Gambling and Forex Trading Using Cryptocurrencies; What You Need to Know – Crypto Economy

Gambling is one of the lesser-known applications of cryptocurrency and blockchain ecosystem. Although many online and offline services use cryptocurrencies in their activities, not many users know the details of this sector.

There are two significant categories of use cases for blockchain-based gambling. One of them is the off-chain category. In this scenario, offline or online gambling services accept cryptocurrencies as deposits for gambling.

Most of them only support BTC, but some support other famous coins like ETH, LTC, XRP, etc. They partner with other companies to convert the deposited cryptocurrency to fiat money. But some of them don’ necessarily convert and use the cryptocurrency in the native form.

The fully blockchain-based gambling category is more attractive for crypto enthusiasts. These kinds of services run the gambling service on a blockchain. They rely on smart contracts as the means to manage the gambling procedures.

Blockchain-based gambling is on a growth path, and some countries even have regulation frameworks for that, UK, Italy, Netherlands, Greece, and Belgium are some of them. After all, the challenges of accepting cryptocurrencies as payment methods remain the same. But many more gambling services are born every day to attract mainstream users to the new world. For those who are more interested in how to trade crypto assets, we will provide a more detailed overview below.

Forex Trading With Cryptocurrencies

Forex market is one of the biggest trading markets globally, supporting traders 24/7 all over the planet. Forex traders trade the world’s currency pairs. Because of the great tendency toward cryptocurrencies, many Forex brokers help these new assets for investment. Many of them accept only BTC, but there are some that you can trade in using other cryptocurrencies.

Using cryptocurrencies in Forex trading adds another layer of risk for the traders. Anyway, more risk may lead to more earning for them, too.

Forex traders who choose a trading platform that accepts cryptocurrencies, benefit from some critical features. The most important one is the decentralized valuation that makes them free from central geopolitical influences. High leverage in some services is the other impactful benefit. Furthermore, some FX Trading platforms accept low deposit amounts as little as $25, which is very useful for early traders.

The forex trading platforms that accept cryptocurrencies as payments and deposits offer a better security layer to the users. You don’t have to use your official bank account to deposit in them, that results in better security experience. Some of those platforms even support cryptocurrency trading next to FX trading that can provide a better chance of earning for traders. They also have some social trading options that give the opportunity of discussing trades and helping each other.

Forex trading using cryptocurrencies has its risks too, and the natural volatility in cryptocurrency markets is the most significant one. But it can result in more earning for traders. It is the reason that many FX trading platforms and even cryptocurrency exchanges warn users about the high risk of FX, CFD, and cryptocurrency trading.

Each user has to be careful about trading risks and challenges to prevent high losses. All of the trading platforms require users to pay attention to threats individually.

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