The following article focuses on familiarizing its readers with Bitcoin Binary Options trading and getting started. The pros and cons and the multiple advantages of BTC Binary trading are also highlighted in detail.
How do I get started with Binary Options Bitcoin Trading?
Three necessary steps must be covered to conduct the first-ever Bitcoin Binary Options trade.
The first step is as simple as it gets—you need to purchase Bitcoin, for which you need a Bitcoin wallet. A few official websites, such as CoinBase and BTC-E, offer regular Bitcoin wallets that meet your requirements.
To buy your first few coins or micro-bitcoins, you can check out various global sites and portals that make the transactions relatively easy. Once you get the hang of it, you can conveniently locate multiple other online portals and places where Bitcoin can be purchased and transferred to your wallet.
The next step involves conducting essential background research while selecting a Binary Options site. There is a wide variety of sites, some purely dependent on Bitcoin transactions, allowing users to maintain anonymity and register with an email address only.
Others often use mainstream currencies, which might also lead them to ask for your private information. Therefore, background research comes in handy here.
Open the Bitcoin Options website, locate the cashier’s section, and press the button that reads ‘Deposit Bitcoin.’ 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 from your Bitcoin wallet to the website using this receiver ID. Once the transfer is complete, 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. Once more, your Bitcoin wallet will be identified using a letter string. 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 initially seem a bit advanced and technical, it is crucial to remember how trading in the markets using Bitcoin is more beneficial and advantageous than carrying out the same trades using Euros, Pounds, or US Dollars.
How Does the Bitcoin Binary Options Trading Mechanism Work?
Basic knowledge and understanding are required to conduct binary options trading and learn how to begin trading in cryptocurrencies, Bitcoin, and traditional currencies.
The truth about trading is that you can either lose or win regardless of any other aspects. The term ‘binary’ clearly indicates this.
Trading is straightforward and is based on placing your bets on various prices, which may go up or down in a given time frame. It could be related to the cost of Currencies, Commodities, and Stocks. In short, you are betting that the prices will either increase or decrease in a specified period.
For example, consider placing a bet on a stock priced at $1,000. You will either bet the stock price 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 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 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, you should attain thorough knowledge regarding the markets or companies you plan to bet on. Sticking to fields or markets you understand better is ideal for making sizable winnings.
Most 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 first introduced and explored, trades could only be made based on its price fluctuations, measured in dollars.
For example, earlier bets were placed on Bitcoin’s price increasing or decreasing by 5% to 7% in a dedicated time frame. However, with the latest advancements, the Bitcoin trading market has expanded to include Commodities, Stocks, and Currencies.
Conclusion
With time, Binary Options have made quite a trending reputation, first in currencies and now with Bitcoin.
This has opened new doors and interests for bettors to expand their horizons and enjoy gambling on a broader scale. Bitcoin trading is associated with more anonymity and almost no transaction fees than 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 betting and trading on Binary Option sites.
FAQ:
How do I trade Bitcoins for binary options?
The process is relatively straightforward. All you have to do is select the option for Bitcoin and put in the amount of Bitcoin you plan to invest. It is followed by setting the prediction period over which your bet will be in play. Finally, select your instruments of use, and you are ready.
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 favors the final result of the price’s rise or fall, you win the payout.
The payouts are also pre-set to limit the amount one can win in a go. However, if your prediction is incorrect, you will lose all you invested in this 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 time frame. ‘Binary Options denote only two possible gamble results—winning or losing. Each Bitcoin binary options trade has already set up a specific payout rate for gamblers to win.
