Cryptocurrency enthusiasts can now trade cryptocurrencies in a much more convenient way.
Plus500, the leading forex/CFD provider has introduced the new Crypto 10 Index.
Plus500 recognizes the need by their traders to be able to analyze data quickly especially with the renewed interest and market volatility surrounding cryptocurrency trading.
The Crypto 10 Index, which is based on algorithms, will give traders the ability to trade the world’s top 10 most popular cryptocurrencies all under one roof.
OK, we know what you’re thinking…
Yes, it includes all-time crypto favorites like Bitcoin, Ethereum, Litecoin and more.
What makes this so special?
Adding the Crypto 10 Index to your trading portfolio will increase your market exposure across the crypto market.
It was just only a few weeks ago when Plus500 introduced the Brexit High 50 Index to their list of instruments and now here comes another new interesting asset that you can invest on!
With Bitcoin rallying almost 70% in May and rival coins also getting a boost, there’s no doubt that the cryptocurrency craze is still very much ablaze.
The key facts of Crypto 10 Index & how it works
The Crypto 10 Index which is carefully constructed represents only the world’s largest and most traded and largest 10 digital tokens and their performance weighted by market capitalization.
Now, the Crypto 10 Index is optimized for efficient execution and can be used as a benchmark or underlying for a vast variety of financial and non-financial products.
- It has a market capitalization with a weighted market cap of $37 billion.
- Digital token market cap $167 billion which represents 83% of the total market cap of $202 billion traded digital assets, globally.
- The fixed number of components is made up of buffers, which maintains the stability of the tokens.
- Ensures a stable index composition which is up to date.
If you are looking for a reputable forex/CFD’s broker who offers all the tools necessary to make successful and profitable trades, then Plus500 is your one-stop-shop.
Plus500 has 304,000_ active members and sits on the London Stock Exchange.
With over 2,000 financial instruments of shares, indices, forex, commodities and cryptocurrencies to choose from, your trading opportunities are endless.
You will discover that their platform is powerful and easy to use and comes with all the financial tools and graphs, they offer:
- Tight spreads
- Trade with leverage
- No commission charges
- Order execution is fast and reliable with no slippages, free real-time quotes
- Free demo account to practice trades with virtual money
- Option to switch to dark theme (available on WebTrader platform only)
The first thing you will notice is that the platform is simple and easy to use, where you can search for instruments by name, most popular, risers & fallers and instrument type.
A screen will display the instrument with buy and sell prices.
Now, to take control of your finances and investments, you have many advanced financial tools and graphs available to you such as:
- Stop limit/Stop loss/Trailing stop
- Guaranteed stop
- Negative balance protection
- FREE email & push notifications on market events
- Alerts on price movements & Change %
That’s not all…
If you were wondering how to trade cryptocurrencies on Plus500, you can do so using their platform which is very user-friendly and has a free demo which you can use for doing test trades to hone your skills.
First of all, you will need to sign-up and open an account with Plus500.
Once you have deposited your money, you will be able to invest in their live trading platform in real money mode.
And another thing
If you spend time commuting by train, no problem Plus500 platform is available on your mobile and other android devices.
Here, you can trade on the go and not miss a trade. You can also sign-up to receive alerts and notifications on market volatility that might require your immediate attention.
Accessing this instrument from the platform is easy:
Select the trading dashboard, sign-in to your account and click on the trade icon that is located on the left menu.
On the list of assets, look for the “Crypto” category and click on “Crypto Currencies”. Click on the Crypto 10 Index if you wish to spread out your market exposure across the crypto market.
You will notice that everything is displayed on one page. There is no need to go in and out.
It really is quite simple and self-explanatory.
- Click on Cryptocurrencies
- Choose the cryptocurrency you wish to trade. Here, you will also see a historical graph related to the coin you selected together with a tick function that will update the graph automatically.
- After evaluating the situation and deciding whether the coin will rise in value or fall in value (short), click ‘buy’ if you think it will rise in value.
For this illustration, we assume the coin will lose its value so we selected ‘sell’.
*Illustrative prices only
This is valuable information that relates to any volatility in the coin.
Automatically a new window will appear on your screen on the right. Here you enter the contract details such as the value of the investment that you are making together with the number of contracts.
Plus500 then will suggest the required margin, then you apply the risk management tools, such as close at profit tool, close at loss tool and the guaranteed stop tool.
These tools help to lock in your profits and protect you of any potential loss of your position.
Once you have completed and entered the contract details, you will need to confirm and monitor your trade.
Assuming you predicted correctly and want to make a profit, you then need to close your trade by going to:
- Your trades – a list will appear on the left menu displaying a list of all your open trades.
- Click ‘close’ on the trade you wish to close.
Your profit will now be added to the balance of your account.
You can either withdraw your profits or use them for a new trade.
And you’re set!
Congratulations, you have made your first cryptocurrency trade!
The best part?
Trading cryptocurrency CFDs (contract for difference) is simple and about to get a whole lot easier with the launch of Plus500 exciting new Top 10 Crypto index.
Learn about trading CFDs
With CFDs, you basically don’t actually own the underlying asset.
You will be able to speculate on price movements of instruments and take a position on it.
It has become a very popular way to trade amongst traders because of the many unique aspects it offers.
You can profit from both rising and falling markets!
Leverage is another aspect of trading CFD’s. It gives you access to much larger positions with only a small amount of money.
Plus500 offers leverage rates of up to 300:1 giving you access to 300 times more opportunities for every dollar (or your preferred currency).