Trading with crypto: Top 3 myths

Using cryptocurrencies to trade has been a growing trend over the last few years. Many traders choose to trade with crypto for its various benefits. 

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Yet, many people are still hesitant to get started with it. If you don’t know much about the basics of crypto, trading with cryptocurrencies may seem expensive or confusing. We’re here to debunk that myth and other common misconceptions about cryptocurrency.  

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Top 3 crypto myths

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Myth #1: Owning Crypto is expensive

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Not quite. The price can be quite high if you decide to buy the entire Bitcoin at once. But you can also buy and own tiny fractions of it, otherwise known as satoshis. For example, if you place a trade on Deriv, the minimum trade amount required for Bitcoin is 0.0001 BTC. That’s currently worth less than 5 USD!  Additionally, there is also the option to trade with leverage using CFDs, allowing you to open larger positions with a smaller upfront capital.

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Myth #2: You’ll need to learn a whole new market

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If you decide to trade on cryptocurrency, yes, you might need to know a thing or two about the market. But you don’t need to learn about an entirely new market if you’re trading with crypto, so long as you are knowledgeable about trading in general. Like trading with USD, EUR or any other fiat currency, all you have to do is select your favourite market to trade. Then place your trade with the cryptocurrency of your choice. If you don’t want to trade on the crypto market, trade with a digital currency. 

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Myth #3: The only way to have more crypto is to buy it

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When you trade with cryptocurrency on markets like forex or synthetics and earn a payout, you’re adding to your crypto wallet. Yes, you do need to buy cryptocurrency to start using it, but after your initial purchase, you can potentially earn more through your trades. Just like gaining profit in fiat currency, you’re gaining profit in cryptocurrency. 

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Start trading today!

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Cryptocurrencies are here to push the boundaries of traditional fiat currencies. By understanding the reality behind these myths, traders can confidently explore the opportunities that cryptocurrency offers. Discover the full range of cryptocurrencies available for trading on Deriv by visiting our cryptocurrency page, and open a free practice trading account today.

‍Log in or sign up to create your Deriv crypto account and start trading with popular cryptocurrencies.