Bitcoin Crypto Currency Online Trading - BTCUSD Symbol
Bitcoin cryptocurrency is popularly traded and transacted in the online financial markets. Because Bitcoin price is determined and quoted in terms of US Dollars at any one time. Anyone can then buy or sell Bitcoin either physically in the form of Bitcoins using a Bitcoin wallet or using the more popular method - selling and buying Bitcoins online in the form of contracts.
In buying and selling Bitcoin bitcoin online trading - a trader has to look for an online Bitcoin Broker, the Bitcoin broker then will provide you access to trading Bitcoin online. The Bitcoin that will be traded will be traded as a contract; once a trader buys a contract of Bitcoin, the BTCUSD trader then will make a profit or loss depending on the direction that the price of Bitcoin will move in. If a trader buys a contract of Bitcoin and the prices of Bitcoin move up then the bitcoin trader will have made profit from the price difference and they can close out their buy trade of the Bitcoin contract and book their profits. However, if a trader buys one contract of Bitcoin and the price then moves downward then the trader will accrue a loss once they close out their open contract at a lower price.
Bitcoin contracts online are traded the same way as shares or stocks, investors will make money when the value of their shares or stocks moves up and make a loss if the price of their shares or stocks moves down.
Bitcoin Contracts
In online Bitcoin trading, Bitcoin is traded as a contract; one contract of Bitcoin is made up of 1 unit of Bitcoin - 1 Bitcoin. Therefore, when a trader is online - they will be buying/selling a contract and lot that is equal to 1 Bitcoin.
The prices of Bitcoin will be quoted by the online Bitcoin broker and a btcusd trader can buy/sell Bitcoin contracts at the current quoted price. The current bitcoin price quoted is the prevailing Bitcoin market price.
In online Crypto BTCUSD is traded and represented by the format - BTC
Because Bitcoin is quoted against the USA Dollar, the trading symbol will be BTC/USD Crypto; meaning the price of Bitcoin quoted against the USA Dollar.
Price of Bitcoin - Bitcoin Price Quotes
The Price of Bitcoin is quoted as show above using the Bid and Ask Price
- Bid is the price at which you buy
- Sell is the price at which you sell
The trading symbol of Bitcoin is BTCUSD, but in the above example it is written as Bitcoin.
The current price quote of Bitcoin is 5530.990
This means that a btc/usd trader who wants to buy one contract of Bitcoin would buy at the price of 5530.990
Bitcoin is quoted using 3 decimal digits in the case above the last two decimal digits are .990
The last decimal point is used to calculate the profit & losses of trades, the last point is known as a 1 pip or one point.When trading Bitcoin one pip represents a movement of $1 dollars
If the price were to move up from $5530.990 to $5531.990 this would represent a price move of one dollar, and because Bitcoin is traded in contracts of 1 unit of Bitcoin, this $1 dollar would be equal to $1 dollar profit.
Because a move from $5530.990 to $5531.990 represents 1000 decimal points moves, this means each decimal point digit represents a profit equivalent to $0.001 per 1 pip (0.001 price move).
Opening a Bitcoin ==22==CryptoCryptoCurrency Chart
To open a Bitcoin trading chart, a trader can open this chart from the Bitcoin trading platform, MT5 platform from the "File menu as shown below. Then select New Chart option.
Opening Bitcoin Chart in MT5 Software Platform
A trader can then choose & select Bitcoin - BTCUSD, from the "Cryptocurrencies" option shown below after clicking the "New Chart" option.
Opening BTCUSD Chart on MetaTrader 5 Platform Software
More Tutorials & Topics:
- ADX Technical BTC USD Technical Indicator
- How to Learn How to Use MT5 Trade Software
- How ==22==CanDo You Analyze/Interpret MetaTrader 5 BTC USD Chart Data from ==22==MetaTrader--5 BTC USD Chart Data Window?
- Bitcoin Trade Account Login MT4 Requirement
- Average True Range Technical BTC USD Technical Indicator
