Ethereum is one of the most popular cryptocurrencies in the world today. If any other cryptocurrency can give bitcoin a good run for its money, it is none other than Ethereum. The cryptocurrency was introduced into the crypto world in 2014. It was, therefore, available before the “bitcoin boom”.
Ethereum is not really a currency; rather, it is a means of collateral. It provides support for smart contracts. Ethereum has been modernized over the years and its platform is more advanced. Today, virtually anyone can use the Ethereum base for creating a distributed system.
Best Ethereum Trading platforms Canada
Make money from Ethereum trading
You can trade Ethereum by acquiring the cryptocurrency when its price is low and resell when the price increases. You can also trade the cryptocurrency via CFD trading. Both enable you to make money provided you do things right. Check below for good reasons to consider Ethereum trading in Canada:
- Ethereum is very popular today and there are strong indications that it can be the future of cryptocurrency. Its popularity also tends to increase by the day.
- Many people now use Ethereum as a means of exchange. It rivals bitcoin in this regard. Consequently, its value can only increase even more in the future. Consequently, you should do all within your power to acquire more Ethereum. One of the best ways to do that is via Ethereum trading.
- You can easily trade Ethereum in virtually all the exchanges around today. This indicates that it is well accepted by all.
- Ethereum is easily accessible. So, investors will not be discouraged.
How to choose a good Ethereum trading platform
You will need to first register on an Ethereum trading platform before you can trade Ethereum. You will find many such trading platforms accepting traders and investors from Canada. Before you register on any of the brokers, find out if it is reliable or not. The tips below will help you to make the right decision when choosing a broker for trading Ethereum.
- Check for regulation: Before you register with any of the brokers out there today for Ethereum trading in Canada, first find out if the broker is regulated or not. The regulatory agency in Canada is the Investment Industry Regulatory Organization of Canada (IIROC).
- Auto-trading: If you do not have much time to analyze the market, you can go for auto trading. Look for a broker that permits auto-trading in Canada. This will allow the trades to run even if you are not available to place trades by yourself.
- Check for available leverage: Leverage allows the trader to control a large position with a very small amount of money. The leverage permitted by brokers differs from one to another. While leverage can help you to make a lot of money, it can also cause you a heavy loss. So, you should use leverage with care since it is more of a two-edged sword.
- Check the minimum deposit requirement: Before you choose a broker for Ethereum trading in Canada, find out what the required minimum deposit is. You should only go for those brokers that accept a small amount of money as a minimum deposit. This way, you will not have to risk a lot of money on Ethereum trading.
Get a good strategy
After choosing a good broker, you should also work on a good strategy. It can take a lot of time to develop a good trading strategy, but it will pay off if you get it right. Make sure you back-test the strategy before you start using it. You can do the back-testing using a demo account. Also, develop a good risk management strategy so that you can make a regular income.