Weekend trading is the ideal solution for those who work during the week and do not have enough time for trading. While it is true that with the latest generation of trading platforms you can set up stop loss and take profit orders to automatically close positions that have been either successful or not. On the other hand, there is still the need or simply the desire to follow the market personally and to seize new opportunities on the fly.
For those who wish to trade during the weekend, ie Saturday and Sunday, when all markets are usually closed, well now it is possible to do so with cryptocurrencies.
To trade on cryptocurrencies during the weekend we use this popular trading platform that allows you to communicate with other users and also copy the experts that you can choose from specific ranks. As you can see, it’s also perfectly legal in the US.
Cryptocurrencies: an opportunity to make a profit during your free time
Okay, not everyone has the full weekend off but on Saturday and Sunday, most of you will definitely have a few hours of relaxation. Everyone chooses how to use their free time but if trading is your passion, you can now consider trading with cryptocurrencies during the weekend.
Don’t you know what cryptocurrencies are?
Maybe not everyone knows what cryptocurrencies are but surely at least one of you have already heard of Bitcoin. These are virtual coins that are not issued by any mint and can be bought from the Bitcoin platform. You can use these to trade for goods or services. See also the complete cryptocurrency trading guide (updated 2019)
The most important thing to do for trading is the fact that Bitcoin, as well as the other cryptocurrencies, are quoted and have exchange values in dollars. This means that it offers upward or downward trading opportunities based on their value.
In this article, we will learn the most important features of cryptocurrencies for trading purposes and go into more detail on specific elements for each of them.
Characteristics of cryptocurrencies used for trading
Why should you consider cryptocurrency trading?
As we have already pointed out at the beginning of this article, one good reason to do so is that cryptocurrencies allow you to trade over the weekend.
Considering that the markets are usually closed on Saturdays and Sundays, the opportunity to “be active” in order to get some extra income is very attractive. Of course, always remember that these are financial assets so in addition to the potential profits, you will always have to consider the possible losses.
However, by using stop-loss protection and brokers with negative balance protection, you can avoid losing everything just because you forgot to control a position.
The second reason why you should consider cryptocurrency trading is because of dynamism.
Cryptocurrencies are very volatile so negotiating with their price can give important economic results in a very short time. This means that their value can undergo changes without taking into account the high speed and general strength. In this regard, remember that the force of a price change represents the question of how much, while the speed represents how fast.
However, these are not electrocardiograms or seismic measurements so such price changes can occur within a few days or even a few months (when there is more “stability”). However, there may be days when there are significant variations. These variations may depend on various factors that you can gradually specialize depending on the cryptocurrency or cryptocurrencies that you will be negotiating with.
The third reason is for those who wish to commit themselves.
As cryptocurrency trading is still quite fresh and “unexplored”, it is a great opportunity for those who want to study the factors that affect prices and anticipate the market based on their knowledge, interpretations, and conclusions. You could do it just for yourself, for the purpose of your trading, or even offer “training” to other users and traders based on the channels you prefer (your blog, an ebook, a book, a YouTube channel, etc..).
When can you trade with cryptocurrencies?
You can do cryptocurrency trading depending on the hours that the broker is active but at most, it can be done for almost 24 hours a day, 7 days a week. In fact, the only time you cannot trade on any cryptocurrency is from 12 noon to 2 PM on Sunday. During which, among other things, you are usually busy for lunch. So, let’s say that that is also a good break for those who wish to enjoy Sunday lunch in peace.
Brokers that are “open” during the weekend
Broker: eToroMinimum Deposit: 200 €License: Cysec 109/10
*Terms and Conditions apply **62% of retail CFD accounts lose money
- Copy the BEST Traders
- TOP crypto choice
Suppose you are interested in evaluating weekend trading and want to do so on a risk-free basis using a demo platform with fake money.
List of the best trading platforms with cryptocurrencies
So how do you do that?
Simple. Through platforms that provide weekend trading:
eToro it’s a very popular social trading platform. Social, of course, because you can use it as Facebook or Twitter. You can post your trading ideas, read and also comment the others’. The function copytrade allows you to copy the experts, paying just an extra spread. You can choose the expert traders with specific ranks. Very useful and easy to use. Highly recommended especially for the beginners.
Plus500 offers weekend trading on six different types of encryption: Bitcoin, Ethereum, Litecoin, Ripple, NEO, IOTA, and Monero. The Plus500 platform has a very intuitive display so it is easy to use and all of its features are easy to understand and call. You don’t have to make a deposit to use the demo account. A minimum deposit of €100 is required for the real account which is still fully usable for trading.
Markets.com currently allows you to trade with Bitcoin, Ethereum, Litecoin, and Dash. More may be added to these in the future. Markets.com offers the possibility to trade via two different platforms: MetaTrader and WebTrader. MetaTrader is the world’s most widely used professional trading platform dedicated to experts and constant users of technical analysis tools. Even for Markets.com, the demo account is free and does not require deposits. The (optional) changeover to the real account requires a minimum deposit of €100, which can be fully used for trading.
IQ Option allows you to trade with encrypted currencies by buying CFDs from the market and then resell them at the time you consider most appropriate. Currently, IQ Option allows you to open only buying positions and close them at a preferred later date. The cryptocurrencies offered for trading during the weekend are Bitcoin, Dash, Ethereum, IOTA, Litecoin, and Ripple. The trading platform is graphically very appreciable, as well as professional. IQ Option allows you to trade from $1 and start with a minimum deposit of only €10. Also, this broker, like the previous ones, offers the possibility to practice trading through a free demo without making any deposit.
Crypto trading: with which cryptocurrencies can you trade?
Today you can trade on a good number of cryptocurrencies thanks to the best online brokers who have shown themselves ready to offer their customers this new opportunity to trade.
The main cryptocurrencies are Bitcoin, Ethereum, Litecoin, and Dash. In addition to these, there are others that are gaining more and more importance, such as Ripple, NEM, and IOTA.
Let’s discover them one by one:
Trading with Bitcoin
The Bitcoin is the most famous and the most widely used cryptocurrency that has made the most of itself. In fact, it has seen numerous fluctuations in value, even significant (double-digit!) in a few days, although its strength has made it go from $ 1000 to $ 2000 in a few months, with very large capitalization. It is a cryptocurrency that enjoys more credit from markets and users and has currently used as a form of payment in Japan. It is no coincidence that large companies such as JP Morgan are also interested in trading Bitcoins.
Trading with Ethereum
Ethereum differs significantly from Bitcoin in the sense that it is used as a payment method, Ethereum focuses on the exchange of smart contracts and is precisely this characteristic that has led it to have a very high and constantly growing market capital. Many believe that Ethereum is laying important foundations for the future and for its value. Factors that play in its favor include support from major companies and the formation of the Enterprise Ethereum Alliance (EEA) group. These factors are compounded by the new levels of popularity achieved by Initial Coin Offerings (ICO), and the growing interest of major technology giants such as Microsoft and Intel. The icing on the cake is the possibility of future regulation that would effectively limit the abuse of these currencies.
Trading with Litecoin
At first, it was thought that Litecoin would take the place of Bitcoin, especially after being sponsored by important American media that include the Wall Street Journal and CNBC. This was created with the same rationale as Bitcoin along with the intention of improving it. Although it hasn’t exploded as much as you thought, it periodically gains interest, currently becoming the fourth cryptocurrency by capitalization. Speaking of volatility, Litecoin, for example, in just three months in 2017, achieved an increase of 1200% (note the four figures) from $ 4 to over $5 with a capitalization increased just as powerfully and thus breaking through the share of $ 1 billion in the same year. In the future, the implementation of the “Segwit” scaling solution and Bitgo’s support for trade security will have to be considered carefully and positively for bitcoin quotations.
Trading with Dash
Trading with Ripple
Ripple is a system that is also used by very large companies such as UBS, Unicredit, and Santander. The very basis of choosing it is the presence of some important advantages over other cryptocurrencies that include a greater focus on the security of transactions, which at the same time, are also instantaneous, low-cost and valid throughout the world. This feature differentiates them very much from the most famous Bitcoin, which, instead of having waiting times for payments that need to be confirmed by human figures. Ripple has evolved to become the third virtual currency by capitalization after the giant Bitcoin and Ethereum.
Do you wish for more information regarding cryptocurrencies and how they work? In this case, we suggest you read the second chapter of our complete cryptocurrency guide.
Advantages of Weekend Trading
Weekend trading, which is a general feature of cryptocurrencies, has objectively some advantages.
The first advantage is that you have more time to follow your trades. You have fewer distractions and less stress, which is usually due to trading in conjunction with work in the office and with the possible addition of having to do daily chores (queues, expenses, meetings, etc..). Time also brings more freedom and concentration, for example, to devote your time, in addition to following the market, to establish the connections between changes in the price of assets and events that could affect them.
The second advantage is to be able to operate with regulated, secure brokers that offer the possibility to practice as long as you want through a demo platform. With the demo, you can practice using virtual money (not to be confused with cryptocurrencies) and then learn or simply perfect your trading strategies. See also “best cryptocurrency trading platforms“.
The third advantage is actually included in the second but it should be noted that you can trade without commission using the top online brokers in the industry.