Ripple is the name given to a digital currency. Its shortened form is XRP. Just like many of the other cryptocurrencies around, you can also use this one as a means of exchange. You can find many platforms and online shopping sites accepting Ripple as means of exchange today.
You can equally exchange it on exchange platforms to other cryptocurrencies or fiat currencies. Ripples can completely replace the use of PayPal, SWIFT, and several other payment systems. Furthermore, you can trade Ripples the same way you trade other cryptocurrencies and fiat currencies.
Ripple Day Trading Canada
In the remaining part of this write-up, you will learn one or two things about ripple day trading in Canada.
Why is Ripple tradable?
For one, Ripple is a volatile instrument and this makes it tradable. Its volatility means that it gives opportunities to buyers and sellers both long-term and short-term. When we talk about Ripple day trading, we mean CFD trading.
CFD trading enables you to make a profit by buying or selling this cryptocurrency. You will also not have to buy and store the cryptocurrency before you can trade with it in CFD trading. The initial value of the cryptocurrency was $0.01 but it rose to $0.3 in 2017.
The transaction time for Ripple is faster than that of bitcoin, which is one other feature that makes it tradable. Its incomparable energy efficiency is one other feature that stands it out. The total number of Ripple in circulation is just 100 billion and that gives it a good opportunity to rise in value in the future.
Furthermore, you can trade Ripple via automated trading. This way, you will not have to look at your trading chart all day long. Ripple day traders in Canada can equally access leverage for trading. Consequently, they can control large trading positions using a very small amount of money in their trading accounts.
How to start trading
Before you start trading Ripple, you need to get a Ripple wallet. The wallet has the same feature as a bitcoin wallet. You will have to keep your secret key safe for future reference. You should have about 20 XRP in your Ripple wallet before you can start trading Ripple.
You do not need to search to the end of the world to buy Ripple; you can buy it directly from many of the Ripple trading exchanges around. On these exchanges, you can purchase Ripple with fiat currencies, like USD, EUR, GBP, and any other local currency.
Good examples of Ripple exchanges for Canadian Ripple day traders are:
- Bitfinex
- Kraken
- Bitstamp
You can equally use coinbase for trading bitcoin for Ripple. Once you buy Ripple from any exchange, make sure that you transfer the cryptocurrency to your wallet. It is safer in the wallet than when you leave it on the website of the exchange.
Tools you need for trading
Before you can start day trading Ripple in Canada, you will need to develop a good trading strategy. You should take time to back-test the strategy before you start using it. A good Ripple trading strategy will give you an edge in the market.
Aside from the strategy you have developed, you will also need to focus on Ripple trading news. The news can help you to make good trading decisions. Such news will enlighten you about any economic events that relate to cryptocurrencies, like government policies, market volatility, and so on.
Aside from having access to cryptocurrency-related news, you also need to know how to interpret the news.
Ripple trading offers great money-making opportunities, but it is also risky, you must only invest an amount you can afford to lose when trading Ripple. This will help to reduce the risk of trading.
