Forex & Crypto Trading Blog

Ledger Wallet Review

Ledger Review: Is It A Safe Crypto Wallet?

Ledger Nano X claims to be the safest hardware crypto wallet. But is it true to its claims? Should you consider buying it? In this Ledger review, we will share about it so you can decide easily!

With the increasing popularity of cryptocurrencies, the need for safe and secure crypto wallets is also increasing. When it comes to storing cryptocurrencies, online wallets are not considered to be safe as they are prone to cyber-attacks and other security threats. This is where hardware crypto wallets come in. They are more reliable and can store a great number of your cryptocurrencies. Ledger Nano X is a crypto hardware wallet that is receiving much popularity these days. But is it worth the hype? Don’t worry, this is why we have compiled this Ledger X review.

In this Ledger wallet review, we will discuss every little and big thing about this hardware wallet including the background of the company, features of the wallet, supported coins, pros and cons, and a few other details.

At the end of this detailed Ledger wallet review, you’ll be able to decide whether or not to consider Ledger Nano X as your cryptocurrency wallet. So, without wasting any more time, let’s dive into our Leger review.

Ledger review: About The Company

Ledger was established back in 2014 by eight experts that have specialized in fields like cryptocurrencies, entrepreneurship, embedded security, and several other security solutions implementing the blockchain models. At present, the company has around 130 employees and offices in Paris, San Francisco, and Vierzon.

Ledger is becoming a major hardware crypto wallet manufacturer in the industry. You can determine the growth and popularity of the company from the fact that it has sold over 1 million products across the globe. Pretty impressive, isn’t it?

You might be wondering to whom these crypto wallets are designed? Here is the answer, these wallets are specially designed for people who don’t want to compromise on security. These hardware wallets are a lot more reliable, safe, and secure than online or software wallets that work on the internet and are highly prone to cyber-attacks.

Because Ledger Nano X is a cold wallet, all of your assets are kept offline. We will get into more details in the later section of this Ledger X review.

Features And Benefits of Ledger Wallet

Let’s begin this detailed Ledger review with the key features and benefits of this hardware wallet. Make sure to learn and understand each aspect clearly in order to make an informed decision.

Security

The first question that comes to mind when considering any crypto wallet is, whether it is safe or not. This question keeps haunting the cryptocurrency enthusiasts when they go for purchasing any such device. For this reason, we will discuss the security aspect very first in this Ledger review. After all, it is the security that matters the more than anything else when it comes to the review of any crypto wallet.

ledger nano x security is proven

So, once for all, let’s make this thing crystal clear that the Ledger Nano X hardware wallet is extremely secure. You can use this cold wallet to keep your Bitcoins, Altcoins, Litecoins, and all the other types of coins offline with full safety. This means a hacker can never access your wallet because it is not connected to the internet.

Staking

Staking cryptocurrencies is the future in the blockchain. Why? It does not consume energy as the maining does and evyerone can do it. With the Ledger it is easy to stake:

It is great that you can earn passive income from your cryptos while they are stored securely in your hardware wallet.

Wireless Connection

You will find that the Ledger hardware wallet comes with Bluetooth Low Energy or simply BLE connectivity which enables you to use the wallet without dealing with any cable clutter. Although wireless connectivity accounts for convenience and ease of use, it may also ring security bells into the minds of customers. But before jumping to any conclusion, note that there are no security concerns with this Ledger X wallet.

Know that only public data is transferred over BLE connection and your private data – seed and keys never leave the cold wallet, which means there is no need to worry about security.

Moreover, the company clearly mentioned that even if a hacker tries to hack your Bluetooth connection, he would never be able to make any changes to the system because the Nano X feature like Security Element (SE) would never allow anyone to do anything without your permission.

Secure Operating System

To take the security of their hardware crypto wallet to the next level, Ledger has developed and deployed a very unique and powerful operating system known as BOLOS. This operating system integrates a secure chip for the crypto wallet line and this feature makes it stand out from the rest of the hardware wallets. Ledger Nano X is the only wallet in the industry that comes with this technology.

To keep your assets tightly secured, you have to create a 4-digit pin for your device as soon as you receive it. As with any other password, you need to keep this pin to yourself. In case you forget your password, you have to give a 24-word recovery phrase in order to set a new pin. This phrase will be given at the time you set up your Ledger account for the first time.

With all these features in mind, it is safe to say that Ledger Nano X is one of the safest and secure hardware crypto wallets available right now. You shouldn’t be worrying about its security aspects.

Excellent Build Quality

Because this is a hardware wallet, it is important to consider its build quality before making any purchase decision. You need to make sure whether or not it can withstand any physical damage.

Well, you can sigh in relief because Ledger X is constructed using the finest quality materials that can withstand any type of physical damage. The out body of this wallet is made from professional-grade stainless steel, it won’t break even if you accidentally drop it.

Software wallets or the “hot” wallets are very different. Usually, you download them on your mobile or PC. They exist online, that’s it. Many people prefer using online wallets because they are free and slightly easy to use.

However, the major concern with software wallets is, they can’t be used to store huge amounts of cryptocurrencies because they can be easily hacked. Any hacker can access these wallets and infect them using a keylogger that can allow them to steal and change your cryptocurrencies. As you can see, software wallets are extremely exposed to cyber-attacks. Hence, we highly recommend using hardware crypto wallets instead. And we are not saying that software wallets are useless, it’s just that they shouldn’t be used for storing large amounts of cryptocurrencies.

Supported Cryptocurrencies

Ledger Nano X supports all the major as well as a few other cryptocurrencies. It is very important to learn about the cryptocurrencies that can be supported by a wallet because there is no wallet that supports all the existing variety of cryptocurrencies. This is especially true if you’re interested in using less popular currency and not the major ones like Bitcoin and Ethereum.

The good news is, Ledger X supports over 1500 crypto coins and tokens, including the following: Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash, EOS, Binance Coin, and etc.

Have you ever wonder if you should buy Bitcoin, or Ethereum, or any other cryptocurrency? Check out this article to learn a proven strategy that will help you make the right choice.

Apart from these, Ledger X also supports many other less popular coins and tokens. So, even if you don’t use mainstream cryptocurrencies, you can surely find your desired coin in the Ledger X supported coins category.

Design and Ease of Use: Ledger Nano X vs. Ledger Nano S

Talking about the look and appearance of Ledger Nano X, it is almost similar to their first model – Ledger Nano S. The few things that make the recent model different from its predecessor is its heavyweight and slightly wider screen. However, it is still very portable and offers a good hand feel.

Just like the previous model, the navigation buttons are situated next to the screen. Suppose if you want to opt “enter”, press and hold two buttons at the same time.

Overall, we can conclude that the design of Ledger Nano X is similar but a lot better than Nano S. Because it comes with a wider screen, you can see the details and wallet addresses with much ease and convenience.

Further, if you want to connect your Ledger hardware wallet to your PC, you can easily do so with the help of a USB-C cable. The best part is, you can even connect this crypto wallet to your smartphone which is a lot more comfortable and easy to use. By using the latter option, you can manage and transfer your funds almost instantly.

Drawbacks

Although Ledger Nano X is packed with some of the advanced features, there are some things that you need to keep in mind before making a final decision.

Comparatively Expensive

When it comes to cold wallets, the problem is you have to actually buy them. While the prices of hardware wallets vary from model to model, Ledger Nano X is slightly expensive when compared to other similar devices.

At present, the Ledger Nano X is priced at 119,00 EUR. On looking at the price of its previous model, Nano S which was priced at 59,00 EUR, is quite expensive.

However, the real deal is, Nano X is a lot more advanced and secure than Nano S and any other hardware crypto wallet. This means it is totally worth the price it comes at, you’re getting what you pay for.

Hardware wallets are not an expense, they are a mindful investment because the security they offer can’t be ensured through the software wallets and crypto exchanges.

Ledger Nano X vs Nano S

We have mentioned several times that Ledger Nano X is an improved and better version of Nano S. But how exactly is it different from the previous model? Let’s make it clear for the final time.

The price of Ledger Nano S is $59, on the other hand, Nano X comes with an increased price tag of $119.

Nano S is only compatible with Android and desktop computers, whereas Nano X can also connect to the iOS devices.

The type of crypto coins and tokens supported by each Ledger hardware wallet is the same.

Coming to the design and appearance, Nano X has a better and slightly bigger display that offers a higher resolution. Sadly, the touch screen feature is missing from Ledger devices. Finally, the body and construction of Nano X are better. This device is more sturdy and reliable than Nano S.

As you can see, there are very few differences between both the Ledger wallets. However, Nano X has a slight edge over its previous model. Ledger Nano X comes with support for up to 100 applications, has a huge screen, offers Bluetooth connectivity, and is easy to use. Further, it allows you to connect with your Android or Apple smartphone which offers added comfort and convenience.

Ledger Nano X might be twice as expensive as Nano S, but it is totally worth looking at its advanced features and functionalities.

What Is Included In The Hardware Wallet Package?

Ledger X comes with the following five components :

  • Ledger Nano X hardware wallet itself
  • 1 USB Type-C cable
  • 3 recovery sheets
  • 1 keychain strap for the wallet
  • 1 instruction leaflet

How to Get Started With Ledger Nano X Hardware Wallet?

Setting up the Ledger Nano X wallet is an easy and simple process. All you need to do is follow the below-mentioned steps.

1: Download Ledger Live

Ledger Live is an application that you need in order to set up your wallet and manage cryptocurrencies. You can install it on your desktop or smartphone. You can easily download it on your Mac, Windows or Linux from the official site of Ledger. Further, get it on your smartphone from the respective application stores.

Once you download this software, you’ll need to set up an account which you’ll be using for managing your wallet.

2: Set Up The Device

First things first, turn on your device. To do this, hold and press the buttons next to the USB slot until the screen gets active. Once it happens, simply read and follow the instructions that come to your screen. To go next, press the right button and to go back, press the left button. Once you find the “Set up new device” option on the screen, press both buttons together.

 3: Create a 4-Digit PIN

After performing the above-mentioned steps, you’ll need to set up a 4-8 digit PIN. Again, press both the buttons next to the screen together until you find the “Create PIN code” option. Now, select the digits by pressing any button and again press both simultaneously to confirm. Once that’s done, click the checkmark “✓” and re-enter the pin code to confirm.

4: Note Down The Recovery Phrase

Once you’ve entered the PIN code, you will be provided with a recovery phrase which is a string of 24 words. Since it is only provided at once, make sure to note it down very carefully.

The recovery phrase should be on a piece of paper

To get started, press the buttons simultaneously until you see the 1st word. Note it down and press the right button for the next word. Repeat the process until you’ve written all 24 words. Now again press both buttons and then use the left and right buttons to confirm the phrase word by word. And that’s it!

Press both buttons one last time and you are ready to use your dashboard.

5: Install The Cryptocurrency Applications

Now that your device is set up, you can install the desired applications on it. For this, visit your Ledger Live Manager and select the desired apps. You’ll find all the popular crypto apps including Bitcoin, XRP, Ethereum, and many others.

How to Send Funds With Ledger Nano X?

First thing you need to do for sending funds is mentioning the transaction details. Here is how to do that :

  1. Select the Transact option from the bottom.
  2. Select “Send”.
  3. Select the account to send funds.
  4. Provide the recipient’s wallet details. You can either do it manually or do it by scanning the QR Code.
  5. Enter the amount you need to send.
  6. Select “Continue”.

After filling in the details of the transaction, you’ll have to verify and proceed with the transaction. Here is how to do that:

  1. After checking the transaction details, click “Continue”.
  2. Check that the device is unlocked and turned on and then opt for Ledger Nano X as the device.
  3. Select the required cryptocurrency app and select “continue”.
  4. Check the transaction details once again to make sure everything is correct. Verify it and press both the buttons simultaneously.
  5. Transaction Verified!

And that’s done!

How to Receive Funds In Ledger Nano X?

To receive funds in Nano X, the first thing you need to make sure that you have a Ledger Live account, and the required crypto app. For instance, if you want to receive Bitcoin, you should have the Bitcoin app installed on your device and so on. Below are the steps you need to follow:

  1.  Click the Transact tab which is located at the bottom of your page.
  2.  Select “Receive”.
  3.  Select the account you want to use.
  4. Confirm the wallet address that matches the one shown in Ledger Live.
  5.  Now, simply copy the address and provide it to the person you want to receive the funds from.

Although the hardware wallets are safe, make sure that you provide the wallet address very privately to the person you want to make transactions with.

Ledger Nano X Pros and Cons

Pros

  • Can be used comfortably from the smartphone
  • High-quality construction
  • Bigger screen with higher resolution
  • Supports over 1500 cryptocurrencies

Cons

  • Slightly expensive

Final Verdict: Should You Purchase Ledger Nano X?

Ledger Nano X is undoubtedly one of the most secure hardware wallets at present. It is more reliable and safe than the other software and hardware crypto wallets. Because it stores your keys and addresses offline, no hacker can access and misuse them. This means you don’t have to worry about cyber attacks on your assets.

Further, when compared to the previous Ledger model, Nano S, it offers advanced features and capabilities. Not only it allows you to manage your cryptocurrencies with your smartphone, but also has a huge screen that enhances its capabilities and ease of use.

Talking about the cryptocurrencies Nano X supports, there are over 1000 coins and tokens that this wallet works with. Having said that, you can store the major as well as less popular cryptocurrencies in this wallet. So, yes, you should definitely think about purchasing a Ledger Nano X hardware wallet.

We hope this Ledger X review clears your doubts and helps you in making an informed decision. Whatever your decision is, always remember that hardware wallets offer better security and safety to your crypto assets and hence prefer them over software wallets.

Frequently Asked Questions

Is Ledger Nano X better than Nano S?

Yes, Ledger Nano X has an edge over Nano S in many ways. You can say that it is an improved version that comes with enhanced features and functionalities. First of all, it allows you to connect your device with your smartphone. Secondly, it has a bigger screen which increases its usability. Moreover, it offers Bluetooth connectivity which means you don’t have to worry about the wire clutter.

Is Ledger Nano X safe?

Yes, no doubt!
Ledger Nano X is extremely secure and safe. Because it is a cold wallet, all your keys are kept offline means you don’t have to worry about cyber attacks. Further, its security features like Secure Element (SE) and secure operative system like BOLOS take the security to the next level.

Are hardware wallets a good investment?

It depends on your personal requirements and situations but in most situations – yes. If you’ve just started taking interest in cryptocurrencies and have a very less amount with you then purchasing a hardware wallet may not be a good idea as you can do fine with the online wallets. However, if you have large sums of cryptocurrencies or if you’re an active trader, online wallets aren’t a safe haven. In such conditions, more than a choice, hardware wallets become extremely important.

how to buy Bitcoin

How to Buy Bitcoin with Credit Card, Cash, and PayPal | PROs & CONs

How to buy Bitcoin with a credit card

There are different payment methods that you can use to purchase Bitcoin or another cryptocurrency. The most popular one is to buy Bitcoin using your credit card or debit card. And the good thing is that usually the purchase is instant and you buy the assets at the current price.

showing how to buy Bitcoin with credit or debit card on Coinbase
Debit card or credit card purchase

The downside of buying Bitcoins with your credit card is the fact that most of the exchanges will charge you relatively higher fees. Now, by the time I’m recording this lecture, the fees are somewhere between 1.5% and 5%. So 5% as a fee is not small when you buy Bitcoins.

But there are times when I prefer to buy with my credit card. Because I want to catch a nice movement from the Bitcoin and I will tell you why.

How to buy Bitcoin with cash

The second option is to buy Bitcoin with cash via a wire transfer. With the wire transfer, usually, we pay much a lower fee, but it takes a few days for the money to arrive and it could take up to a week.

you can buy Bitcoin with cash via wire transfer
The wire transfer

Depends on where you live, from which crypto exchange you purchase, and so on.

And now keep in mind the following. The price for the Bitcoin went from $20,000 to $30,000 very quickly for a few days and after that from $30,000 to $40,000. When I was buying Bitcoins at that moment, I decided to use my credit card and I paid on some of the exchanges 2%, 3%, up to 5% as a fee.

But if I used a wire transfer to buy Bitcoin with cash at that moment and the money would arrive in a few days, then the price could be much higher than 5%. If the Bitcoin rises by 10% until your wire transfer arrives, then you would be buying it at a much more expensive price. You’d better pay the 5% fee and buy Bitcoin with a credit card. When the money arrives, this is when they will lock the rate.

Whether you are purchasing a huge or small amount

You sent your money with a wire transfer, which is the cheapest option, but it could turn out that it’s not cheaper if the price goes $5,000, $10,000 in a few days. And we saw already that this is possible with Bitcoin. But at the same time, there are some exchanges like Coinbase where you can send the wire transfer to your EUR wallet or USD wallet, for example.

This means that I will be sending money into my Coinbase account. I will not be purchasing any cryptocurrencies. The money will arrive there. And then from there, I have my EUR wallet, for example, personally because I’m in Europe and with these EUR, I will be purchasing Bitcoins or other cryptos whenever I decide.

Now, to summarize it, if you are buying a small amount of cryptocurrency, it’s better to use a credit card or a debit card. If you are purchasing a huge amount, the wire transfer would work. But there you take the risk that you don’t know where the price will be in a few days.

And how I do it personally? If I see the Bitcoin is very aggressive, for example, going from $20,000 to $30,000, from $30,000 to $40,000, and I want to buy it immediately, I use my debit card.

when to use debit card to buy Bitcoin
When I use my debit card

But if I just want to put money into my Coinbase wallet to have capital that I will be using in the future to buy and sell, then I would prefer to use the wire transfer. And I’m not immediately buying, I’m just funding my account, which I will be using in the future.

The PayPal option to buy Bitcoin

Now, the last option that comes very popular recently is PayPal. They announced in 2020 that they will provide cryptocurrencies. For the moment the option to buy Bitcoin with PayPal is only for U.S. customers.

But as soon as it becomes available in Bulgaria, for sure, I will take advantage of that. Because it would be really awesome for me to be able to buy cryptocurrencies using my PayPal account. Because currently, the exchanges are not very friendly when it comes to PayPal.

Check the payment methods before when choosing from where to buy

With Coinbase, I have the option to withdraw via PayPal. But I don’t have the option to purchase Bitcoins with my PayPal account. And this changes all the time. I’m just giving you the PROs and CONs when you are using your credit card to buy Bitcoin. This means higher fees, while wire transfer fees are lower but it takes a few days.

Buying cryptocurrency with PayPal will become popular in the near future. Actually, when they announced in 2020 that they are offering cryptocurrencies and this pushed Bitcoin higher.

So before you decide which exchange you want to use, make sure that you check the different payment methods they offer.

And, of course, with time the exchanges try to provide more and more options to their clients. Because obviously, they profit when we use the exchanges. They want to offer the clients a variety of different payment methods.

Check of your bank allows you to buy Bitcoin

So it will be easier for people to purchase and invest in cryptocurrencies. Of course, if your bank blocks that, that’s a different story, you really cannot do a lot. And as I’ve said, I had a lot of hard times when actually my bank blocks the purchase. And I just failed to send the money and I cannot buy and cryptocurrencies. That was very hard back in 2017, but now it got a little bit easier in Bulgaria. So it really depends where you are.

It would be best if you first check if your bank allows you to buy Bitcoin, what are the methods that you can use. Or if you have a credit card, that would be the easiest way.

As I’ve said, the best thing is just to test with a small amount if it will work for you to purchase to withdraw back the money into your account. So you will feel comfortable and you won’t worry that you will not be able to withdraw your money.

Thank you for reading the lecture. If you have any questions regarding the buying of Bitcoin with a credit card, with cash or via PayPal, just leave a comment bellow. I will see you in another lecture.

Buy Bitcoin or Ethereum

Buy Bitcoin or Ethereum: Choose the Right Crypto at Any Moment

Should I Buy Bitcoin or Ethereum?

Hello, investors, in this lecture, I will tell you how you can decide at any moment if you should buy Bitcoin or Ethereum, or any cryptocurrency instead of another.

I will try to make it very clear and easy for beginners or even advanced investors and traders to decide what is better- to buy Bitcoin or Ethereum, or Litecoin, or any other assets on the cryptocurrency market.

Bitcoin price speculations on YouTube, or Reddit, or any other social platform

I know there are a lot of YouTubers, a lot of predictions, a lot of posts on Reddit, especially after Bitcoin broke the $20,000.

youtubers predicting the price
There’s a lot of prediction online

There are a lot of people saying that Bitcoin will reach $100,000, it will reach $450,000, it will reach $1,000,000. The truth is, nobody knows that. Nobody knows if Bitcoin will reach $1,000,000. Nobody knows if Ethereum will reach $20,000. It’s a lot of speculation.

All the YouTubers and all the articles that are being written are because they want to get more traffic and they want to make their articles and their YouTube videos sound like, “it will reach a $1,000,000“. Well, we don’t know that.

You cannot find a single video on YouTube or anywhere, or a single post before 2017 with a prediction where someone is saying that the price will reach $20,000, it will crash to $3,200. It will reach $14,000 almost. It will crash because of the coronavirus and then it will break $40,000.

There is no such a video over the Internet, no blog post, no article, nothing like that because nobody knew that and nobody knows what will happen in the future. That’s why I never do such predictions, because I will mislead a lot of my followers, a lot of my students, and I don’t want to do that.

Making decisions on how to buy Bitcoin or Ethereum

So I guess the most important question comes to how you decide at every moment whether it is better to buy Bitcoin or is it better to buy Ethereum, or Steller, or Litecoin, or any other cryptocurrency.

And there is a super easy solution that I use and I find it most appropriate and logical.

For example, let’s say we decide if we should buy Bitcoin or Ethereum. Right now I have the Crypto.com exchange, which I will make on a huge screen, and I have selected Ethereum versus Bitcoin. It’s a pair, Ethereum versus Bitcoin. Now, for the very beginners, Bitcoin price is Bitcoin versus American Dollars.

compare buy bitcoin or ethereum or other cryptocurrency
Bitcoin price

It’s a pair. Just like with the Forex pairs EURSD, GBPUSD, EURGBP, it is a currency pair. But with cryptocurrencies. Many of the crypto exchanges offer us not just with the US Dollar. But it could be a pair between different coins, for example, Ethereum versus Bitcoin, or Litecoin versus Tezos, or any other pair.

And the current price of Ethereum versus Bitcoin by the time I’m writing the lecture is 0.03 something, which means that you can buy 1 Ethereum for around 0.03 Bitcoins.

So how that would be useful to you to decide whether you should buy Bitcoin or Ethereum?

Now, if you look at the chart from June 2020 until September 2020, so between June 2020 and September 2020, the Ethereum Bitcoin pair goes upwards, which means that the Ethereum is stronger compared to Bitcoin its good to buy Ethereum during this time. Then from September down to December 2020, it was the better choice to buy Bitcoins instead of Ethereum. And this was the time when I bought most of my Bitcoins in my crypto portfolio.

Ethereum versus Bitcoin

And then after December or now I’m recording this lecture in January 2021, Ethereum is actually much stronger than Bitcoin. It just rises much faster compared to Bitcoin.

Bitcoin is in kind of consolidation, it brought the $40,000, drop down to $30,000. And now it’s just in this range and everyone is looking for the break either upwards or downwards.

But at the same time, Ethereum did some great profits and huge gains. And I’m very happy having it in my portfolio.

better time to buy Ethereum instead of Bitcoin
Ethereum made great profits

To make it easy and to summarize, just open Crypto.com or any other crypto exchange. And go to the asset and compare Ethereum versus Bitcoin. And if you see the chart going up it means that Ethereum is stronger. At that moment it is better to invest in Ethereum. And if you see the chart going down, like what I see from September 2020 to December 2020, this means that Bitcoin is stronger than Ethereum. It would be better to invest in Bitcoin at that particular time.

Buy different crypto coins to diversify the risk

Now, at the moment I’m writing this lecture in January 2021, one more time, Ethereum versus Bitcoin goes aggressively up, which means that Ethereum gains much faster compared to Bitcoin. And that same technique you can use for any other cryptocurrency pair.

If you look at the Crypto.com platform, there are a lot of possibilities as trading assets.

The trading assets

There is the Litecoin versus the Bitcoin, EOS versus the Bitcoin, Link versus the Bitcoin, and so on. So at any moment, you can see which one performs better, which one gains more compared to Bitcoin.

I always suggest my students diversify the risk into different coins, not depending on one. The technique that I explained in this lecture will show you at any moment if it is better to buy Bitcoin or Ethereum, or any other crypto pair.

Thank you very much for reading the lecture. And don’t forget to leave a comment below if you still find it difficult to decide should you buy Bitcoin, or Ethereum, or any cryptocurrency instead of another. I’ll see you in the next lecture.

leverage meaning explained

Leverage Meaning Explained: How It Affects Trading?

In this lecture, I will talk about money management and leverage. I will try to make it very clear to the beginner traders why leverage is important when you are opening your first trading account, no matter if is a Demo Account or a Live Account. Doesn’t matter. You need to have a few things in mind.

The connection between leverage and your planned investment

So the 1st question is how much are you planning to trade with?

How much are you planning to trade with
How much are you planning to trade with?

For example, if you are planning to put on the market $1000 or $10 000, it is very recommendable that you open a Demo Account with the same amount you are planning to use for your real trading. This way you will have a realistic idea of how much you can gain, how much is the risk, how much you can afford to trade with.

Keep in mind that opening an account with a particular amount of money doesn’t mean you’re risking it all. For example, if you open an account with $10 000, it doesn’t mean you are risking all of this $10 000 because there is leverage.

leverage meaning
The leverage meaning

The leverage is the borrowed capital from the broker that amplifies the potential return.

If you are in Europe and your broker is regulated, most probably it will be under the ESMA regulations that restricted the brokers and providing higher leverage since 2018 I think.

the ESMA regulations
ESMA regulations

What bigger leverage means

So for the cryptocurrencies, we have here in Europe just 2:1 leverage. This means that if I have an account of $10 000, I can open trades with a maximum of $20 000. Or in other words, I will be borrowing another $10 000 from the broker. And if I have leverage of 10:1, this means that I would be able to trade with $100 000.

But for cryptocurrencies, the leverage is just 2:1 in Europe. And if you are outside of Europe, then it will be easier for you to find brokers that allow higher leverage for cryptocurrencies.

But still, you need to be very careful when using leverage because it might amplify the potential returns. But at the same time, it amplifies the potential losses as well.

So having bigger leverage allows you to buy more from what you have in the account and to profit more. But at the same time, there is the risk that you will be losing more.

Let’s say that we have an account of $10 000, as I have shown in the Top 5 Strategies for Cryptocurrency Algorithmic Trading course, and the leverage is 2:1. The Bitcoin price is at $10 000 and the Ethereum price is at $400.

leverage explained with an example
A quick example

Now, if I have an account with $10 000 and leverage 2:1, this means that I can borrow from the broker, another $10 000 and I can buy assets totally for $20 000. So that would allow me to buy 2 Bitcoins or 2 lots of Bitcoins. Or that would allow me to buy 50 Ethereums. Or I can buy 1 Bitcoin for $10 000. And for the rest $10 000 I can Buy another 25 lots of Ethereum.

Ask price and Bid price

So having $10 000 in the account and having the leverage 2:1 will simply allow me to buy assets for $20 000 of value. And as I explained in the Top 5 Crypto Trading Strategies course initially, I started with $5 000. This is because I’m still not used to the ESMA restrictions. Or at least I don’t want to accept them, I don’t know why. But I was so used to trade with bigger leverage like 100:1.

I didn’t have basically any limitations and I was able to buy more from what I have in the account. Of course, having good money management is very important. However, now in Europe, these are the rules and we have to follow them, of course.

What is the risk?

So let me tell you what actually is the risk in the account.

explanation for risk in trading
What is the risk?

And if you have $10 000 in the account and you buy Bitcoin for $20 000 or any other assets for $20 000, it doesn’t really mean that you are risking your amount of money and you’re risking $20 000.

You are risking the amount that you will lose if your Stop Loss hits. So if your Stop Loss is at $120 and you have bought 1 Bitcoin, this will produce a Loss of $120 plus the spread.

Because as we said, we buy on the Ask price and we sell on the Bid price. Or if you buy 0.4 lots Bitcoin and you have a Stop Loss of $120 and your Stop Loss is hit, this will generate a loss.

You will have $48 plus the spread, which is 40% of the $120. And if the spread is $10 like with Pepperstone you will have another $4. So your total Loss will be $52.

If it’s not clear to you, of course, don’t hesitate to ask me. I just wanted to make it clear for you in this lecture that the risk that you are taking is the amount you are going to lose if your Stop Loss hits.

Whenever you have a position with a Stop Loss, you can put your mouse on the Stop Loss line and you will see how much the Loss is. Same with the Take Profit. If you put the mouse on it, you will see how much the Take Profit is.

the Stop Loss or Take Profit value
How to know the Stop Loss or Take Profit value

To make something very clear for the beginner traders, when we use leverage and we borrow money from the broker, it’s not a loan that we are taking from the broker. We are not going to give it back with an interest rate or something like that.

The leverage is like an extra amount of money that the broker allows you to use so you can buy a bigger volume or more assets.

But of course, it’s not recommendable to risk more than 2-5 % from your account.

So one more time I said that the actual risk is the Stop Loss. So if you have an account with $10 000 and you have bought 1 Bitcoin, but your Stop Loss is $120, obviously, you’re going to lose $120 if your Stop Loss is hit. This will be 1.2% from your account. And that is normal money management, a normal risk that you are taking as a trader.

Practice on a Demo account

So I would suggest you not taking a risk of more than 5% from your account at any moment. It doesn’t matter how many positions you have. Whether you have a $10 000 account, no matter what assets you buy, the sum of all your Stop Losses should not be more than $500. This is 5% from a $10 000 account.

So this is about the size of the account, the leverage, the risk, and the Stop Loss. And you should be aware of them before risking real money.

But as I always suggest, start with a Demo Account and you will see how everything works.

Thank you for reading and I will see you in next lecture.

best crypto wallets

Best Crypto Wallet in 2021

Today I will talk about security when we invest in cryptocurrencies and I will share with you which are the 3 best crypto wallets that we use.

So I guess you already know that keeping your coins on a crypto exchange is not the best option because it is less secure than the wallet.

We use the exchanges to Buy, Sell and exchange cryptocurrencies, but you should not trust the exchange to keep your crypto coins safe.

Coinbase Has One OF The Best Crypto Wallet Apps

The first crypto wallet that I use and probably has one of the best apps, is the Coinbase wallet.

It connects to the Coinbase exchange and it is super easy for me to transfer cryptocurrencies from the exchange to the wallet. I do not need to copy-paste addresses. When I am in the Coinbase wallet I can choose to transfer the coins from the exchange easily.

Exodus Can Be Used On A Mobile Device

The second option that I’ve been using quite a lot recently is the Exodus crypto wallet. This is a free software wallet that I use from my phone, but it could be used on a desktop.

Also, the Exodus is known as a non-custodial wallet.

This means that you have private key access and you are in control of your coins. Moreover, you can trade cryptocurrencies within the wallet and it supports over 100 coins. That I find is enough for me personally.

Ledger – The Best Crypto Hardware Wallet

The third crypto wallet I use is the Ledger Nano X. This is a hardware wallet and it is known to be among the best and most secure wallets.

Having your crypto coins offline keeps them safe from hackers.

Yes, it is a bit more expensive than the other crypto hardware wallet options, but if you keep 5, 6 figures of cryptocurrencies, I guess you would be likely to spend $150 for keeping them safe, wouldn’t you?

Risk Diversification

And for the moment, I haven’t found any issues using these 3 crypto wallets, but I don’t want to keep all my coins in one wallet. I prefer to diversify the risk by not keeping all of my eggs in 1 basket.

For example, I keep the coins that I Buy and forget in the Ledger, and the ones that I Buy and Sell every few weeks I keep in the Coinbase and in the Exodus wallets.

The Bottom Line

I hope this short lecture will help you in selecting the best crypto wallet. If you want to use the 3 of them together, that is even better.

If you have questions about the crypto wallets, drop them in the comments below. Thank you for reading and I will see you in another lecture.

where to buy crypto

Where To Buy Bitcoin, Ethreum, or Another Crypto

In this lecture, I will talk about the different options that you have or the different methods you can use to buy your first Bitcoin, Ethereum, or another cryptocurrency. Moreover, I will show you what are the major differences when you crypto from a crypto exchange and when you buy it from a broker.

Now, in 2021, when I’m recording the Bitcoin for Beginners: Cryptocurrency Investment Course there are already so many websites, there are so many crypto exchanges and brokers offering cryptocurrencies. We have a huge choice of where to buy crypto. But at the same time, people get frustrated.

Where do I start when there are so many places to buy crypto? What’s the difference? What are the PROs, the CONs?

This is why I decided to record the course – to make it easier and to give you a few different options that you can choose from where to buy Bitcoin, Ethereum, or another crypto? Options that I have tested and I know they are trusty.

The crypto exchanges

So let’s start from what are the different methods to get your first Bitcoins or another cryptocurrency.

Now, the most popular way is the cryptocurrency exchanges and there are 2 types of exchanges.

The first is where you can exchange one cryptocurrency for another.

So let’s say I have Ethereum. You have Bitcoin. We meet on the exchange and we exchange them. On the price that we agreed or the price that is currently on the market.

exchange is the place from where to buy or exchange crypto
The first type of exchanges allows to exchange cryptocurrencies

But on these exchanges, let’s say I have a thousand US dollars in my bank account and I want to purchase Bitcoin, I cannot do it there. In other words, I cannot pay with fiat currencies. The fiat currencies are the EUR, the USD, the GBP, the Swiss franc and etc. Basically, most of the currencies that we use in our daily life.

So if you want to actually buy Bitcoin or another crypto, you need to go for the second type of exchange from where you can actually buy Bitcoin, Ethereum, or another crypto with cash, with your debit or credit card, or with a wire transfer.

There are different payment methods with the different crypto exchanges, but there are actually exchanges where you can purchase Bitcoin and Cryptocurrencies.

How to purchase Bitcoin on Coinbase?

The first exchange that I will draw to your attention is the exchange that I started with, and this is Coinbase. Coinbase is a licensed and regulated exchange in the United States. I have never had issues with it.

Coinbase is one of the places from where to buy crypto
Coinbase exchange

And at the same time, they have a wallet and it’s very easy to transfer coins between the exchange and the wallet. But about the wallet, I will talk in detail in the course.

So for example, on Coinbase, with my type of account, I can buy Bitcoin for maximum 7,500 EUR. Which if I click on Preview Buy,

I click on Preview Buy

you will see that the Coinbase fee for that transaction will be 287 EUR which is much more compared to 25 USD.

The order preview

And this is for 7,500 EUR, which is actually less than half Bitcoin. So if I’m buying a complete Bitcoin on an exchange like Coinbase, I will be paying more than 560 – 570 EUR for that transaction. After that, when I’m selling it or exchanging it for other cryptos, there will be more fees, obviously.

The Huobi Exchange is another place from where to buy Bitcoin

The second exchange that I have used is the Huobi, and as far as I remember, it was located in China.

The Huoby exchange is another place from where to buy Bitcoin, Ethereum or another crypto
The Huobi Exchange

But still, I’m in Bulgaria and I succeeded to buy Bitcoin from there without any issues.

I have used as well, Coinmama, where I have bought some more cryptocurrencies.

Coinmama exchange

Purchase cryptocurrency from Crypto.com

And as well, I have used Crypto.com as it has a very nice and friendly mobile app.

Crypto.com

Actually, most of the exchanges and websites where they sell cryptocurrencies, have already friendly mobile apps. So personally, I do most of the crypto investing from the phone, which makes it very easy. No matter I’m at home, in the office, or outside, no matter what I’m doing if I see the price at which I want to buy crypto, I can easily do that from the phone.

So these are 4 different exchanges that I have used and I had no problems when buying Bitcoin, Ethereum, or another cryptocurrency. And now in 2021 when I’m recording the course it’s much easier because we already have a lot of reviews over the Internet.

We know which are the trusty and reliable exchanges. Back in 2015, 2016, even 2017, it was a little bit shady because there were so many scam websites, and exchanges, and brokers, and still there are such websites.

But as I said, we have a lot of feedback over the Internet, so make sure you always check the exchange, look for reviews from other people.

Directions to guide how to purchase Bitcoins or another crypto

I’m lucky because I do online courses and I have over 30,000 students joining my courses by the time I’m recording this course and many give me feedback and they complain as well when they are not happy with some broker or some exchange.

So I have like the bigger picture, which are the reliable places from where I personally can buy Bitcoin or Ethereum, or I can suggest to other students that have no idea where to start.

But please don’t take as a recommendation any of the exchanges. I’m not recommending any website. What I want to do is just to make it easier for you and you will know from where to start.

Buy cryptocurrency from a Broker

Now, the second option that we have to buy Bitcoin or other crypto coins is the brokers. Brokers are huge companies that originally started with Forex trading.

I started trading with brokers, which was long ago before the cryptocurrencies got popular, but the brokers started offering cryptocurrencies as well. But there was a huge difference between the exchanges and the brokers.

So with the exchange, we actually purchase Bitcoin, Ethereum, or other crypto coins. They send them to us, we can keep them in the wallet. And from there you can pay online. You can keep it as an investment or you can just want to put some money aside with cryptocurrencies.

The brokers don’t offer you real cryptocurrencies. How it works with the brokers is you open an account and you start trading with that account. For example, I open an account with $5,000 with a broker. I can buy and sell Bitcoin, Ethereum, or another crypto, but I don’t own actual cryptocurrency. It’s called CFD trading, which stands for Contract for Difference.

CFT Trading image
CFD stands for Contract For Difference

For example, let’s see an example with Hot Forex broker and the MetaTrader platform. Once you’re logged in to your trading account, you can see the Market Watch where we have the Bid and the Ask price changing all the time. This means that we are connected to the server of the broker and we have access to the market.

The Market Watch

No matter if you are using a Demo Account, you can still participate in the market and practice. And that’s the best thing actually in having a Demo Account because you are actually trading, of course, without having any real profits in the account or any losses.

But that’s the idea of practicing with a Demo Account. Now, on the left side, you will notice the Market Watch where we have different assets.

Bitcoin is the most volatile asset

We have the currency pairs on the top with Hot Forex broker and then we have gold, some indexes, oil, other commodities. Then there are some stocks. And if I scroll down, you will see the cryptocurrencies.

We have Bitcoin versus the USD, which is obviously the most popular asset that everyone trades. Then we have Bitcoin versus the EUR, Ethereum versus the USD, Ethereum versus the EUR, Litecoin EUR Litecoin USD and we have the Ripple as well.

OK, honestly, I haven’t seen much more of a difference with other brokers when it comes to the variety of assets for CFD trading. In one of my highly rated courses, I’m focusing on Bitcoin and I trade personally Bitcoin with Robots because it’s the most volatile asset and this is where we can maximize the profits when we are trading volatile assets. And Bitcoin versus the USD is definitely one of the most volatile assets.

The Bid price and the Ask price

Now we have 2 columns. 1 is the Bid price and the other one is the Ask price.

Keep in mind that when you buy a trading asset, you always buy at the Ask price, which is the more expensive price. When you sell it, you sell on the Bid price.

Hence, when you buy Bitcoin and then you close the position, you will be buying it at the Ask price, and then when you close the position since this is a Sell order, you will be closing it on the Bid price.

If you want to see exactly how much is the difference between the Bid and the Ask price, you can right-click over the Market Watch and check Spread.

Check Spread

This will show a 3rd column and this is exactly the spread.

The spread column

With most of the brokers, the spread is floating, which means it’s changing whenever there is volatility.

At this moment with the Bitcoin, it’s about $24. And something important to notice is that this broker has 3 digits after the decimal comma for the Bitcoin. The Ask price is $18,077.045. There are 3 digits after the decimal comma.

So this means that the spread, which is displayed as 24 000 something, is actually $24. So if I buy 1 complete lot and I close the position. Or I sell 1 complete lot and I close the position, I will pay about $24 as spread.

It looks much more compared to the others. But keep in mind, Bitcoin is the most expensive asset right here. And at the same time, if you are buying Bitcoin on Coinbase or on any other cryptocurrency exchange, you are still paying a fee.

Paying the Swap fees at the broker

Many people say that it’s more expensive to trade with a broker compared to the exchanges but that’s not actually the reality. And it might get more expensive if you are holding your position for a long time. Because when trading with Forex brokers like Hot Forex or any other, we pay as well swap.

If I go to specification,

I click on Specification

you will see that I have a negative of 6 000 points, which is I think 6 USD in this case of a swap because we have 3 digits.

BTCUSD contract specification

So this is about 6 USD fee if we hold the position overnight. So the brokers will charge us a swap when they transfer the trade for the next day. And we don’t have that on the exchanges. When we buy cryptos, we don’t pay a fee that we are holding it in the account.

So only in the case when you hold the trades for a long, long time on your MetaTrader account or on your broker’s account, it might get more expensive to trade the Bitcoin here because you will be paying swap every night.

The swap

But, because we are trading with Robots we close the trades quickly, some of the trades will not last over the night. The Robots that I included in the course will not last through the weekend.

Don’t forget the Spread

OK, so we have 3 days swap as well with the brokers, which means that if we have a trade opened on Friday or we have an open trade during Friday and it goes through Saturday, Sunday, and Monday, the market opens again, then we will pay swap for these 3 days. 3-day swap that is charged on Fridays. This is how the trading works. And on the exchanges, we don’t have such costs. Such a swap.

But one more time, as you saw, Coinbase fee is much more expensive compared to the spread that we have with Hot Forex in this example.

And back in time in 2017, 2018, when everybody was crazy about the Bitcoin and the brokers just placed the Bitcoin on their platforms, the spread was absolutely crazy. It was reaching about 200, 300 USD.

At that moment, I didn’t use Hot Forex. I found it later as a reliable broker. So I don’t know what was their spread during this time. But now with most of the brokers, the spread is somewhere between 15, 20, 25, 30 USD, which is just fine compared one more time to what we have on the exchanges.

Using MetaTrader in algorithmic trading

OK, so that’s why I said that the exchanges are more suitable if you buy cryptocurrencies and you hold them for a long time for investment purposes. This is what I’m showing in my Cryptocurrency Investment Strategy course where I analyze Bitcoin, for example, on TradingView. That is another platform for trading, very popular, especially for technical analysis like what you see below.

Trading View platform

But in that course, I teach the investors how to buy cryptocurrencies and when exactly to buy, when exactly to Take Profits, and to Sell the cryptocurrencies. But that’s different. That’s an investment. And this is why there I demonstrated over Coinbase and personally I use this system in Coinbase.

But when it comes to algorithmic trading, trading with Robots, MetaTrader is much more suitable with the broker as Hot Forex because there we have a much lower fee or in trading, this is called Spread. And if we are closing the trades within the same day or within a few days, we don’t pay a huge Swap, which is just fine.

The gaps between Friday and Monday

And why did I say that the trades don’t last over the weekend with the Robots that I include in the course?

This is because of the Forex brokers, usually, we don’t have trading on the weekend and you can see this gap over here. There is no price between these 2 levels.

The gap

So if I go to Properties and I go to Common and I uncheck Show grid, but if I check Show period separators and I click on OK,

I click on OK

you will see that this is exactly between Friday and Monday.

Let me go to the current price. I can go as well with the End button on my keyboard. Or if I press this button on top that says Scroll the chart to the end on tick incoming and zoom it,

I press the Scroll the chart to the end on tick incoming button

you will see that today it is the 10th of December, which is Thursday. We have Wednesday, Tuesday, Monday. It was 7th of December 2020. Then the next day is 4th of December, which was Friday. And then we have Thursday, Wednesday, Tuesday, Monday, which was the 30th of November 2020. And the next day is 27th of November 2020.

This is the weekend. This is Friday and here starts Monday. So we don’t have trading over the weekend with most of the Forex brokers for cryptocurrencies.

There is no trading over the weekend

And this is why the Expert Advisors that I included in this course will not hold positions over the weekend. Everything will be closed until Friday. And this way, you don’t worry if there are such gaps.

This is one of the things that I have improved compared to the EAs from the previous course, because before there were brokers offering trading during the weekend and this were the type of EAs I was using.

And then when I shared the EAs in my course, some of the students complained that their broker doesn’t have cryptocurrency trading during the weekend. So no worries about that anymore. You will not see trades opened during the weekend.

The difference between crypto exchanges and the brokers

So with the broker, every time when you buy crypto, let’s say you buy the Bitcoin at $20,000 and sell it at $30,000, you will benefit from this difference of $10,000 and it will go into your account as a profit. On the other side, if you buy crypto, let’s say at $40,000 and the price drops to $30,000 (something that happened at the end of January 2021 when Bitcoin fell by over 20% for 1 day) you will lose this difference of $10,000.

This is how the process of purchasing cryptocurrency works with the brokers. But you don’t have actual crypto coins in your account. You have a trading account that you use. You can benefit but you can lose too.

But at the end of the day, you have the money into your account that you can withdraw. But you don’t have any Bitcoin, Ethereum, or another cryptocurrency that you can send to your crypto wallet.

So that’s the major difference between the exchanges and the brokers.

How to purchase Bitcoins using an ATM terminal

The third option from where to buy Bitcoin, Ethereum, or another crypto is the ATM terminals. They are very popular in some countries, but in others not.

Purchase Bitcoins or Ethereum from ATM terminal
Bitcoin ATM terminals

For example, in Bulgaria we have, I think, about 3-4 such terminals. I’ve never used them because as far as I know, they have huge commissions over there.

But it’s an actual ATM terminal where you can go and purchase some Bitcoins or other coins depends what they offer.

And it really depends on the region you live in and what are the restrictions in your country. Some countries are very friendly to Bitcoin and cryptocurrencies. Others are blocking them. In Bulgaria where I live it is somewhere in the middle. It was very hard to purchase actual Bitcoins back in 2017.

That’s why I use the brokers and the trading accounts to trade the Bitcoin, but I don’t actually buy it. Nowadays it is much easier to find a place from where to buy a cryptocurrency. Even though some banks are still blocking my accounts and I still have hard times to exchange and buy cryptocurrencies with some banks. But it is possible, it is much easier than it used to be.

From where to buy your first cryptocurrency

So these are the main 3 options you have when deciding from where to buy your first crypto coins.

And if you do it really for the first time and you don’t know how to trade – you have no experience of reading charts, you have no trading strategy to follow and just want to buy some Bitcoin to have it in your portfolio – I would suggest you go with some famous and regulated cryptocurrency exchange. That’s the easiest way.

You can download their mobile app on your phone or you can use a web platform to purchase. As I’ve said, most of them have very user-friendly with mobile apps. And I guess most people nowadays use their smartphones to buy cryptocurrencies from the exchanges.

But make sure one more time to read reviews to make sure you are on a trusted website and that you will be actually able to withdraw your coins or to withdraw your money after that.

When you decide to sell your coins and you make some profits, that’s very important at the end of the day to have your money back into your bank account. That’s the most important thing.

Withdrawing money from Coinbase
Withdrawing your money

Even if you make a profit but you are not able to withdraw your coins, it will be a waste of time and unfortunately a waste of money.

So be very careful when you select the exchange. And what I always suggest is to just try it out first. For example, buy something small, let’s say $20, $50, just purchase some Bitcoins. Wait a little bit for the Bitcoin to go on a profit. Sell it or just buy and sell crypto immediately. Then withdraw your money to your account.

So you see actually the SMS or the notification, or you go to your online banking and you check that the money is into your account. Then you can say, OK, I tested it, it’s trusty, I can go for bigger investments.

The bottom line

That’s the right way to decide from where to buy cryptocurrencies. But don’t jump with $5,000 on a website that you don’t know and you haven’t checked, because you might never see your money, unfortunately.

There are always scam websites in every business, not just with cryptocurrency. So stay away from them. And one more time, the best thing would be just to try it out with a small amount of crypto or a small amount of money.

Thank you for reading. If you have found this lecture useful, I would really appreciate it if you leave a comment below. I will see you in the next lecture.

FXTM Review

FXTM Review – How Reliable Is The Broker?

In this FXTM review, we will examine different aspects of the broker functioning – min deposit, account types, spread, the MT4 platform offered by FXTM, regulations, withdrawal, and customer support.

FXTM, also known as ForexTime, is a global FX and CFD broker having been founded in 2011. It is considered a safe, reputed, and reliable brand among FX and CFD brokers. Much of this is due to its sound business ethics and strict adherence to regulations.

It offers a wide range of markets and products for trading through 5 different types of accounts. Traders of all kinds of experience and skill levels can trade on this platform.

Licenses & Regulations

FXTM review has found that FXTM is licensed and regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and FSC, Mauritius.

Review Key FXTM Features

Review the key FXTM features
FXTM key features

FXTM has been a recipient of many industry awards including Best ECN Broker 2020. It offers a joining bonus of 30% capped at $100 through a group company, Exinity Ltd. It offers trading facilities primarily in CFD, Forex, Stocks, and Crypto instruments.

You can start trading with a minimum deposit of $10 and a minimum trade of 0.01 lots. Its trading platform can be integrated into MetaTrader 4 and MetaTrader 5. You can trade on FXTA via any of the devices that run Windows, iOS, and Android. It also offers auto-trading and Islamic Account.

FXTM Pros Review

Let’s have an FXTM review and look at what makes FXTA a good Forex broker.

  • Its customer service is quick and reliable
  • It offers plenty of educational opportunities
  • Account opening is digital and fast

FXTM review has found that ForexTime runs customer support in many languages and the executives are knowledgeable as they come up with relevant and reliable answers. They offer a demo account for you to do the necessary practice before entering the live trading sessions.

ForexTime also offers plenty of educational tools and webinars so that you can equip yourself with the required knowledge and skills to do better in your trading. The account opening is quick and an entirely online process.

FXTM Cons Review

However, there are some not-so-great aspects of FXTA such as it charges withdrawal and inactivity fees. It does not offer trading facilities in bonds, ETFs, and mutual Funds. In this sense, it has a limited product portfolio.

Trading Platforms

FXTM broker offers some of the most popular trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5). If you are using a Desktop or Laptop for your trading, you can download FXTM MT5 but it is not available on smartphones yet.

FXTM MT4 Platform
FXTM MT4 Platform

However, the FXTM broker review finds that you can use FXTM MT4 on smartphones. Both FXTM MT4 and MT5 are excellent platforms for Forex trading. These platforms are highly optimized for fast, easy, and straight-forward opening and closing of trades. They boast easy navigation, too.

Assets & Markets

In this review, we found that FXTA’s range of instruments available for trading depends on the legal framework of a particular country. However, its complete portfolio of products and markets includes the following:

  • Currencies trading: Forex
  • Spot metals: Gold and Silver
  • CFDs: For Commodities and Indices at FTSE, Nasdaq, DAX, and more
  • Shares CFDs: Google, Apple, BP, and more

Review FXTM Commission & Spreads

For Forex trading, the commission charged by FXTA broker is relatively low while for CFDs it’s close to the industry average. However, if you choose to work with an ECN account, the FXTM spread can be 0.1 points at the lowest. And ECN account levies low spreads but it attracts a commission. The commission tends to be lower if you maintain a higher account balance or trade more.

However, the FXTM broker review finds that ForxTime has several account types and each has a different fee structure. For Standard Account, the FXTM broker spread is quite competitive, though it is higher than the ECN accounts.

**Note: When you trade on the FXTM broker, spreads are never fixed but always floating and it may increase as per the market conditions during specific periods of trading.

ForexTime Broker Fees

There are quite a few additional charges applicable that may make it more expensive to trade on FXTM broker. For example, there is an inactivity fee. If your account remains inactive for more than 6 months, you will be charged $5 for every month after the first 6 months. At the prevailing rate, the inactivity fee is quite low and it seems to prompt you to remain active.

However, for withdrawal, you are charged a fee and it depends on the country of your residence, the currency, and the method you use. The bank transfer seems to be the most costly option while cryptocurrencies seem to be the least expensive for withdrawal in some countries. However, you have been spared from any FXTM account maintenance or deposit fees.

FXTM Account Opening

FXTM offers its trading platform to clients from all over the globe with a few exceptions such as residents from the USA and Japan, among some other countries. The process to open the FXTM account is completely digital and online, and it’s quick and easy. You can expect your account to operate within a maximum of 2 working days. There are quite a few FXTM account types to choose from and we will review them further.

FXTM Min Deposit & Account Types

FXTM min deposit varies as per the account type you want to maintain. For a Cent Account, the minimum deposit requirement is $10. For a Standard Account, the FXTM min deposit is $100.

FXTM Account Types

FXTM offers different types of accounts. Some of these accounts or their features are not available to the residents of some countries. The min deposit, available trading platforms, and products differ as per FXTM account types.

Cent Account

Cent Account is available to people of all countries. It attracts a higher spread and the FXTM min deposit requirement is $10. It offers FXTM MT4 for Forex trading while the markets available to this type of account are Forex, and commodity CFD. There is no commission to be paid for this type of account.

Standard Account

FXTM Standard Account Type
FXTM Standard Account Type

FXTM Standard Account is available to all people of countries and a min deposit of 100 USD/EUR/GBP is required. It attracts a higher spread and offers an FXTM MT4 platform for Forex trading. Among the markets, Forex, commodity, or stock index CFD are available to this type of account. There is no commission to be paid for this type of FXTM account.

Stock CFDs Account

Stock CFDs Account is available to people in the European Union and the UK. It attracts a higher FXTM spread but charges no commission. The FXTM min deposit requirement is 100 EUR/GBP. It allows the use of FXTM MT4 for Forex trading while the market available to this account type is stock CFD.

ECN Account

ECN Account is available to people of all countries. It attracts a lower spread but FXTM charges a commission. The minimum deposit requirement is 500 EUR/GBP. It offers both FXTM MT4 and MT5 for Forex trading. The markets available under this account type are Forex, commodity, and stock index CFD.

ECN Zero Account

ECN Zero Account is available to people in the European Union including the UK. It attracts a higher spread, but FXTM charges no commission. The min deposit requirement is 200 EUR/GBP. It offers MT4 and MT5 for Forex trading and the markets available for trading include Forex, commodity, and stock index CFD.

ECN Account Types at FXTM
ECN Account Types at FXTM

FXTM Pro Account

FXTM Pro Account is available to people all over the world, attracts a lower spread, and charges no commission. The min deposit requirement is 25,000 EUR/GBP and offers both MT4 and MT5 for Forex trading at FXTM. The available markets include Forex, commodity, and stock index CFD.

  • Trading in spot metals or real stock is available only to non-EU clients
  • Each of these FXTM account types can be converted into swap-free or Islamic accounts.
  • You can open a corporate account with FXTM. For this, you should write an email to FXTM.

How to open an FXTM account

Opening an account with FXTM is super easy. It’s a routine sign-up or registration process that you have to complete to open an account on any website. Plus, it’s a little more because your FXTM account type would involve financial transactions. The entire process is online and it will take a maximum of 30 minutes. Your account would be approved within a maximum of two working days, one working day in most cases. It’s mostly profile-related information that you need to fill in.

Here is how it happens:

  • There is a sign-up form on the home page. Fill in your name, address, email address, country of residence, and mobile phone number. You will also create your password on this page. You will receive a PIN on your phone that need to fill in to be able to go to the next page in the sign-up process.
  • After you click on ‘Register Now‘, you will be taken to another page where you need to fill in some personal information such as your level of education and date of birth.
  • You need to update your current address.
  • It will ask you some basic questions about your experience and financial background.
  • You need to answer a questionnaire seeking to analyze your knowledge about financial matters.
  • Now, is the time to choose the FXTM type of account you want.
  • The last requirement is to verify yourself and your address by uploading a copy of your ID or passport or driving license. You also need to upload a copy of your utility bill or bank statement to verify your address.

FXTM Deposit & Withdrawal Review

When it comes to deposit and withdrawal, the FXTM broker seems to have all possible options. You can use bank transfers, credit cards, and digital wallets. The process of deposit and withdrawal at FXTM is quick, it does not take more than 3 days in most cases.

The only downside is it charges a fee for most methods of withdrawal. For withdrawal, credit cards, electronic wallets, and bank transfers can be used. The withdrawal fees depend on the country of residence and method of withdrawal. You can withdraw money to an account in your name only.

For deposit, no fee is charged. You can make deposits with a bank account in your name only.

Base Currencies

There are 4 base currencies through which you can complete your FXTM deposit and withdrawal. These currencies are USD, EUR, GBP, and NGN (only Nigerian residents can use NGN).

The base currencies are important because if the currencies do not match between your bank account and the FXTM account type you are operating, you will have to pay a currency conversion fee for both deposits and withdrawals.

However, you can open a multi-currency bank account and get attractive rates for currency conversion. There are quite a few digital banks such as Revolut and TransferWise that offer this kind of service. They also offer international bank transfers at extremely attractive rates. 

How to withdraw funds from FXTM

To withdraw money from your FXTM account, you need to follow a few simple steps. Here, they are:

  • Open MyFXTM and log in to it
  • Select ‘My Money’
  • Go to ‘Withdraw Funds’
  • Choose the withdrawal method
  • Fill in the amount you want to withdraw
  • State the reason why you want to withdraw
  • Initiate the withdrawal process
  • Verify with the 4-digit code you receive on your phone

That’s all. Your FXTM withdrawal will be processed and your money will be transferred to your chosen account.

Review The FXTM Trading Platforms

The different trading platforms at FXTM
The different trading platforms at FXTM

Web Trading Platform

In this FXTM review, we found that the broker uses the third-party trading platform of MetaTrader. It does not have a trading platform of its own.

MetaTrader has MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms which are very similar to each other both in design and functions. These platforms are highly customizable and available in many languages. It maintains clear fee statements. Both of these platforms have satisfactory search functions. The assets are easily traced in their categories.

On the downside, these platforms do not send price alerts, and some features are very hard to find. They also lack a two-step log-in.

Placing Orders

You can place the orders by choosing the basic order types such as Market, Limit, and Stop. However, you may not find sophisticated order types. You can use order time limits such as Good ’til time (GTT) and Good ’til canceled (GTC).

Notifications

On the desktop trading platform, you can set notifications and alerts.

Fee and Portfolio

FXTM trading platforms maintain clear and up-to-date fee and portfolio reports. You can find the profit-loss balance and also the commissions you have paid in the ‘History’ tab.

FXTM Mobile Platform

FXTM offers a very efficient mobile MT4 trading platform. It is immensely user-friendly and well-designed. However, you may find the log-in is not as safe as you would wish for a leading trading platform.

FXTM MT4 is available both in Android and iOS versions. To get FXTM on your MT4, download MT4 and then connect it to the FXTM server. You can choose from a large selection of languages but for that, you need to change the default language of your mobile phone number.

Overall, the mobile trading platform for FXTM is very efficient and user-friendly. You are going to like it. However, the log-in feature is similar to its web format. It uses a one-step login, which is not strong enough for a trading platform of FXTM’s size and stature. As of now, it does not use fingerprint or face recognition technology for authentication and login.

Search functions

The mobile version of the FXTM trading platform has an efficient search function that makes it easy to find a product by typing its name or searching through the category folders.

Placing Orders

The mobile format has the same order types available as on the web format.

Alerts

This facility is not available on the mobile platform.

Desktop Trading Platform

You should visit FXTM to try out the desktop format of its trading platform. The desktop trading platform is similar in design and functions to its web trading platform. The only major difference is that here it is possible to set price alerts.

You can use either MT4 or MT5 desktop trading platforms with FXTM. Most of the features are the same as in the web trading platforms. These features include design, languages, order types, search functions, and fee and portfolio reports.

The desktop trading platform gives you the facility to set notifications and alerts that it will send you to your email and mobile phone. You need to add your email id and mobile MetaQuotes ID. To add these details, you need to select ‘Tools’ and go to ‘Options’. To find a mobile MetaQuotes ID, you need to visit the settings of the MT4 app.

Customer Service

You can find the contact details of the customer service at the FXTM website. Keep in mind that the FXTM customer service is available only on weekdays. You can connect customer support in many ways and they impress you with quick and relevant information. You can contact them through phone, live chat, and email. They give you a quick response.

The best part of customer service is that they can take calls and help you in multiple languages including Arabic, English, Farsi, Czech, Chinese, French, Hindi, Korean, Malaysian, Indonesian, Italian, Polish, Russian, Vietnamese, Spanish, and Urdu.

You can chat with customer support through its live chat as well as through WhatsApp, Facebook Messenger, Viber, and Telegram.

Even their phone support is quick and reliable and you are able to connect with a well-informed executive within a few seconds.

The support team even responds to email queries within hours.

Final Thoughts

During this review, we found that FXTM is a large Forex broker with a global reach and operations. It has licenses from the UK, Cyprus, and Mauritian governments.

It has been in operation since 2011 and has clients in nearly 150 countries. FXTM offers its services through highly advanced MT4 and MT5 Forex trading platforms. It is available on the web, mobile, and desktop platforms.

The operations of FXTM broker are adequately supported by an efficient customer care department that resolves problems faced by its large number of customers globally at the earliest.

backtest Expert Advisor on MetaTrader 4

Backtest MetaTrader 4 vs Strategy Builder EA Studio

Backtesting in MetaTrader 4

In this lecture, I will show you how to perform a backtest on MetaTrader 4 and what’s the difference with backtesting in EA Studio.

In another lecture, I showed you how to backtest a trading strategy with the EA Studio where we have a lot of tools and statistics for each of the strategies. From there, we can change the strategy in many ways if we want to.

But in MetaTrader 4 we have the option to make a backtest or to see how the strategy performs until the current moment.

And especially if you’re just starting with a new broker and you have just installed MetaTrader 4 platform, it’s not a bad idea to make a backtest for the strategy. So you will know if you have the right trading environment or if your broker is suitable for the strategies that you will be trading with.

So no matter for which instrument I will do it and for which strategy. Let’s start with the first strategy for the Bitcoin on M15 from our Top 5 Strategies (+EAs) for Cryptocurrency Algorithmic Trading course.

And before I do the MetaTrader 4 backtest, I will show you something important. If you have just installed the MetaTrader 4 for first time, you need to load more bars from your broker. For this purpose, you will need to zoom out the chart and then press the Home key on your keyboard.

loading more bars to perform a backtest on MetaTrader 4
Press the Home key on your keyboard

I see it moved a little bit the chart and I have the data now starting from the 8th of May 2020, which is not a lot of data, but that’s the maximum that Pepperstone offers.

The data for MetaTrader 4 backtesting on the broker’s server

And I have more data, but it’s on the other server because they had a few servers on Pepperstone, and they changed now to a new one for the Demo Accounts and I had more data previously, but now it’s not in there.

For example, if I go to H1, zoom out and press the Home key again, let me see where it will go. Just press and hold it so it will go to the beginning, on the 24th of April 2020.

So on that server, they don’t have a lot of data, but I’m just taking the maximum possible. So if I go back to the M15 chart and I will start with the RSI strategy, what I can do is right-click over the chart and I go to Expert Advisors Strategy Tester or you can simply press F6 on your keyboard.

click on Strategy Tester to start backtesting on MetaTrader 4
I click on Strategy Tester

And you will notice a new window showing below your Terminal.

the terminal in MT4
A new window appears below the Terminal

What happens when you uncheck Use date?

Now from here, you have a few options to select the symbol, the Expert Advisor that you will be using. Usually, these load automatically if you do it from the chart because the Expert Advisor is attached to the chart. And then we have a Model where we have 3 options: Every tick, Control points, and Open prices only.

the model for the backtest in MetaTrader 4
The Model in MetaTrader 4

For the strategies that we exported with EA Studio and for the strategies that open new trades on the opening of the new bar, you need to select Open prices only, which is, by the way, the most reliable method to backtest Expert Advisors on MetaTrader 4.

I click on it and then on the right side we have the period which is set automatically to M15 and then we have Spread. We can test it with the current spread or you can enter any value if you want to. Now, before I click on START, we have the option to use date so you can select the time period.

For example, you can perform a MetaTrader 4 backtest for the last 1 year or for the last 2 years up to date. It depends on the period you want to test the Expert Advisors.

And if you uncheck use date, then you will be using the whole period that you have on the chart.

And I click on START and you will see the MetaTrader 4 backtest is very quick. I go to results. Here are the results from the backtest of the Expert Advisor on MetaTrader 4.

metatrader 4 backtesting results
The Results from the backtest in MetaTrader 4

And then we have the graph.

the graph of the backtest
The Graph of the strategy

As you see, it goes up on profit, but we have just 24 trades that happen, which is not really a lot. Not enough to see the performance of the Expert Advisor.

Importance of Historical Data for MetaTrader 4 Backtest

And then we have the report where we see some more statistics that are available.

the backtest report in metatrader 4
The backtest Report in MetaTrader 4

Now, if I open the very same strategy on EA Studio, you will see that I have 418 Count of trades. There’s the balance chart for the last 3 years and 6-7 months, which is more data. And this is because I have the data, as I’ve said from the previous server.

the editor in Expert Advisor Studio
The Editor in EA Studio

And if you want to collect more data from your broker, all you need to do is to keep your MetaTrader 4 platform open and with time, it will collect more bars for you.

Basically, this is the only reliable way you can collect bars from the MetaTrader 4 and perform a good backtest. Now, there is historical data. If you go to Tools and you go to History Center. From here, you can download more data.

History Center in MetaTrader 4
Click on History Center

For example, let me go to Bitcoin and I click on M1 minute and I click on download. You will see what the message says: “You are going to download data from the MetaQuotes Software Corporation History Center”. But your account is opened on the Pepperstone Limited trade server.

The download message

So it’s warning you that the data you will be downloading, it’s not from Pepperstone, but it’s actually from MetaQuotes. So to make the backtest, it’s important to do it over your server from your broker with the historical data of your broker.

The historical data is all the bars that we have in the past. If I zoom in, this is the data that we have from each candlestick. If I put the mouse on the closing of any of the bars, you will see that we have the Open, the High, the Low, and then Close.

The values of the candlesticks in MetaTrader 4
The values

The Report From The Backtest

These 4 values, they give us the data and as well, we have the Volume. So this forms the historical data which the backtest uses in the MetaTrader 4. And even when you have such a small period that’s still fine. The strategy shows a profit. It’s not dramatically losing. That wouldn’t bothering me.

If I make backtesting on MetaTrader 4 and I see a dramatic loss on the backtest, then, well, something is wrong.

Either the spread is too big for the broker or there is something wrong with the broker. You better look for another broker.

One more time, in Report we can see some statistics from the MetaTrader 4 backtest. For example, how many profitable trades we have, how many losing trades, consecutive losses, and consecutive wins. And we have the drawdown, the net profit. In this case, it is $1243.20. But one more time, that is just from 24 trades.

While in EA Studio if I go to Report, you will see a lot of statistics.

The Report from the backtest in EA Studio
EA Studio strategy backtesting Report

There’s the backtest output, which shows a lot of statistics for the strategy. We have return to drawdown, maximum stagnation, win-loss ratio, and the R-squared which is very important. Basically, it shows how good the equity line is. And then we have the drawdown, backtest quality a lot, a lot of things.

The Equity Line

On the side, we have some graphs for a count of entries by weekdays, and profit and loss in currency by weekdays. In this case, it is for Bitcoin. And then below, we see some more statistics. Monthly performance is very important. So here we can see which months were profitable and which months were losing.

As we always say in our courses, every strategy has losing periods.

This strategy has a great equity line. But if we look at the monthly performance, we see that there were actually months where the strategy was losing. But overall, the strategy is profitable because most of the time it is profitable. In this case, we have the total in years.

The monthly performance of the strategy
The monthly performance

So, in 2017 it was profitable, 2018, 2019, 2020 so far. So don’t panic. If you place the Expert Advisors on MetaTrader and you see losses, just wait a little bit longer.

First, put the EAs on Demo Account so you will see how it works and you will see some profits as well. One more time, if you want to do a reliable backtest or if you want to see more statistics, you better use the editor and import back the Expert Advisor in EA Studio.

Importing Expert Advisor in EA Studio
Click on Import an Expert Advisor back

If you don’t have enough bars from MetaTrader 4 for your broker to perform backtesting, you can use premium data that is available in EA Studio.

Backtesting on MetaTrader 4 Demo Account

It comes by default where we have a lot of bars for many trading assets. So that’s how we do backtesting on MetaTrader 4. You saw that when we use more professional tools and software like EA Studio, we can have a more detailed backtest. But I would suggest you just place the Expert Advisors on a Demo Account. This way, you will have a real simulation on the market and you will see how these strategies perform. Give it some time. Test it for a week or 2, a month, 3 months, 6 months, it’s up to you.

Everyone prefers different periods for backtesting. And this is quite understandable. So go ahead and test the Expert Advisors. There is nothing to lose. Open a Demo Account so you won’t be risking any real money.

Backtest MetaTrader 4 vs. Strategy Builder EA Studio is a free lecture from our Top 5 Strategies (+EAs) for Cryptocurrency Algorithmic Trading course. If you haven’t enrolled for the course, you can do it here.

Thank you for reading. And if you found this article useful, don’t forget to leave a comment below or subscribe to our YouTube channel where we share valuable tips, trading strategies and our trading insights.

Crypto Bot Trading - How To Get Started

Crypto Trading Bot: WHAT? WHERE? HOW?

Crypto Bot Trading – How To Get Started In 2021

Today I will explain what is a crypto trading bot and how you can use one, where you can trade with the robot and how you can get one. I will explain to you what is the difference if you are trading at a cryptocurrency exchange or with a crypto broker.

So first of all, the crypto trading bot is just an automated system. An automated strategy that will execute the trades for you. So you don’t need to stay in front of the monitor. No need to click the Buy and the Sell button, to watch the charts, analyze the market, follow the fundamental news, and so on.

Crypto bot trading is already quite popular but many people don’t know that it exists at all. And why is that? Because you cannot trade with crypto robots on the cryptocurrency exchanges. So the crypto exchanges are the most popular method that people buy and sell cryptos and exchange cryptos.

Can We Use Crypto Trading Bot For Automated Trading?

In 2020 on the crypto exchanges you cannot trade automatically, there isn’t such an option. Or at least I’m not familiar with one. Probably by the time you’re reading this article, there will be an option to use a crypto trading bot at exchanges. And of course, we will update everyone on our YouTube channel and in our courses. Probably we’ll record some new courses if there are nice methods for automated trading on the cryptocurrency exchanges.

So for the moment in 2020, you cannot do automated trading with trading Robots on the crypto exchanges. And that’s why many people don’t even know it is possible. The fact is that automated trading is possible since 2017. I have recorded some of the first videos out there about automated trading with cryptocurrencies. And trading, especially the Bitcoin with Robots.

Image of Bitcoin Crypto Trading Bot
Trading Bitcoin With Robots

Actually one of the online courses that I have that got most students back in 2017 was the course where I share the Bitcoin crypto trading bot. So it is possible for long enough, it’s just not available on the crypto exchanges. And that’s why most people don’t know that’s even possible. So how is that possible?

Crypto Bot Trading On MetaTrader Platform

Crypto bots can be used with the MetaTrader platform. MetaTrader platform is the most common platform for trading nowadays. It is popular everywhere in Europe, Asia, in the States. The huge Forex brokers offer the MetaTrader platform, it is free. So MetaTrader is a third-party company.

The company is called Meta Quotes. They have developed MetaTrader and what they are doing is they are selling it to the big brokers. That is actually a fantastic business model they did. Because they don’t get money from the traders, us the clients. They get the money from the brokers.

And as far as I know when I visited last year’s one of the biggest Forex expos in Cyprus, аt that time MetaTrader was quite costly for the brokers. I think they charge the brokers about $75,000 a year, which obviously for the big brokers is nothing.

MetaTrader 4 vs MetaTrader 5

The big brokers spent over $100,000 just for Google Ads per day. So imagine how cheap for them the MetaTrader is. Anyway, that’s not the topic of this article. The MetaTrader is a free platform that everyone can use, access easily, download easily.

There are two options available, MetaTrader 4 and MetaTrader 5. The MetaTrader 4 is the older one but I still prefer to use it especially for algorithmic trading. There are a few reasons I will explain in a second.

So on the MetaTrader platform, you can trade with Robots. If the broker offers MetaTrader with Bitcoin or Ethereum, Litecoin, Ripple and etc., you can trade with cryptocurrency expert advisors.

These are usually the four cryptocurrencies that you will find on MetaTrader. And you can trade them with a crypto trading bot. If you have a broker that offers a MetaTrader with automated trading and it offers cryptos you’re good to go with crypto Robot. And this is what I show in my courses. So there are a few different ways you can do it.

Available Options For Robot Trading On MetaTrader

You can buy a crypto trading bot from the market, which is obviously the easiest way. But sometimes it could turn out to be the hardest. Because you never know what is on the other side. You never know what is in the code if you are not a developer. I’m not a developer too. So if I buy a crypto trading bot I will see the performance they promise but I don’t know what is inside the code.

I don’t know when this crypto Robot will be buying and will be selling. So I personally would never go for that method. Especially for Bitcoin because I don’t know what’s the trading strategy behind it. I don’t know when it will sell or when it will buy. I don’t know what percentage of risk there is with this crypto trading bot in my account.

Another option is to hire a developer which is not that difficult to be done. I have done it a lot in the past. I’ve hired many developers to code my strategies for Forex. And it’s quite difficult honestly, these guys take a lot of money, their hourly rate is expensive.

Back in the time when I was doing it, it was in 2013. They were charging about $30 to $40 per hour. And if you want a crypto trading bot with a few entry rules and exit rules you will be paying at least a few hundred dollars. And the thing here is something a few traders know, there is a huge dilemma when you are hiring a developer.

You Need To Have A Profitable Strategy

You need to have a profitable manual strategy so you can order it to the developer. And they will make it for you as a crypto trading bot, they will code, right? For MetaTrader, it’s MQL coding that will work so the crypto Robot can work on MetaTrader. But there is a dilemma here. You need to have a good manual strategy to order the developer to send you back, you pay him he will send you back the code for this crypto trading robot, right?

But the only way to know if a strategy is profitable is if you can perform a backtest with the Robot. So the backtest is basically the option in MetaTrader where you can put the crypto trading bot. And you will see how it performed for the last 3, 4, 5, 10 years for example. Usually, for Bitcoin in 2020, we’re looking for the last 4 years just before 2017 where there was the boom and we don’t really care about what happened before that because Bitcoin was so cheaper compared to where it’s now.

So when you have the crypto trading bot, you can perform a backtest. And you will see exactly how the strategy performed, what profits to get, where it opened and closed trades, and so on. We’ll see the equity line of the Robot.

So this is the dilemma, guys. If you want to order a crypto trading bot to a developer you need a profitable manual strategy. But you don’t know if a strategy is profitable without a trading Robot. So how will you know if a strategy is profitable if you don’t have a trading Robot, you don’t know that, right?

Strategy Builders – The Modern Way To Create A Crypto Trading Bot

So what happens usually is, the traders believe they have a profitable strategy. They order to developers and when they send them back the code, they do the backtest and they will see what losses and they realize that their strategies were not that profitable as they thought. This happens like 95% of the time I can assure you that.

So the other method to create a crypto trading bot is using strategy builders. This is what I use, honestly, it changes the trading because I can build a crypto trading bot without any programming skills. I just put the entry, the exit, the Stop Loss, the Take Profit, I build the trading strategy and I can export it as a crypto Robot. Some of the strategy builders, the software are expensive for most of the traders. They find them expensive and that’s why of course on the market there are different options.

There are cheaper ones, there are more expensive ones. But I want you to understand what is the difference compared to the crypto trading bot that is ready to use. And you can put it on the MetaTrader platform and you can trade with it.

So, what is the strategy builder?

Strategy builder is a program that we use to build ready-to-use trading robots without programming skills.

The Expert Advisor Studio

I don’t need to hire developers anymore. I started using strategy builders about 3 years ago. So I stopped hiring developers. I don’t have a single developer in my team. And this changed my way of trading when I found some great strategy builders.

We have the Expert Advisor Studio, for example. We have it on our website for our students and traders. Some people find it costly but as I said that’s the market. If you want to use good software usually you have to pay for it. It’s like everything else, right? When you’re designing, when you’re editing videos you have to pay for the good product and there are others that are quite cheaper. There is the EA builder, the Strategy Tester, there is Strategy Quant. Forex Strategy Builder Pro is the other one I’m using but it’s a little bit more advanced.

Expert Advisor Studio is the one that I found best about 2 years ago and since this time I’m using it. The good thing actually with EA Studio is that there is a 15-day free trial, which you can test so during this time you can build an unlimited number of crypto trading bots. And there aren’t any obligations, you don’t need to put credit card details or something, you just register for it. During this time you can build many crypto Expert Advisors even if you’re not a developer like me.

Another good thing is that the software has a trading strategy Generator that allows you to import historical data from your broker and it will generate strategies for you. It will generate your crypto trading bot, it will show you different strategies for Robots and you can basically download them and use them. So taking advantage of the free trial I think it’s a great experience for every trader.

Using The Best Strategy Building Software Makes Crypto Bot Trading Profitable

I know many are doing it, a few can afford to buy it which is absolutely understandable. But one more time, when you are trading with bigger amounts and when you are doing that as a full day job, obviously you want to use the best software out there. Because they change the trading, they make it all possible.

And there are so many traders that buy ready-to-use crypto trading Robots from the market and they are expensive as well. Some of them are ready-to-use cryptocurrency bots, which are quite expensive and if you buy a few, you might spend more money than actually buying the software from where you will be able to make Robots for a lifetime. It’s quite interesting to do trading with a crypto bot honestly because you don’t need to be in front of the computer.

Keep In Mind The Spread

And one last thing I want to say is that trading on MetaTrader with the brokers is known as CFD trading. It’s much cheaper compared to if you do it on crypto exchanges. So even if you do it manually, even if you buy and you sell cryptos manually but you’re doing it intraday, or at least I mean if you buy a Bitcoin today and you sell it tomorrow or in a few weeks time.

It will be cheaper for you if you do it with the broker compared to the exchange. Because the fees on the crypto exchanges are huge. If you want to buy one Bitcoin at the moment in December 2020 on Coinbase you will be paying about €300 I think or a little bit above $300 that’s huge, right?

And if you are trading with a broker no matter if it is with a crypto bot or if it is manually, you will be paying about $10 to $25 of spread.

The spread is the difference between the Bid and the Ask price. We buy at the Ask price, at the more expensive price. We sell at the Bid price.

Why Trading For Shorter Or Longer Period Of Time Matters

So it is cheaper to trade on the Forex brokers if you are keeping the trade for a few hours or a few days compared to if you are trading, or actually it’s more of investing, on crypto exchanges. And if you keep the coins for a longer time, like what most people do, then the crypto exchanges will be cheaper because on the brokers there are fees that you pay when you hold your position overnight.

bitcoin trading example during time
Trading For Shorter Or Longer Period Of Time Costs Differently

And if you hold it for a long time then it will get more expensive compared to the exchange. I have recorded another video about that because a few traders understand what’s the difference in the fees.

But one more time if you are buying and selling Bitcoin or any other in a short period of time then you better use the brokers. And if you’re holding it for a long time, then you need the exchanges and keep your coins in a safer place than the crypto wallets.

So with the Robot, with the crypto trading bot, we actually spent less because we are buying and selling quicker. Some of the crypto Robots will buy and sell just in a few hours, they will buy the crypto, they will sell it in a few hours, then they will buy again, and sell. It’s a lot of volume. A lot of trading that happens out there. That’s why it’s cheaper on MetaTrader. And one more time, that’s the only place where we can trade with crypto Robots. And something quite interesting is that on one account you can trade many Robots not just one.

Trading 99 Crypto Bots In 1 Account

Back in 2017, I recorded a course where I show how you can trade 99 Robots in the same trading account. Now in 2020 I have re-recorded it but no one else even shows such trading until the moment which is quite surprising for me.

And when I trade with 99 crypto bots in the account I have the chance to diversify the risk because these are 99 different strategies, 99 different Robots. And they all buy and sell, buy and sell, buy and sell. Definitely, the brokers win a lot of spread from me but crypto bot trading is not possible on the exchange.

So what I show in this course is quite interesting because I put 99 Robots in 1 account. Then I follow the performance and I see which are the top crypto trading Robots for the current market. Because especially the Bitcoin market is so different from man to man. Sometimes it’s very bullish, it goes just up, then it goes sideways for a long time, sometimes it goes down.

Using The Best Trading System

And what I achieve when I trade with 99 Robots is that I see it every moment which are the crypto trading bots that are suitable for the current market. And I grab them and I put them in another account where I will be trading with more volume.

So usually I have 1 account where I test many crypto trading bots and I extract the ones that are suitable for the current market condition and I put them on another account. This is the best option I found and the best system I found so far.

I found it in 2017. In 2020 I used the same system and as I’ve said, I didn’t see any other instructor and trader doing a similar course until the moment. Which is really strange for me. I mean good they didn’t do it but I want more and more people to see this system because it’s really great.

The Crypto Expert Advisor

And to make it possible for everyone who takes the course actually I am including these 99 crypto trading EAs in the course. EA is Expert Advisor which is the actual term for a trading Robot, Robot or bot is just slang. So, the real term is Expert Advisor. So there are many opportunities to trade with crypto. What I personally prefer is using crypto trading Robots.

I don’t say you must go for a crypto bot but I personally feel I’m trading right now while I’m driving, and I’m recording this video. And I’m actually doing it. If I was going to do it manually probably I will be just on the phone and buying and selling. But that’s not professional trading.

I’m talking about professional trading in my videos. So everyone who is on the phone buying and selling cryptos, Forex stocks, anything, that’s not serious. Sorry to say that but I’ve been working for brokers and I know that over 95% to 97% of the people that are trading from the phone are losing money at the end of the day.

Don’t Trade Using Your Phone

You cannot follow the market on the phone, you cannot use crypto trading Robots on the phone, and you cannot really trade from the phone guys, don’t do that. You will lose your money.

example of a person trading from phone
DON’T TRADE FROM YOUR PHONE

What you need is to sit in front of the computer. You need to follow a strategy or you can trade with a robot if you want. I’m talking in general here not just about the crypto trading bots or the Bitcoin Robots.

Don’t trade from the phone. Take it seriously when you do it as a hobby spend one hour in front of your computer and laptop and don’t trade from the phone. The brokers will tell you it’s better because they want you to lose money keep that in mind.

Conclusion

So that’s what I wanted to share with you about the crypto trading Robots, they work on MetaTrader. And you need a regulated broker. Make sure it’s regulated before you fund your trading account. And from there you need to choose how you will get a crypto trading bot. It’s hard to code it by yourself. A lot of people are trying to do that, it will take you months and years.

So for me the best option one more time is to use a trading strategy builder. Or to get a crypto trading bot from a trusted place. Where they will actually show you and explain how the Robot works, how it was created, and what it’s meant to be.

Thank you guys for reading this article. I hope you have found it useful. If you did, please leave a comment below or subscribe to our YouTube channel to get more of our free crypto trading videos. See you in there, cheers.

Crypto.com Review

Crypto.com Review – App, Card, DeFi Wallet and More

Today we’re going to review the Crypto.com platform. Among the areas that this review will cover are the Crypto.com app, the regulations, the account opening process, and fees. We will also dive deeply into the stacking options and the Crypto.com Visa card.

The Growth Of Cryptocurrencies

There is no doubt the growth story of cryptocurrencies has been quite fascinating and impressive. Ever since the first cryptocurrency was launched in the market in 2009, there has been a gradual increase in the understanding of the various benefits and advantages associated with cryptocurrencies.

Over the past 11 to 12 years there has been a phenomenal increase in the number of cryptocurrency brands and names.

According to experts, there are around 4,000 cryptocurrency brands as of January 2021 and the numbers keep getting stacked by every month.

Hence, tens of thousands of people are upbeat about the future of cryptocurrencies.

However, on the other side of the spectrum, there are many people belonging to the old thought process who may not be too comfortable with cryptocurrencies. They may have a few valid and justifiable reasons. Anyway, that has not stopped the growth of cryptocurrencies over the past few years and the growth story continues even today.

Crypto.com Review

There are obviously some reasons for the growing demand and the impressive growth of cryptocurrencies. However, the focus of this article is to go in for a complete and impartial Crypto.com review.

Crypto.com is one of the platforms that gained 10M users in no time and there are reasons for it:

  • exchange with a huge variety of cryptocurrencies
  • a friendly mobile app that offers many possibilities
  • crypto staking which is quite popular already
  • Crypto.com Visa cards where the clients receive cashback

Here are the requirements for staking cryptocurrency and applying for the Crypto.com card.

The role of a good crypto-trading platform is extremely vital. However, before going for this Crypto.com review, first, we need to have a basic understanding of cryptocurrencies. Then we also need to have a brief overview of crypto trading platforms.

Once you have a decent idea about both cryptocurrencies and cryptocurrency platforms, we believe that you will be in a better position to understand more about the contents and topics that will be discussed while going in for the Crypto.com review.

What are Cryptocurrencies?

If you want a simple definition of cryptocurrency, we can refer to it as a digital asset. The asset has been designed to perform the function of a medium of exchange. Through this medium individual coin owners can record their ownership and other relevant records of buying, selling, and investing in cryptocurrencies. The above information is stored in a digital ledger. The ledger exists as a computerized database. The best of end to end encryption technologies are used for securing the safety and security of each transaction that happens over a period of time.

What is interesting to note that crypto.com is launching it’s own decetralized cryptocurrency exchange with low fees and fast execution:

Cryptocurrency also has a unique feature because it can help the owners to create new cryptocurrencies. It is not stored in a physical form like the paper currencies that we are all used for centuries. Further, cryptocurrencies are not issued by the central banking authorities nor is the value of each currency not guaranteed by the Federal Reserve banks.

However, whenever a cryptocurrency is created, minted before being issued it is considered to be centralized. A complex distributed ledger technology is used to monitor the movement of each and every bit of cryptocurrencies.

What is Cryptocurrency Trading Platform?

When we talk about cryptocurrency platforms we are referring to exchange platforms. These platforms are vital and important because of a number of reasons.

They help in permitting the exchange of one cryptocurrency for another. These platforms are also vital whenever there is a need for converting cryptocurrencies into fiat currencies or legal tender money as they are referred to in some quarters.

Hence, when we talk about sites like Crypto.com we are referring to a platform that helps in performing the above two important functions.

As the number of cryptocurrencies keeps increasing at a brisk pace, there also is a growing demand for cryptocurrency platforms. This has led to the proliferation and growth of new cryptocurrency trading platforms over the past few years.

Even as you read this article, it is quite possible that a few new cryptocurrency platforms may have gone online on the worldwide web. There are also such trading platforms that may not necessarily operate on the worldwide web. We will learn more about it as we go through the Crypto.com review.

It would be pertinent to mention here that all trading platforms are not the same. They are not created nor do they operate on a uniform basis. Of course, there could be some similarities and these things may also become a bit clearer when we go through the various points while talking about the Crypto.com review-related matters over the next few lines.

As mentioned above, there are different types of crypto trading platforms. Understanding this will help you to better understand how cryptocurrency trading works. If you are into cryptocurrency buying, selling, and investing, you should take time out and get to know more about the various crypto exchange platforms in the market. Do not underscore the importance of going through quality Crypto.com review articles and other reviews that talk about other cryptocurrency platforms across the world.

It would be pertinent to also mention here that cryptocurrency exchange platforms have grown quite amazingly over the past couple of years. They are evolved as the market itself evolves and becomes more mature. Many investors in cryptocurrencies prefer staying away from directly getting into buying and selling crypto tokens and coins. They would rather depend on these cryptocurrency platforms like Crypto.com to help them do the job on their behalf. This is perhaps because these platforms have experts, experience and they could guide both new cryptocurrency investors and also experienced ones.

Crypto.com Review

Now that we have had a reasonably good idea about the role, meaning, and scope of both cryptocurrencies as well as cryptocurrency exchange platforms, it would be a good idea to get into the much-awaited Crypto.com review.

To begin with, let us get started by understanding that like many other cryptocurrency trading platforms, Crypto.com is also one. It has been around for a few years now and has gained the trust and confidence of many cryptocurrency investors. We will also look at various other aspects such as Crypto.com fees based on the various Crypto.com reviews on Reddit.

What is Crypto.com?

Let us get our Crypto.com review started by understanding the basics of Crypto.com. It is a cryptocurrency trading platform that allows people to buy, sell, trade, invest and also earn interest on their overall cryptocurrency holdings and ownerships.

Let us begin by understanding that Crypto.com offers its platform only in the form of a mobile app. They do not offer desktop access.

Here are some of the services that are offered by this platform as mentioned in their website and also as mentioned in the various Crypto.com review articles and also various Crypto.com Reddit posts.

  • The exchange allows buying and selling of cryptocurrencies.
  • It is also possible to send funds to various other users of Crypto.com
  • It also comes with a crypto wallet.
  • You can stake cryptocurrencies and earn interest thereof.
  • Users can get a special cryptocurrency Visa card from Crypto.com.

It would also be pertinent to mention here that Crypto.com has the capability of supporting 90 major cryptocurrencies which are also referred to as CRO. This is a positive feature and many users have spoken positively about this.

Further, Crypto.com users also have the facility of receiving payments through various options. They can make use of CRO or could also make use of fiat currency or stable coins.

The site also allows its users and stakeholders to stake their cryptocurrency holding by swapping their CRO and earning interest out of it. This is indeed an attractive feature because it could help in boosting the interest yield by as much as 20 times in many cases. This again has been corroborated by many reliable Crypto.com Reddit review articles. When we consider the yields after factoring in expenses such as Crypto.com fees there are reasons to believe that it is quite impressive.

Review the staking option offered by Crypto.com?

When we talk about staking we mean that the cryptocurrencies or coins have to be locked up for a time period. In exchange for such lockup periods, the cryptocurrency owners are offered interest.

There are some great news for the upcoming Mainnet staking Rewards which are expected to aim at a return at 20% APY.

As mentioned above, in many cases, the interest earned could be quite high. However, it would vary on a number of factors such as the crypto coin in question, the time period for which it is staked, and most importantly the quantum of coins or cryptocurrencies that have been staked.

This can be understood better if you go through some reliable and trustworthy Crypto.com exchange review posts. Interest for such staking is paid to the investors by way of the same cryptocurrencies that they have invested in the first place.

The interest is not paid through USD or other forms of legal tender or fiat money. Hence, this is an important point that one should bear in mind when choosing this cryptocurrency trading platform.

Many good Crypto.com reviews on Reddit also talk about it. This is because it could help to offset a part of the Crypto.com fees that have to be paid.

Review Crypto.com App and Crypto Earn

The Crypto.com app has a unique feature that allows investors to earn returns on their cryptocurrencies. This feature is referred to as Crypto Earn. However, there are a few more points that you should bear in mind before opting for the Crypto Earn feature. This Earn feature is not available to residents of Malta, Switzerland, and Hong Kong SAR. To know more about it, it would not be a bad idea to have a closer look at the various Crypto.com review articles on Reddit that are reliable.

The interest is paid out weekly through a method of simple interest calculation. The Crypto.com app is useful in this regard because it shows the value of your cryptocurrencies at the time of payout. Many users of the Crypto.com app have liked this feature, and it also has found favorable mention in many Crypto.com exchange reviews.

However, as mentioned above there is a lock-in period when you decide to stake your cryptocurrency holding, partially or in full. Hence the value of the cryptocurrency during the period of lock-in should not make much of a difference. This is because the owner is not allowed to sell it. This has both positives and negatives attached to it.

Tokens in Crypto Earn
Tokens in Crypto Earn

However, many Crypto.com exchange review writers and experts are in favor of this feature. This is perhaps because it does away with the risk of panic selling that often happens not only with cryptocurrencies but also with other forms of trading such as trading in stocks, shares, commodities, foreign exchange buying, and selling amongst others. It also could have a buffering impact to absorb a part of the Crypto.com fees and many experts and also authors of various Crypto.com reviews on Reddit also talk about this in length.

The lock-in period is also fixed by Crypto.com and it could be from one month to three months. Additionally, they also provide a flexible investment time-period option. The longer the time period, the better will be the interest-earning. Therefore, the end-users are also happy because it helps them to offset a significant portion of the Crypto.com fees and this also pushes the yield quite significantly.

Many experts who have penned these Crypto.com exchange review articles are of the view that choosing flexible options may not be the right choice. While it does offer more liquidity, the interest that you will earn is quite low when compared to a longer period of investment.

However, the investor is the best person to make this decision and it would depend on his or her risk appetite and the kind of returns that he or she is looking for.

For example, if you are able to stake around 50,000 or more CRO, you will be able to earn a better rate of interest. The rates of interest will also be higher in case an investor is able to stake around 500,000 CRO or even higher. On an approximate basis, this should earn an additional interest of around 2% and perhaps, even more, depending on the market situation. Going through a good Crypto.com exchange review perhaps may be able to give a better insight into this.

Use Cryptocurrency In The Real World

If you decide to use Crypto.com as an exchange platform, you also stand to gain in a few more ways. They offer a unique feature. This feature allows the owners to use cryptocurrencies in a real-world situation. This is indeed a big takeaway and this again has won the appreciation and kudos of many genuine Crypto.com exchange review posts and feedback.

Not many platforms allow crypto owners to exchange coins with other investors. Therefore, you are better off in this respect if you decide to choose Crypto.com over other exchange platforms. In fact, while conduction this Crypto.com review, we have seen many posts on Reddit to talk quite a bit about it.

Crypto.com Visa Card Review

Crypto.com has an arrangement with Visa. This facility allows cryptocurrency owners to use the Crypto.com Visa prepaid card for purchasing physical services and goods. Crypto.com is perhaps one of the very few exchange platforms that offer a prepaid card.

However, there could be a thing or two that you must be aware of. Many merchant outlets still are not comfortable accepting payments made through cryptocurrencies. Therefore, Crypto.com has to convert the equivalent cryptocurrencies into USD, and only then you can use your special Crypto.com Visa card.

Crypto.com is at best helping their customers to automate the entire process of conversion of cryptocurrencies into fiat currencies like the USD. To know more about it, it would be a good idea to take inputs from articles or various Crypto.com reviews on Reddit.

Crypto.com Visa Card Rewards

We will also look at one more interesting aspect of Crypto.com and this has found mention in many qualitative and original Crypto.com review posts.

The service provider offers different types of card tiers. Each tier is tied to a different type of CRO reward amount. It also is based on the quantum of CRO that has been staked on the card. CRO rewards are offered and issued as and when as an investor you start using the Visa card.

Review the Crypto.com Visa Cards
Crypto.com Visa Cards

Apart from this, you also can get reward points for subscriptions to some popular sites like Netflix, Amazon Prime, Spotify, etc. However, the rewards go up depending on the amount of CRO that you have staked.

For example, if somebody is able to stake 5 million CRO, he or she or the entity in question will get an impressive 8% reward and this indeed is a big amount. This has also been mentioned in a positive light in some of the best Crypto.com reviews on Reddit.

Crypto.com Visa Cards Review & Order

And now I will demonstrate to you how you can order a Visa card from Crypto.com, which is already quite popular. Many people are using it all over the world and I will show you step by step how you can do it, how many CRO coins you need to stake. And by the time you’re reading that Crypto.com review, the conditions might change but I guess the main idea will always remain the same.

I find the Crypto.com Visa cards really nice because we get cashback. So whenever you spend money in the malls, supermarkets, you buy anything with your Crypto.com Visa card, you get cashback. Which is awesome. So let me go straight to the point.

Crypto.com Midnight Blue Card

And in order for me to order a Crypto.com Visa card, I will need to purchase some more CRO coins. So I will show you how that works. Now, if I open the Crypto.com app and click on Card which you can find on the right side of the menu and the free one is the Midnight Blue.

And if I tap on View or Upgrade, I see that I have the Midnight Blue.

I click on Card

Crypto.com Ruby Steel Card Review

Then I have the Ruby Steel, it’s the one that I’m going to order right now for the purpose of this Crypto.com card review. And I have the option “Without CRO Stake” and “With CRO Stake”.

So “With CRO Stake”, you’ll see that I will have 2% Crypto.com card cashback. So whenever I purchase something with this Crypto.com card, I’m getting 2% cashback. And why not? If I’m spending $1,000, I will get back $20 in CRO coins. And if the CRO coin increases its value, I will have more into my account.

With CRO Stake option

There is another benefit of using Ruby Steel Crypto.com card, and this is the100% Back on Spotify. So if you’re using Spotify and you pay with the card, simply Crypto.com will recognize it and they will send back the money into your card as CRO coins again.

We have some more information below like monthly fees, annual fees, delivery fees, and it’s free, no charge. And here is the thing, purchase and hold 5,000 CRO tokens for 180 days, which is 6 months, to receive the Ruby Steel card from Crypto.com.

So I have to buy the CRO coins, I need to stake them and this is basically the condition.

Additional information

Crypto.com Jade Green Card

And for the other cards, it’s different, there are limits. So let me go to the other cards, then we have the green and the indigo ones. So for the Jade Green Crypto.com card, we have 3% card cashback and we have 100% back from Spotify and Netflix.

And we have some more benefits, I’m not going into details. But here the difference, guys, is that I need to purchase 50,000 CRO tokens, which is not a small amount.

The green card

The White, Rose Gold, and Obsidian Cards

And if I go to the Icy White or the Rose Gold, you will see that I have more benefits and I need to purchase 500,000 CRO tokens. And if I go to the Obsidian, you will see the amount of 5 million CRO tokens, you do the math.

So please don’t take any of the cards as a recommendation, the purpose of the lecture is informational and demonstrational.

How to Order a Visa Card From Crypto.com

So I will actually demonstrate how you can order, for example, the Ruby Steel card. Upgrade to Ruby Steel, I will tap on that.

I tap on Upgrade to Ruby Steel

And I have 4 more steps to go. I will tap on Continue.

I tap on Continue

Let’s review what I need to do to order this Crypto.com card. I need to purchase 5,000 CRO and holding period of 180 days, as I said this is 6 months, Purchase and Hold CRO. That equals approximately $771.95 at the moment. I will tap on Review Upgrade.

I will be using my Visa card and here it is.

I tap on Review Upgrade

This is the summary. I will confirm it.

The summary

And I need the passcode, confirmation. And let’s see if the purchase will go through. Usually, it works without any issue with Crypto.com for me when purchasing cryptocurrencies.

Even in Bulgaria, the banks usually don’t allow purchasing cryptocurrencies. And I know in many other countries, it is the same thing. And it’s not easy for the transactions to go through. So I need to authorize the payment, I should receive a message just in a second, here it is.

I receive the message

I will just copy it and I will paste it, tap on Continue.

I copy-paste it and tap on continue

And it’s processing. So this is how it works easily from the app. I already have ordered a few, and here you go, ‘You successfully upgraded your card to Ruby Steel”. Tap anywhere to continue.

Upgrade successful

What I was saying is that I already have done that and I personally enjoy having such a card. But I wanted to demonstrate in one lecture how that works, so I will accept the terms and conditions. Always suggest you go over and read them, I will confirm it. Just a few easy steps and we can get your Crypto.com Visa card ready. Fill in the address, and what I need to do right now, is simply fill in my address.

I fill in my address

And they might ask me as well to scan some documents for proof of address. And that’s it. Basically, they will be sending the Crypto.com card and I’ll be staking the 5,000 CRO for 6 months. And please don’t take it as a suggestion to order any of the Crpyto.com cards. Some of them I find costly especially if you are reading this lecture later when the CRO coin price is higher, hopefully, it will be.

And if you have any questions or experience with the CRO staking and the Visa cards, I’ll be happy to see them in the comments below. And if you’re just starting out with Crypto.com and staking, you can use this link to get a bonus when you are staking some cryptocurrencies.

Crypto.com Fee Structure Review

Let us have a look at the fee structure of Crypto.com. Yes, there are many reviews on the Internet that talk about the complexity of the fee structure at Crypto.com.

They have a concept known as the maker-taker fee structure when it comes to trading with cryptocurrencies. It is tied to a 30-day trading volume. The maker fees could be in the range of 0.036% to 0.10%. On the other hand, the taker fee could range between 0.090% and 0.16%.

Though the fee structure may be a bit complicated, there is no denying the fact that it is in line with competition and Crypto.com is not overpriced on this count. Knowing the exact Crypto.com fees is therefore important.

The fee structure also is different for minimum and maximum withdrawals. It is dependent on the type of cryptocurrency that is being sued for withdrawals.

Since Crypto.com deals with almost 90 different types of cryptocurrencies, it will not be possible to tabulate and list down the fee structure for each of the cryptocurrencies that are dealt with by this crypto exchange platform. The best way to know about the fee structure would be to go through the website and look up the fee structure for various types of cryptocurrencies.

Most Crypto.com reviews on the Internet will also be suggesting the same thing because of obvious reasons. It may not be prudent to get into trading and other such activities without having a reasonably good idea about the applicable Crypto.com fees.

Interest Rate

Apart from understanding the applicable Crypto.com fees we also should know something about their interest rates. Since Crypto.com does not offer desktop access for their customers, the interest rate is restricted only to the Crypto.com app and the Crypto.com Visa card that we have talked about above.

The interest could be around 12% for rewards cards and FDIC-insured investments. It is around 8.60% for rewards cards and not for FDIC-insured stakes. Lookup on Reddit for any good Crypto.com review information and you will get to know more about it.

Account Opening

The entire account opening process is quite easy and can be done in a few minutes. However, you have to visit Crypto.com. Once you are on the site, you will come across links that make you download the Crypto.com app.

Crypto.com mobile app for iOS and Android devices
Crypto.com app for iOS and Android

The mobile app is compatible both with Android and iOS. The minimum age for sign up is 18. It would not be a bad idea to go through a few well-written and factual Crypto.com review articles. It will help you to get a reasonably good idea about the chronology to be followed for opening an account with Crypto.com.

You will have to prove your credentials through some accepted documents and also mention your email and other personal details. This procedure is known as KYC and is a common practice for legitimate trading and financial institutions. Once you are through with this, you will be able to start transacting and start making use of this app-based online crypto exchange platform.

How safe is my money?

This is a common question that is asked by prospective customers who may have an idea to be associated with Crypto.com. The promoters of the company have taken adequate care and go through the rules and regulations laid down. This ensures reasonable safety as far as your money is concerned.

However, we need to bear in mind a few things. Crypto.com is not SPIC or FDIC insured. Further, Crypto.com is a company that is not based in the USA. It has its head office in Hong Kong where the regulations are quite different when compared to the USA and a few other western countries.

The absence of a mailing address or phone number on the website of Crypto.com is also mystifying and intriguing. Therefore, it would be better to do some due diligence, check with some other Crypto.com reviews, go through some reliable references, and then make a decision.

However, since they have been around for a few years now, there are enough reasons to believe that they are quite reliable and may have stood the test of time. The returns are good and the Crypto.com fees are also in line with what the competition charges.

Crypto.com DeFi Wallet Review

Now we will do a quick review of the new Crypto.com DeFi wallet. Is it safe, how it works, and the most important things you need to know before using it.

Crypto.com launched a fully decentralized open-source blockchain, the Crypto.org chain. The users got access to the Crypto.com DeFi wallet, where the cryptocurrency investors feel safer storing their cryptocurrencies while earning passive income from high interest rates.

First of all, when it comes to cryptocurrency wallets, one of the most important things is security. And Crypto.com DeFi wallet is a non-custodial wallet, where you have full control of your cryptocurrencies and private keys. You can manage over 100 coins including Bitcoin, Ethereum, CRO, Litecoin, and other ERC-20 tokens. Quite interesting is that you have the chance to select the speed of the transaction when you are sending cryptocurrencies. Of course, the faster you choose, the bigger fee you will pay. However, when we talk about fees, you will be surprised by how low they are.

Crypto.com DeFi wallet app

So let’s have a look at the Crypto.com DeFi wallet app right away. What you see on the top is your name. So when you set up your DeFi crypto wallet, you need to give it a name. Then you have your balance which will be zero when you start.

They launched the Crypto.com DeFi wallet a few days ago, so we didn’t put any funds yet. Then we have the option to Send and Receive. Obviously, we don’t have any funds to send but if we tap on the Receive, you will see that we have a few options.

For example, if you click on the CRO coin, you will see your address, so you can send it easily. And if you are sending CRO coins from your Crypto.com app to the Crypto.com DeFi wallet, you will be paying 0.001 CRO as a fee, which is super low fee.

And let’s focus on the menu that we have below. First, we have the Wallet. Then we have the Swap feature, which is quite interesting. This is where you can farm and swap DeFi tokens right in your wallet, which we find super useful.

And third is the Earn option, which is the thing that makes the Crypto.com DeFi wallet super attractive. As you can see at the moment or today’s trades are super high for the CRO, which is 61.63. And just yesterday it was above 100% but it’s decreasing, actually, the rates are floating.

This is why it says today’s rate. So by the time you are reading this Crypto.com DeFi wallet review, the rate will be different. And if I scroll down you will see that the Earn option is possible for quite many coins.

Connecting the DeFi wallet with the Crypto.com app

Now if you go to the wallet and tap on the Settings icon and this is where you can connect to your Crypto.com app.

And I should check by connecting the apps, I understand the connection will associate my Crypto.com identity with this wallet. I will tap on that and I will confirm that I’m the beneficial owner and so on. I will just tap on Connect Petko Aleksandrov. And right here, I will need to enter my email address, so let me do that very quickly. I will send the connection email, so I will need to confirm it very quickly within a few seconds.

And here is the email, so I just tap on Connect, and I will need to enter my passcode for the Crypto.com app. I tap on Continue and authorize and launch the Crypto.com DeFi wallet. Almost done, open DeFi wallet, bring me back on there, I will enter the passcode and here we go ‘Petko Aleksandrov successfully connected to the Crypto.com app’. Got it? And I am connected with my app, so now I can easily transfer coins from the Crypto.com app to my DeFi wallet.

Super simple, very friendly to use the DeFi crypto wallet, nothing really complicated, sending, receiving swap, Earn, that’s it.

Crypto.com has surprised us many times and we’re excited to start using the DeFi wallet. Probably, we will record videos while using it, so make sure to subscribe to our channel so you won’t miss any updates and useful tips about the platform.

How Good Are They?

If you are not too bothered about being associated with a non-US crypto exchange platform, you may have quite a few reasons to choose Crypto.com.

They are run by a team of professionals who have rich experience in this business. Totally, a team of 19 highly qualified and experienced professionals is at the helm of affairs. At their Hong Kong headquarters, there are 700+ people working for the company. They have not yet received any negative feedback about the safety of money, customer services, efficiency, and other such things.

However, if you are looking for a US-based crypto trading platform, then you may feel comfortable looking for a company that is headquartered in the USA or other western countries.

Further, if you are looking for a platform that offers other trading options through personal computers, then Crypto.com may again not be the right choice. The overall fee structure is quite good but a few users believe that it could have been more straightforward and complexities could have been avoided.

Pros and Cons

Pros

  • Run by a team of qualified professionals.
  • Offer trading even investment in 90 different cryptocurrencies.
  • Visa tie-up.
  • Possible to use cryptocurrencies for buying and selling of common products and services.
  • Good support services.
  • Easy sign-up procedures
  • Health rate of returns for investments and staking of cryptocurrencies.

Cons

  • Complex Crypto.com fees structure
  • Can be operated only through mobile apps.

Conclusion

With so many cryptocurrency trading platforms out there, making the right choice is never going to be easy. However, those who understand cryptocurrencies in general and crypto trading platforms in particular, have reasons to believe that it is a trusted, reliable, and proven service provider.

They are known to make use of the best of technologies and they are headed and run by a team of 19 professionals who know quite a few things about cryptocurrency trading, the platforms, and other such things. Yes, some people are a bit unhappy that they are not able to offer trading platforms for those who prefer computers and laptops. The management must be aware of this and must be taking necessary steps on this count.