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Best Betting Product for Bitcoin Prices

Best Betting Product

May 15, 2021 | 

792 Views | 

JOHN K MWANIKI | 

Get Into Cryptocurrency Trading Today

 Bitcoin was the first cryptocurrency to be launched, and this fact alone has given it a competitive edge. Being the leader in the crypto world has earned it massive acceptance from users. It is being used for a wide range of transactions, even the purchase of items. BTC has an impressive market cap of 1.075 T, showing just how much the coin is being used for transactions.

Crypto betting product is among the different ways investors are growing their digital assets. Through spread betting, which involves the speculations of price movement of the digital currency, making profits in the process. 

With crypto betting, the trader predicts whether the price will go up or down, allowing them to make profits or losses depending on their choice. 

How does the bitcoin betting product work?

To identify which products are suitable for betting, understanding how it works is helpful. It is worth noting that there are no physical bitcoins. The digital currency is maintained on a decentralized ledger. Therefore, bitcoin can never be purchased or borrowed. 

This is why a bitcoin betting product will use a derivative product. A trader decides whether the price of bitcoin will go up or down. If their prediction is correct, then they make a profit out of it. On the other hand, wrong predictions will attract losses. 

Using the derivative product, a long position bet is opened when the trader believes that there will be a price increase. If the trader believes the price will decrease, a sell position is opened in the spread. Traders have to place a certain amount on the price movement. For every price movement, the stake places will either multiply or be lost. 

It is important to note that a crypto betting product magnifies both profits and losses. One of the benefits of using a crypto betting product is that you do not get taxed, mainly because spread betting is classified as gambling. 

Which is the best spread betting product?

If you are looking to venture into bitcoin betting, it is vital to look for a betting product that works for you. Take your time to do shopping as there are several platforms in the market. Here are some of the most trusted brokers for crypto spread betting.

1. eToro

eToro hosts traders across the globe who understand how cryptocurrency price movement may affect their digital assets. The platform is fast and user-friendly, allowing you to make executions fast. 

It has a great and knowledgeable community of traders who will learn from and improve your trading skills. In case you need support, eToro has a dedicated customer support team to ensure you have a smooth experience with the betting product

The platform allows social trading whereby traders can match moves with the popular traders. You need a low minimum to invest in bitcoin on this platform, making it easy for you to find your account and trade. 
The broker is regulated as much as the cryptocurrency is not. 

2. CryptoRocket

CryptoRocket is a simple, safe and reliable betting product. The benefit of this product is that it allows investors to trade on ultra-tight spreads. More so, they have access to exceptional rates. The platform has a record of using up to 1:500 leverage. 

Traders get to enjoy fast and accurate pricing, which goes a long way in enriching their bets. The platform allows same-day withdrawals and has a very supportive customer support team. 

3. CedarFX

If you are looking for a low-cost platform for bitcoin spread betting, CedarFX is ideal. As much as it is still a new platform, it has proved to be reliable. For one, it is cost-effective. It offers higher leverage compared to most of the other platforms. It also uses powerful trading tools like MetaTrader. Payments are made fast, and they also have a dependable customer support team. 

The platform supports sustainability projects. This makes it a good option for traders looking to make a difference while earning profits at the same time. 

4. Coin mama

Coin mama is a reliable, safe, and secure platform for bitcoin spread betting. It has impressive limits, with a $50 minimum deposit. The platform's liquidity is accepted in over 200 countries in the world. The platform has high spending limits and several payment options, which add to the convenience and speed.

How to choose the best bitcoin betting product

The above are some of the platforms traders use for spread betting. There are more platforms and others to be launched in the future. Understanding what to look for when looking for a betting product will help you make the right choice. Here is what you should look for.

1. Regulation

As much as cryptocurrency is not regulated, it is essential to work with a regulated broker. Regulation speaks volumes about the reputation of the brokers. Whatever platform you choose, ensure that the agencies regulate it within its jurisdiction.

2. Favorable deposit and withdrawal limits

Withdrawal limits vary with the betting products. Pick a betting platform that allows you to do the level of trading you are interested in. That is from small to high-value trading.

3. Reputation

You are not the first trader to use the platform for bitcoin betting. This offers you a great chance to find out about the reputation of the cryptocurrency trading platform. Assess the reviews to know if you will have challenges with the platform.

4. Ease of use

If you choose a platform with a complex interface, you will waste a lot of time on navigation. A platform that is easy to use will allow you to trade faster and give you a smooth trading experience. 

Conclusion 

While most platforms have bitcoin in their list of cryptocurrencies, it is always good to confirm. Ensure that the betting product has the cryptocurrency you want to trade. One of the most asked questions when it comes to crypto betting is how safe it is. Provided you choose the right broker, your trades will be secure. 

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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.

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