3 best Binary Options brokers that accept Cryptocurrencies.
Trading cryptocurrencies has become a trend nowadays. And in binary options, they are used widely by numerous brokers. Not only that, it has opened new opportunities for the purpose of trading , but it also helps in making some quick profits.
Trading cryptos is one thing but using them as a payment source is what many traders prefer. Keeping that in mind, several brokers have launched cryptocurrencies in their payment gateways.
What is a Cryptocurrency?
A cryptocurrency is a form of simulated currency that enables individuals to communicate value in a digital setting. It is a currency that is fortified by cryptography. Cryptos are distributed connections that follow a technique called “blockchain.”
Cryptography is a way of securing cryptocurrency from getting counterfeit. This currency is not regulated or issued by any state government. This implies that they are free from any sort of central power or management. They are affected only via the market conditions.
It is only one of the many reasons that are unique for cryptocurrency. It serves as a reliable cash system that is not owned by any party. The decentralized nature is what makes cryptocurrency a good option.
There can be no bank or subset of users who can change the rules without arriving at a consensus among themselves. In this digital form of cash system, the participant networks run the software . That software connects them with several other participants, which results in the sharing of information among themselves.
Nature of Cryptos and its effects.
The decentralized nature of crypto makes it highly resistant from the shutting down by various governing authorities and makes them immune from censorship also. It also comes as a better alternative to all other centralized networks systems because it only takes to disrupt or rather hinder the main server and, the entire system can cripple down.
Whereas in the case of crypto, decentralization protects it from such digital disasters. Moreover, it can give the assurance of a safer backup option . Taking the case of banks, for instance, if the entire database wipes out, it would be a burden to balance out the financial transactions and revive the whole process.
In crypto , contrary to the banking system, the nodes monitor a copy of the entire database. And the individual nodes are even able to go offline, but their peers would still be able to retrieve the information they want.
In addition to all of their features, cryptocurrencies are functional 24 hours a day. And it works the same as such the year long.
Types of Cryptocurrencies.
#1 Bitcoin (BTC)
It is among the most popular and oldest form of crypto. Released in 2009 by the pseudonym Satoshi Nakamoto, Bitcoin was the first blockchain-based currency.
As per the recent stats, it is circulated 18.8 million times with a market cap of more than $1 trillion. It equips the users with the ability to send and receive digital money with a lower-case b.
Bitcoin has been rightfully called the “digital gold” because of the fact that it has a finite supply of coins. Many of the investors do not prefer to spend their bitcoins altogether. And they choose to hold them for a longer period for better returns.
Bitcoin is essentially viewed as a store of value due to its scarce nature and production difficulty. But it is comparable to many other precious metals like gold and platinum for the value of returns that it provides.
According to many holders, all the traits of bitcoins, when combined with global availability and high liquidity, make them an ideal choice for storing wealth. It also sustains the belief that the value will continue to appreciate over the coming years.
#2 Litecoin (LTC)
It was introduced in 2011 by Charlie Lee . It is also given the name of “silver to Bitcoin’s gold.” As compared to Bitcoin, Litecoin has a quicker block production rate which ultimately gives a fast transaction time.
Litecoin incorporates Scrypt as the primary algorithm for its proof of work and offers a target block time of 2.5 minutes and also a supply of 84 million. It can be a powerful economic and political tool that everyone can use without permission to transact with anyone else.
It is primarily an open-source network for global payment. It has been considered a competitor to bitcoin during the initial times. But after the saturation of the crypto market with various new offerings, the popularity of Litecoin has become progressively small.
Although, there are additional incentives that the investor can get for mining in Litecoin. The first miner that completes the verification of a block receives the reward of 12.5 Litecoins.
The design of Litecoin is such that it produces four times as many blocks as Bitcoins. And it makes it rank among the top 15 largest cryptocurrencies in terms of market capitalization.
#3 Ethereum (ETH)
This decentralized software of virtual currency was launched in 2015. In terms of market capitalization, Ethereum is ranked 2nd after Bitcoin. It was created to provide a spread-out match of financial products that can be used freely without any discrimination.
It is also a blockchain platform with its cryptocurrency that is known as Ether, along with its programming language called solidity. It is a public ledger that verifies and records transactions.
The primary purpose of creating Ethereum is to enable the developers to create smart contracts and publish them. Ethereum is distinguishable from bitcoin in being a programming network that serves as a financial services marketplace.
#4 Bitcoin Cash (BCH)
As the name suggests, it is a hard fork of Bitcoin which is quite successful and popular. It was launched in 2017 with the aim of increasing the block size. Bitcoin has a block size of 1 MB , whereas Bitcoin Cash raised it to 8 MB.
Through this, the transaction number and speed had increased. Bitcoin cash differs from bitcoin in not having segregated witness that only retains relatable information to a transaction block.
#5 Cardano (ADA)
Another altcoin is Cardano which was developed in 2017. It was created after having broad research and experiments.
It alleged that the scholars behind it wrote more than 90 research papers on the technology and working of blockchain. Currently, Cardano is among the top ten cryptos in terms of market capitalization. It is a decentralized blockchain platform.
Crypto in Binary Options.
Other than these, there are several other altcoins as well. And many of them are being traded on binary platforms regularly. However, there are many brokers who give cryptocurrencies as a method for depositing or withdrawing funds.
Here are the top 3 binary options brokers who accept crypto as their payment method.
1. RaceOption.
2. Olymp Trade.
3. Pocket Option.
Let us check their additional features along with the methods of deposit and extraction of funds.
#1 RaceOption.
Based in Marshall Island, RaceOption is a binary broker that offers a wide range of assets. Along with diversity in payment options.
Features of platform.
It has an easy and very comprehensive trading terminal. With this platform, you will get three different binary options. These are:
Intraday Turbo Long Term.
And the assets you can trade into are indices, stocks, commodities, cryptos, and forex.
Accounts.
Traders become eligible to use the demo account only after making the minimum deposit of $250. After this, they can use the practice account and learn the basics of the trading world.
Other than this, as a client, you can select three different kinds of accounts in RaceOption. They offer:
Bronze Account.
This standard account requires an initial deposit of $250, and a 20% deposit bonus will get credited to your account.
Silver Account.
The initial funding required is $1000, and with this, you will get a 50% deposit bonus.
Gold Account.
$3000 is the minimum value that one must deposit to avail of this account. Here you will get a 100% deposit bonus.
Payment methods.
RaceOption has a plethora of methods through which you can make your transactions. The most used forms of payment in this platform are:
Credit Cards E-Wallets like Neteller, Skrill, etc. Crypto.
The cryptocurrencies accepted by the platform include Bitcoin, Litecoin, and different altcoins like Ethereum and all the other leading virtual currencies. Using crypto is fast and secured, and the platform itself has recommended their use as they require no extra commission.
#2 Binary.com.
Bianry.com has been leading the online broker industry since 1999. It secures the VFSC, BVI Financial Services Commission, Labuan FSA, and MFSA as its regulatory bodies. It ensures the reliability they offer with the quality of trade execution.
Features of the platform.
This reliable platform offers ease of navigation. It also provides you with the best user interface. The investors get different instruments as the offering that depends on the location.
For beginners, Binary.com has offered its SmartTrader or Deriv platform, which has different trade types. They have high/low, touch/no-touch, and rise/fall options.
In the list of financial instruments, they have binary options along with forex, lookbacks, and CFDs.
Payment methods.
This platform offers a wide range of payment sources. From bank wires to cryptos, they have everything.
The cryptocurrencies they offer are:
USD Coin Bitcoin Litecoin Tether Ethereum.
#3 Pocket Option.
It is an innovative broker that offers some excellent features to new and existing traders together. The investors also get a low minimum deposit and trading fees when they utilize this innovative platform.
Features of the platform.
It is a trading broker that engaged itself in the industry in 2017. It has its headquarters in the Republic of the Marshall Islands. The trading terminal is simple and innovative, and user-friendly.
Payment methods.
Pocket Option is a broker that utilizes a vast number of payment methods. It offers those methods that make the payment instantly, and it becomes a common task. Along with several ways of e-payment and bank cards, it also offers cryptos.
This list includes payment via:
Ethereum Bitcoin Litecoin Tether Ripple.
Cryptos in Binary Options.
The term binary option already gives the idea of how it is concerned with trading. In this trading method, there can be only two possible outcomes. The outcomes either end up in getting the money or nothing at all.
The goal of the traders is to predict the suitable outcome for an asset. As traders, they must ensure the estimation happens precisely to know when the stock will end at a higher price or a lower price.
With crypto trading in Binary Options, the availability of returns is much higher than in other forms of trading methods. It also involves an increased risk factor as there is a complete chance of losing all the money together if the stocks have a lower price, contrary to your prediction.
Also, this process can be time-consuming at times as there might be a requirement for analyzing the market. Although the broker may provide the necessary stats for a better prediction, efforts need to be put in by the trader anyhow.
But, despite its comparison with betting on horses and gambling. There still lie numerous advantages that can be the attracting element of cryptocurrencies, especially in Binary Options.
Disadvantages and advantages of Crypto in Binary Option trading.
Easy to Start.
Trading cryptocurrencies in Binary Option is not as complicated as it sounds. Instead, it is relatively simple to understand the functioning and start earning the returns. Although, there lies a need for a broker. That is why it is recommendable to choose one that offers this type of online trading.
Perfect for Beginners.
With the convenience that trading crypto in Binary Options provides, the fact becomes irrelevant whether the trader is a beginner or not. They can reap the benefits without the prerequisites of knowing the complex field of trading.
High Return.
It offers to become a rewarding way of trading that is at par with the highest standards. The returns that the traders can avail of while trading crypto in Binary Options is tremendously high. It also has further options, such as doubling the investments for twice the returns.
Conclusion.
The trading of crypto in Binary Options shows unmatched potential in revolutionizing the classic methods for trading. To benefit from this process in the maximum possible manner, the trader needs to avail of the best broker for the purpose. These three Binary Options brokers accept cryptocurrencies and pave the way to the modern method of digital trading.