62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
During the boom of cryptocurrencies, Ripple was among the digital coins that have shown really huge growth.
Has the boat sailed?
You might be asking this question right now and our answer to that is a big NO.
Let us explain further. Continue reading the rest of this article to know why.
First of all…
Most people are only familiar to cryptocurrency trading by simply buying them from a digital exchange with the hopes of its value to go up in the future so they can make a profit out of it.
First is that the processing time is much slower than a trading forex and second, the only way you can gain a profit is only when its price is rising.
Hence, when the Ripple’s price goes down, that means that the value of the XRP coins that you own are of less value.
The good news is that there’s another way to gain exposure to Ripple and other popular altcoins minus all of these disadvantages and this is by trading contracts for differences or CFDs.
A quick 101 on CFDs:
CFDs are derivative products provided by service providers or brokerages where you as a trader can exchange the difference in a contract of a particular financial instrument’s (in this case Ripple) price movement within the contract’s entry and exit.
And in addition to that…
This form of derivative allows you to trade the asset without actually owning it.
In this contract, the only 2 possible outcomes are the following:
Now that you know the advantage of trading CFDs, the next step is to find a trusted and reliable service provider or brokerage.
eToro is one of the top-rated brands today that offers this kind of service.
If you want to know your options on how to trade XRP via their platform, then you’re about to find out!
XRP Trading via eToro’s Intuitive Platform
What makes eToro unique from the rest is that it allows you not just to place a buy or sell contract on this asset but also to explore the portfolio of other traders who are also investing on this particular instrument.
You have the choice of trading XRP CFDs on your own, or you can simply look for other XRP traders in the network and copy their future trades based on the parameters that you will set.
And that’s not all…
You can even communicate with these users to discuss about strategies, opinions and other matters directly on the platform.
And it gets better…
With a network of over 10 million users, there’s a huge population of professional traders to follow and copy!
How cool is that?
Build a Diversified Trading Portfolio!
eToro’s platform will give you access to over 1000 markets including commodities, stocks, forex, indices and of course, cryptocurrencies.
This gives you the opportunity to diversify your portfolio by exploring other altcoins or further by speculating on other markets.
To top it off…
You can also amplify your trading power with eToro’s leverage and manage the risks by using the integrated risk management tools.
Here’s the deal:
If you feel overwhelmed and want to start slowly then it would be best to open a demo account. This is free and is pre-loaded with a $100,000 virtual balance that you can utilize to explore and familiarize yourself with the interface.
Interested to Trade Ripple?
It’s never too late to invest in Ripple!
The boat has not sailed and in fact, that anchor is just being pulled up!
By trading CFDs, it really doesn’t matter if the market trend is going up or down. What matters is your market speculation and if you’re correct then this can be turned into profits.
Best of all…
You can even copy the trades of experienced and professional XRP investors on eToro’s expanding social trading network.
Click on the button below to get started and we’ll take you there right away!
But always keep in mind to practice risk management at all times.