of stop loss to limit the possible profit so that the order is automatically closed at a certain level of price drawdown.
2. Profit limits are set so that the profit is automatically locked in when a certain level is reached.
3. Be sure to spread your portfolio (invest in different assets to reduce the impact of one asset on your finances).

Since 2009, BTC/USD has been the most popular cryptocurrency fiat currency pair, and it matches the price of bitcoin with one of the most influential paper currencies, the US dollar. BTC/USD is the standard in the cryptocurrency market, and has a strong influence on the price of the rest of the altcoins. Economic giants believe in the future of bitcoin, for example the American company BlackRock has more than 20 billion dollars worth of Bitcoins in its Bitcoin account.

Altcoin (alternative coin) is all the cryptocurrencies that emerged after bitcoin.

Frequently Asked Questions (FAQ)

How to start analyzing the BTC/USD pair on Exness?

In order to understand the principle of bitcoin movement in relation to the US dollar, you need to compare the bitcoin price chart with news in the economy. For example in the adoption of bitcoin in El Salvador in 2021 as an official currency influenced the bitcoin price to rise for 2 months.

How to use technical analysis to trade BTC/USD?

Study historical price charts using indicators and identify support and resistance levels in certain situations to properly position the future price movement of the BTC/USD pair.

What are the risks associated with trading BTC/USD?

Trading cryptocurrencies, especially BTC/USD, is associated with a high level of price movement and therefore incorrectly predicting the movement can be a potential loss. Apply risk mitigation strategies to minimize your losses.