During an interview with podcaster Joe Rogan in early February 2019, Twitter CEO Jack Dorsey endorsed Bitcoin, claiming the world-famous cryptocurrency has massive potential and will likely “become the internet’s native currency”.
It’s no news that Jack Dorsey believes in Bitcoin. The interesting thing here is that in a time when the value of cryptocurrencies has seen a steady decline, the CEO of Twitter has chosen to speak up and clearly state that he still believes strongly in Bitcoin and its rising potential.
So, what do Dorsey’s recent comments really mean for South African traders? Should you be investing more in cryptocurrency CFDs? Should your eye be more BTC-focused when placing those trades?
We’ve laid out all you need to know about how to take full advantage of Bitcoin and specifically, Bitcoin CFDs.
What’s the Best Way to Take Advantage of Bitcoin’s Potential?
Two words: Bitcoin CFDs. By trading Bitcoin CFDs, otherwise known as BTC CFDs, you not only stand to gain by Bitcoin’s market rise, but even by the cryptocurrency’s fall. All you need is that correct prediction. How can you increase your chances of making that correct prediction? That’s the real question here, and we’ve got all the answers below in 3 simple steps.
Step 1: Choose the Right Trading Software
First thing’s first. To take full advantage of each Bitcoin rise and fall, you need the right software to help you know exactly when the right time is to open that trade.
Not everyone has time to sit and analyse market movements all day, so what you ideally need is the type of trading software that does all the heavy lifting for you and delivers you the right trading signals, at the right time.
Our suggestion: For South African traders, the best place to trade Bitcoin CFDs would be with FXMasterBot. Our team has fully tested all cryptocurrency trading software out there and has concluded that FXMasterBot is the best online trading software that gives you the world-class automated signals you need to make that trade. Another great advantage of this software is that it allows South African investors to make their own choice of broker – unlike most trading software that just automatically assigns you to one without giving you any choice in the matter.
The choice of broker is important, so take advantage of the options that FXMasterBot offers.
Step 2: Adjust Your Trading Strategy
As Dorsey says in that recent interview, Bitcoin is the way to go. For us South African traders, that means Bitcoin CFDs. So, how can you look out for BTC CFDs and make the best trades?
As the title suggests, you will need to adjust your trading strategy to only receive signals you want, which in this case, are Bitcoin CFDs.
Certain online trading software give you the choice of setting up a personal trading strategy. What this practically means is that instead of receiving random signals from all assets’ market movement, you will be receiving only the signals you want – which in this case, would be Bitcoin CFD signals.
Let’s take the example of FXMasterBot. Hopefully you will have taken our suggestion above and decided to create an account or already have an account with them. To adjust your trading strategy to begin receiving signals on BTC CFDs, you simply go to your settings and adjust the strategy.
This will automatically mean FXMasterBot will serve you the signals you want, at the right time.
Of course, this doesn’t necessarily limit you only to Bitcoin CFDs. You can do the same for any other asset pair or single asset you are interested in pairing with others.
Step 3: Begin Trading Bitcoin CFDs
Whether you are using trading software that connects you directly to the broker, or you are using a separate signal software and trading with your preferred broker, the process is the same. You can then check the progress of these trades like you would usually do. Don’t forget to set your take profit and stop loss s your CFD trades will automatically stop at the points you have personally set, and you will be ready to begin.
No one can deny the impact Bitcoin has had as the first and most popular cryptocurrency. Now, even though most people have lost their faith in the cryptocurrency, South African traders know all too well that the opportunity is still there. You only need to know how to be smart about it.
Jack Dorsey believes in Bitcoin. It’s time you start believing too.