We’re extremely excited to announce two new additions to our cryptocurrency product range: Ethereum (ETH/USD) and Litecoin (LTC/USD).
This comes hot on the heels of the BTC/USD instrument we launched last month, meaning that you can now trade the world’s leading digital currencies on our MT5 platforms for desktop, web, and mobile.
What is a cryptocurrency
A cryptocurrency is a type of digital currency that relies on cryptography techniques and a variation of the blockchain technology (a kind of ‘public ledger’) to secure its transactions.
Cryptocurrencies are:
- Anonymous – Transactions can take place without any exchange of personal information
- Decentralised – No government agency or bank controls it, and there can be no central point of failure. Instead, it’s maintained by a peer-to-peer network
- Almost impossible to counterfeit – The technology that powers cryptocurrencies record each transaction. Several copies of the transaction are available, and can be verified by anyone
Bitcoin, Ethereum, and Litecoin are some of the most popular cryptocurrencies around.
| Bitcoin | Litecoin | Ether | |
|---|---|---|---|
| Created | 2009 | 2011 | 2015 |
| Why it’s popular | The world’s first-ever cryptocurrency. Pioneered the technology that underpins all new cryptocurrencies that have emerged since then. | Seen as an improved, faster version of Bitcoin. Taking the lead in breaking through the technological constraints experienced by Bitcoin. | Touted as next big thing. Appreciated in value by more than 3000% in this year alone, largely due to the potential of its ‘smart contracts’ –– scripts of code that can be deployed in its underlying technology. |
| Estimated market cap | Over $46 billion | Over $1.5 billion | Over $24 billion |
| Coin limit | 21 million | 84 million | Unlimited |
| Exchange symbol | BTC | LTC | ETH |
How to trade Bitcoin, Ethereum, and Litecoin on MetaTrader 5
Are you ready to start trading cryptocurrencies on our MT5 platform? Find out what cryptocurrencies are and how to trade them on the Binary.com MT5 platform.
Here’s what you need to do:
- Log in to your MT5 account
- Right-click the Market Watch window and select ‘Symbols’
- Select ‘Crypto’ from the list in the ‘Symbols’ window.
- Click on each symbol that appears and click ‘Show’ to add them to your Market Watch window.
- Now, go back to the Market Watch window. Right-click on the cryptocurrency symbol you’d like to trade, select ‘New Order’ and start trading.
Cryptocurrency contract specifications
| BTC/USD | ETH/USD | LTC/USD | |
|---|---|---|---|
| Max leverage | 3:1 | 3:1 | 3:1 |
| Spread | Variable | Variable | Variable |
| Minimum volume | 1 | 0.1 | 1 |
The rise in the valuation of Bitcoin means that cryptocurrencies are set to explode this year. Bitcoin has already seen a 500-fold increase over the last five years, and reached a record high in June this year as the price per bitcoin surged above USD 3,000 for the first time.
Digital currencies truly represent an exciting frontier for new and seasoned traders alike.
Join the uptrend before it’s too late.
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