Because cryptocurrencies are such new assets, less is known about how they respond to the wide range of common market conditions which affect other, more established assets. Investors are also still waiting to see how cryptocurrencies might perform in a major financial crisis.
With this in mind it is important that you put in place a careful cryptocurrency trading strategy that is based on sound risk management. Our guide to trading cryptocurrencies at ETX will help you decide on which market you might want to to trade, how to trade it and how to monitor your position once you’ve opened it.
Placing your trade
When you have decided on a trading strategy and the direction of your cryptocurrency trade, you can quickly and easily place your order on our award-winning TraderPro platform.
You’ll find a number of smart risk management tools available directly in the trade ticket. To attach a stop loss, limit order or Guaranteed Stop to your position, simply select the relevant option and enter your chosen price points.
Our Guaranteed Stops are available on many of our most popular markets and allow you to fix your risk and avoid the impact of market gapping or slippage. You can lock in the exact risk level that you feel most comfortable with and trade with greater peace of mind.
Monitoring your position and exiting the market
Our powerful iOS and Android apps let you monitor your position closely, even when you’re on the move.
When you trade on a volatile market like cryptocurrencies, it is important that you make use of advanced charting tools like indicators and oscillators to track market movement as it reaches key support and resistance levels.
Our advanced charting and drawing tools are available on our desktop platform, as well as on our mobile apps and will help you map out a clear strategy for when best to exit the market.
* Tax laws are subject to change and depend on individual circumstances. Tax law may differ in a jurisdiction other than the UK.