Despite the popularity of Bitcoin, a lot of people are still unsure of how to trade on it. While you can trade it on certain Forex markets, it doesn't behave like traditional currency. However, it’s digital, so trading on it like a commodity doesn’t make sense to a lot of people, either.
TradingOX can to help those exact people. If you are unsure about how you go about trading Bitcoin, TradingOX might be just what you need. TradingOX takes the ambiguity and complication out of Bitcoin trading through its trading platform, letting you focus on the essential parts of Bitcoin trading instead of all the fluff.
They have modeled their entire platform around this notion. They paid special attention to their UI design during the development process. They didn’t want you to get bombarded with intimidating technical information as soon as you logged on, so they did away with that. Your dashboard interface is going to be simple and clean. There’s no information overload. You get offered the essentials you need to trade straight away, and nothing else. Of course, all of that technical information is available to you if you want it. It just isn’t in your face.
What can TradingOX Offer?
It’s easy to register with TradingOX. It uses a simple three-step registration process that strips all of the unnecessary questions away from your signup.
They're not going to ask you anything but the essential bits of information that are needed. They use this information to verify your account.
Once you’ve filled up your registration form, the team aims to have you verified that very same day so that you can get trading as soon as possible.
The team is in this because they are passionate about Bitcoin. This is what drives them to push the platform forward.
To that end, they made sure that no hidden fees or charges have been implemented at any point in the platform. They don’t want to put a financial barrier between you and the ability to trade on Bitcoin.
There are also no subscription fees. TradingOX is generally free of charge for you to use.
A lot of Bitcoin trading platfor,s are only available on a handful of different devices. The team doesn't want to limit your options like that, so they made sure that TradingOX is optional to use on all of the major operating systems.
You can access TradingOX on Android, iOS, or on Windows. Whether you want to trade from your laptop, computer, or phone, it’s available to you, as long as you have a stable internet connection and a browser.
TradingOX hasn’t been put together by a team of programmers with no Bitcoin knowledge, which is unlike a lot of other Bitcoin trading platforms out there.
The team is all fully invested in the technology and cultural significance of Bitcoin. Some of them have even been around since before the boom in 2017.
They all fully believe that Bitcoin may hold the power to make people’s lives better, and they operate with that belief in mind.
If you feel like you are in a comfortable position, then you can give some thought as to whether or not you want to start trading with TradingOX. At the end of the day, though, all you need to start trading is a bit of motivation and enough cash to fund your account with the minimum deposit required.
However, there are plenty of other resources out there that let you trade on other assets. You can trade on currencies on the Forex, or you could trade on commodities and stocks on the countless marketplaces around the web. You could even try dabbling in other Cryptocurrencies. Bitcoin is the big one and the one that some experts recommend to start with, but you can have a look at the others out there if you want to.
The signup process is simple and only takes a few minutes. You might have a few questions that you need answering before you make that commitment, though. That’s understandable. The team has put together a comprehensive FAQ section below that can hopefully provide you with the answers you’re looking for.
Bitcoin is created by the Bitcoin system. This is the most basic explanation of how it works, but it is a bit more complicated than that. Specifically, Bitcoin is created by the network to pay those that maintain the network.
These individuals are called Bitcoin miners.
Bitcoin miner is a term given to someone that dedicated hardware to the Bitcoin system. Its decentralized nature means there’s no single room of servers out there keeping everything afloat. It relies on various dedicated systems independently donated through Bitcoin software.
These computers facilitate everything with Bitcoin. A record of every single transaction is kept, coins are kept from being replicated, and more.
These processes obviously require a serious amount of computing power, which is where Bitcoin miners come in.
Miners are typically businessmen that do Bitcoin mining for a living. They buy or rent a premise like a warehouse and fill it with incredibly high-end computers. All of these computers have no function other than to facilitate the Bitcoin blockchain.
This is an extremely expensive endeavor, so the Bitcoin system thanks these miners by paying them with new Bitcoin units. Those units are then naturally circulated into the economy by the miners.
The whole thing is automated, so there’s no need to worry about some board of directors’ figurehead pushing the “make more Bitcoin” button.
There are two different types of Bitcoin wallets that you need to be aware of.
Hot wallets are the most commonly used by the Bitcoin community. This type of wallet always has an internet connection, which makes them incredibly convenient.
There are countless hot wallet options out there, so this should be the first type of Bitcoin wallet that you set up.
The second type of wallet is called a cold wallet. Cold wallets do not have an internet connection. This makes them more secure, but it means that you have to put in some effort to move Bitcoin to and from it.
Both wallets serve different kinds of needs, so analyze your own situation before you make your decision.
Yes. At some point in the future, Bitcoin is going to run out. The blockchain network has a hard limit coded into it relating to a certain amount of coins minted. Once that hard limit is reached, the system is going to stop producing coins.
This event isn’t going to happen until about 120 years into the future, though. It’s so far away that it doesn’t even play a part in Bitcoin’s modern valuation.
A lot of Bitcoin traders don’t even know that the coin is finite, and that’s okay. It’s something that exists, but you don’t need to think about it in the least.
Treat your trading like you would treat gold. Gold is finite. At some point, all of the gold on earth is going to be mined. However, it’s such a dramatic event that it bears no significance on the way people view the value of gold.
Decentralized is a buzzword that gets thrown around a lot in the Bitcoin world. What it actually means is a bit complicated, though.
Decentralized refers to whether or not the currency has a power center. The dollar, for example, is a centralized currency. It is controlled by the Bureau of Engraving and Printing.
This Bureau controls how many dollars are printed and when to print them. It has ultimate power over the currency.
Bitcoin, on the other hand, does not have a power center like this. The production of Bitcoin is controlled by the network, meaning there is no human interference.
It is also on a particular schedule, so there is no control over when it’s created.
This decentralized aspect of Bitcoin makes it significantly safer than traditional currencies. There is less risk of Bitcoin becoming hyperinflated. Without being controlled by one institute, it is considered to be much more stable.
TradingOX doesn’t have Bitcoin storage capabilities. You cannot keep any actual Bitcoins on your.
However, there is a popular way to do it. The industry standard for Bitcoin storage is through the use of wallets.
Bitcoin wallets are storage devices that contain specific software capable of storing Bitcoin. These devices can be anything from USBs to hard drives.
Storing your Bitcoin with an external wallet has a few advantages.
First and foremost, it’s very convenient.
When you use a Bitcoin wallet, you can move Bitcoin to it from different sources.
Not only does this make it easier to manage your Bitcoin, but it makes it easier to use it, too. Spending money from a Bitcoin wallet is a quick process and something that you can’t do from your TradingOX account.
You should always exercise caution when you’re dealing with money. However, there is one specific aspect of Bitcoin that you need to treat with extreme caution, and that’s trading platforms. Specifically, storing your Bitcoin on these sites.
That said, don’t misunderstand it as saying that trading sites aren’t trustworthy because a majority of the big ones you come across are. You’re not going to get scammed on sites like these by another trader, either.
These sites, however, lack in security when compared to Bitcoin wallets. This would be fine if you used the site strictly for trading and moved your Bitcoin off of it as soon as you bought it, but not everyone follows that golden rule.
There have been a handful of times in Bitcoin history when a site like these were compromised. Some people had to deal with losing a new hobby that they had just started. It’s rare, but it has happened.
Therefore, if you do use a Forex-style site to buy Bitcoin on, just make sure you don’t store your coins on it.
Remember, the greatest defense you have when it comes to Bitcoin security is your own common sense.
If something seems too good to be true, it probably is. Don’t trust someone on a random forum asking you to trade but making you send the coins first.
Be sensible, and you should never have to deal with any kind of Bitcoin security concerns.
Yes, Bitcoin is only one type of currency from a group known as “cryptocurrencies.”
Cryptocurrencies, or crypto for short, are all digital like Bitcoin but don’t all follow the same technological conventions.
Despite those differences, all cryptos can be bought and sold just like Bitcoin can.
Bitcoin is the go-to as a result of the 2017 boom, but there’s nothing stopping you from trading other currencies like Ethereum, Ripple, or Bitcoin Cash.
All cryptocurrencies are stored the same way, and all of them stay out of the mainstream banking system, so the advantages of one are the advantages of all.
Well, it’s almost hyperinflation proof, but is that all there is to decentralization?
No, there is an entire rabbit hole related to decentralization that goes deeper than the team cares to admit.
The most important aspect that the team wishes to highlight, though, is the fact that it means your Bitcoin is private.
When you operate with Bitcoin, you function with complete anonymity. Your Bitcoin wallet is private and encrypted. Not even the wallet provider can have a look in.
This becomes more relevant when you start talking about the relationships between banks and governments.
Despite what you might think, your bank account is far from private. Not only does the bank have complete access and control over the account, but so too does the government.
If Uncle Sam thinks you’re up to no good, it has the power to freeze your bank account – whether or not it has proof of any wrongdoing.
Not only that, but it can also seize the assets in your bank account for a variety of reasons.
At TradingOX, they firmly believe that there is no way to justify an authoritarian body having that much power over your finances. You are entitled to the fruits of your labor before any other factors come into play.
Bitcoin might make that ideal a reality. The banks can’t see what you’re doing with Bitcoin, and neither can the government.
There are a lot of people out there that appreciate that privacy, which is partially why Bitcoin has become so popular.