If you want to become a trader as well, here are some Bitcoin trading tips you need to consider in order to be successful. However, the fact that the forex market is decentralized and that bitcoin is considered to be a decentralized digital currency does not mean that the two are equivalent. The key distinction is that, though forex exchanges might be decentralized, the currencies themselves are backed by central banks in the countries that issue them. But even though talk about “trading pairs” just like forex traders, trading bitcoin is not like forex in important ways. Unlike tourists who exchange their home currency for local spending money, forex traders are trying to make money off the continual fluctuations in the real value of one currency against another. Most forex trading is conducted in a decentralized fashion via over-the-counter markets. Because of this, you must only trade an amount that you’ll be comfortable losing. Traders who want to take on that risk should use only a locally regulated forex brokerage. Bitcoin, a type of cryptocurrency, has piqued the interest of so many people. Bitcoin, a type of cryptocurrency, has piqued the interest of so many people. Because of the popularity of cryptocurrency, a market was born to specifically trade cryptocurrency. Bitcoin’s legendary price volatility can excite many investors and traders—especially day traders. Most of the time, your decisions on Bitcoin trades will only come from speculations, which is high risk.how to buy bitcoins through paypal Having a cut loss and a profit target price will help keep you level-headed in times of pressure during a trade. However, there will be a time that prices will suddenly go down. Bitcoin’s legendary price volatility can excite many investors and traders—especially day traders. Forex is far-and-away the world’s largest market, with daily trading volumes around $6.6 trillion, according to the Before you even start trading, don’t use all of your savings to trade Bitcoin. Most of the time, your decisions on Bitcoin trades will only come from speculations, which is high risk. Most of the time, your decisions on Bitcoin trades will only come from speculations, which is high risk. Then, you start thinking that it’ll still go up and end up not selling. Another key difference is that the IRS treats bitcoin as property, not currency, for tax purposes, so the tax consequences of bitcoin trading may be different from trading fiat currencies. Bitcoin, a type of cryptocurrency, has piqued the interest of so many people. Because of this, you must only trade an amount that you’ll be comfortable losing. Forex is far-and-away the world’s largest market, with daily trading volumes around $6.6 trillion, according to the Before you even start trading, don’t use all of your savings to trade Bitcoin. Consequently, bitcoin trading is simpler and more straightforward than forex.