The following article focuses on familiarizing its readers with Bitcoin Binary Options trading and how to get started with it. The pros and cons, along with the multiple advantages of BTC Binary trading, are also highlighted in detail.
How do I get started with Binary Options Bitcoin Trading?
To conduct the first-ever Bitcoin Binary Option trade, three necessary steps need to be covered.
The first step is as simple as it gets – you need to purchase Bitcoin, for which a Bitcoin wallet is necessary. A few official websites, such as CoinBase and BTC-E, offer the regular Bitcoin wallets that are sufficient for your requirements.
To buy your first few coins or micro-Bitcoins, you can check out various global sites and portals that make the transactions quite easy. Once you get the hang of it, you can conveniently locate multiple other online portals and places from where Bitcoin can be purchased and transferred to your Bitcoin wallets.
The next step involves conducting essential background research while selecting a Binary Option site. There is a wide variety of sites, some of which are purely dependent on Bitcoin transactions and allow users to maintain anonymity and register with the use of an email address only. Others often make use of mainstream currencies, which might lead them to ask for your private information as well. Therefore, this is where the background research comes in handy.
On opening the Bitcoin Options website, you need to locate the cashier’s section and press the button, which reads ‘Deposit Bitcoin.’ On doing so, you will instantly receive a QR code for smartphones and a string of variable letters that serve as your Bitcoin receiver ID. Bitcoins can be transferred using this receiver ID from your bitcoin wallet to the website. On completion, your Bitcoins will be available immediately for making trades on the site.
How to Deposit and Withdraw Your BTC
Just like deposits are quick and easy to make, withdrawals are similarly simple. Your Bitcoin wallet will be identified using a letter string once more. On the website, locate the ‘Withdraw’ button, enter your ID string, and your Bitcoin funds will be transferred into your bitcoin wallet.
Even though it may seem a bit advanced and technical initially, it is crucial to remember how trading in the markets using Bitcoin is more beneficial and advantageous compared to carrying out the same trades using Euros, Pounds or US Dollars.
How Does the Bitcoin Binary Option Trading Mechanism Work?
To learn how to begin trading in any cryptocurrencies, Bitcoin, and traditional currencies, basic knowledge and understanding are required of how binary options trading is conducted.
The truth about trading is that regardless of any other aspects, in the end, either you can lose or end up winning. The term ‘binary’ clearly indicates this.
Trading is remarkably simple and is based on the fact that you place your bets on prices of various things which may go up or down in a given time frame. It could be related to the price of Currencies, Commodities, and even Stocks. In short, you are placing a bet that the prices will either increase or decrease in a specified period.
For example, consider that you are placing a bet on a stock, which is priced at $1,000. You will either bet that the price of the stock will rise above $1,000 or reduce in the next two days. With binary trading, you are destined to receive a two-way result only.
If you have bet that the price will rise above $1000, then on winning, you will receive around $170 as there is usually a 1.7 to -1 set ratio by your trading site. Fortunately, even if you lose, you typically get a certain amount of your stake back, which in this case, will be $15. So, if you bet that the stock rates will rise or decline, the applicable payout rates will be the same, either way.
As trading in Binary Options is tricky and risky, it is advisable to attain thorough knowledge regarding the markets or companies that you plan to bet on. To make sizable winnings, it is ideal for sticking to fields or markets that you have a better understanding of. The majority of the sites keep a long-term edge of around 7.5% on all the trades. Therefore, to maximize profits, stay selective about your betting markets.
Options that include Bitcoin Prices
When Bitcoin was newly introduced and explored, it was only possible to make Bitcoin trades based on the price fluctuations of Bitcoin itself, which was measured in dollars. For example, earlier bets were placed on the price of Bitcoin increasing or decreasing by 5% to 7% in a dedicated time frame. However, with the latest advancements, now the market for Bitcoin trading has genuinely expanded to include Commodities, Stocks, and Currencies.
With the progression of time, Binary Options have made quite a trending reputation for themselves, first in the form of currencies and now with Bitcoin as well. This has opened new doors and interests for bettors to expand their horizons and enjoy gambling on a broader scale as Bitcoin trading is associated with more anonymity and almost no transaction fees as compared to trading using fiat currencies.
It is important to note that with all gambling experiences, risks are always involved. Hence, it is advised to be cautious and vigilant while conducting betting and trading on Binary Option sites.
How do I trade Bitcoins to binary options?
The process is quite straightforward. All you have to do is select the option for Bitcoin and put in the amount of Bitcoin you plan to invest. This is followed by setting the prediction period over which your bet will be in play. Finally, select your instruments of use, and you are good to go.
What is Bitcoin Binary trading?
Bitcoin Binary Trading is a form of investment trading. People bet on the increase or decrease in the price of Bitcoin over a specified time frame. If the bet placed is in favor of the final result of the rise or fall of the price, you win the payout. The payouts are also pre-set to limit the amount one can win in a go. However, if your prediction was incorrect, this will result in the loss of all that you invested in this respective trade.
Is Bitcoin a binary option?
A very trending form of trading is Bitcoin Binary Options, in which the increase or decrease in the price of Bitcoin is guessed or anticipated over a restricted frame of time. The term ‘Binary Options’ denotes that there are only two possible results of the gamble – either you win, or you lose. A specific payout rate has already been set up by each bitcoin binary options trade for gamblers to win.