Cryptocurrencies are highly volatile assets where you can make high profits or losses. Pocket Option offers more than 20 different cryptos to trade on their platform.
This guide is designed to help you kick-start your cryptocurrency trading journey using Pocket Option. We will cover the basics of crypto trading, how to begin on the Pocket Option platform and provide valuable strategies and tips to succeed in this dynamic market.
Important key facts
- Pocket Option offers more than 20 different cryptocurrencies to trade.
- Cryptocurrencies are used as underlying assets for trading Binary Options.
- The return per trade can be high up to 92%.
- Cryptocurrencies can be traded 24/7 on the Pocket Option platform.
- Besides trading, cryptocurrencies are available for deposits and withdrawals.
(Risk warning: Trading involves risks)
Trade Crypto on Pocket Option – Step by Step Tutorial
If you are looking to dive into the world of cryptocurrency trading, Pocket Option offers a user-friendly platform that allows you to trade a variety of cryptocurrencies. In this comprehensive tutorial, we will lead you through the step-by-step procedure for trading cryptocurrencies on Pocket Option.
1. Choose the underlying crypto asset
The first step is to select the cryptocurrency asset you want to trade. Pocket Option provides a diverse selection of cryptocurrency pairs, encompassing assets such as Bitcoin (BTC), Litecoin (LTC), Ripple (XRP), and numerous others. You have the flexibility to select an asset that suits your familiarity or aligns with your trading strategy.
2. Make a forecast of the price
Once you have selected your preferred cryptocurrency asset, it is time to make a price forecast. Decide whether you anticipate the price of the selected asset will increase or decrease within a designated time frame. This is a crucial decision that forms the basis of your trade.
(Risk warning: Trading involves risks)
3. Choose the expiry time of the trade
Pocket Option allows you to set the expiration time for your trade. You can pick from a variety of timeframes, such as minutes or hours, depending on your trading strategy. Short-term traders may opt for shorter expiry times, while long-term investors might choose longer ones.
4. Choose the investment amount
Before executing the trade, decide on the amount you want to invest. It is crucial to exercise prudent risk management by investing only funds that you can afford or manage to lose. Pocket Option provides options for both small and large investments, making it accessible for traders with various capital levels. You have the option to commence trading with as little as $1 per trade.
5. Invest into rising or falling crypto prices
Now that you have made your price forecast, selected the expiry time, and determined your investment amount, it is time to execute the trade. Here is how:
If you anticipate that the price will increase, select the “Call” option. This means you are buying the cryptocurrency contract, expecting its value to increase within the chosen expiry time.
If you anticipate the price will fall, choose the “Put” option. This means you are selling the cryptocurrency contract, speculating that its value will decrease within the selected expiration time.
6. Wait for the result
After placing your trade, all that is left to do is patiently wait for the outcome. Keep an eye on your open trades within your Pocket Option account. When the selected expiry time is reached, your trade will automatically close.
You will secure a profit when your prediction is accurate and the price moves as you expected. The yield you receive depends on the extent of the price movement and your initial investment.
However, if your forecast proves incorrect and the price does not behave as anticipated, you will experience a loss. Importantly, this loss is confined to the initial investment you made, which aids in effectively managing your risk.
Remember that cryptocurrency markets can be highly volatile; it is crucial to have a well-defined trading strategy, practice risk management, and stay informed about market developments. Perpetual learning and the ongoing enhancement of your trading abilities will significantly contribute to your success as a cryptocurrency trader on the Pocket Option platform.
(Risk warning: Trading involves risks)
Strategies to trade crypto on Pocket Option
When it comes to trading cryptocurrencies on Pocket Option or any other platform, having a solid trading strategy is essential. Here are some trading strategies specific to crypto trading:
Trend following
This strategy involves identifying and following established trends in the crypto market. During upward trends, traders engage in buying, while in downward trends, they initiate selling, often using technical indicators to validate these price movements.
Swing trading
Swing traders strive to harness price fluctuations that occur over several days or weeks, identifying entry and exit opportunities through a blend of technical and, at times, fundamental analysis.
Scalping/day trading
Scalpers make very short-term trades, often within minutes or seconds, aiming to profit from small price movements. Scalping requires quick decision-making and execution.
How much can I earn when trading crypto on Pocket Option?
Potential returns in crypto trading on Pocket Option vary depending on several factors. These include market volatility, the accuracy of your prediction, the investment amount, and the specific cryptocurrency traded. However, Pocket Option typically offers impressive returns ranging from 70% to 92% on successful trades.
Can you deposit and withdraw crypto on Pocket Option?
Indeed, in addition to Ethereum (ETH) and Litecoin (LTC), you can also deposit on Pocket Option and withdraw through cryptocurrencies like Bitcoin (BTC), Ripple (XRP), and Bitcoin Cash (BCH) on Pocket Option.
Withdrawals can also be made in cryptocurrency, providing flexibility for traders.
(Risk warning: Trading involves risks)
Risks of crypto trading
Trading cryptocurrencies entails various risks that individuals considering participation should be well-informed about. These risks include:
Price volatility
Cryptocurrencies are renowned for their remarkable price volatility, with the potential for significant price swings in a short timeframe. Traders must be ready for abrupt and unforeseeable market shifts.
Regulatory uncertainty
The cryptocurrency market remains relatively youthful and often lacks comprehensive regulatory oversight in various regions. This situation can expose traders to fraudulent activities, scams, and untrustworthy exchanges. Engaging in thorough research and selecting reputable platforms to mitigate such risks is vital.
Market manipulation
Due to the lack of regulation, crypto markets can be vulnerable to manipulation by prominent players or whales. Pump-and-dump tactics and price manipulation have the potential to result in losses for traders who are not vigilant.
Psychological factors
Trading can take an emotional toll, often leading to impulsive decision-making and excessive trading activity. It is essential to have a clear trading strategy and stick to it to avoid emotional reactions to market fluctuations.
Inadequate knowledge
Trading without a thorough understanding of the market and the assets you are trading can lead to significant losses. Educating oneself and maintaining constant awareness of the cryptocurrency market is of utmost importance.
(Risk warning: Trading involves risks)
Why choose Pocket Option for crypto trading?
The biggest advantage is that Pocket Option offers you more than 20 different cryptocurrencies to trade. Also, you can make the quickest deposit and withdrawal from this platform with methods such as MasterCard, Visa, Web money, etc.
A highly liquid and reliable platform for all those traders who wish to trade and earn maximum profits. This platform has seen a volume of more than $11M in a month.
You receive amazing customer support, which is ready to solve any problem in only 26 seconds, as claimed by the website.
The platform allows short sales for traders so that they can benefit from the ever-changing market and gain ultimate control over their trading sessions. You can trade from the website, iOS and Android apps, as well as a desktop which makes it accessible at all times.
Demo accounts are available for all clients, whether they are beginners or experienced. This feature helps the customer learn certain strategies or study the market trends and usage of certain instruments and tools.
(Risk warning: Trading involves risks)
Pros and cons of crypto trading on Pocket Option
- User-friendly Platform
- Diverse cryptocurrency selection
- Diverse deposit and withdrawal alternatives
- Flexible expiry times
- Beginner-friendly
- Inherent risks
- Limited educational resources
- Limited cryptocurrency selection
Pros
- User-friendly Platform
Pocket Option provides a variety of intuitive trading interfaces, ensuring accessibility on a wide range of devices and operating systems. Whether you prefer trading via the web, on Windows, iOS, or Android, Pocket Option caters to your requirements, enabling you to engage in smooth and uninterrupted trading from your chosen device.
- Diverse cryptocurrency selection
A broad range of cryptocurrencies ensures you can trade the assets you are most comfortable with, like XRP, LTC, SOL, ETH, and many more.
- Diverse deposit and withdrawal alternatives
Pocket Option offers support for various deposit methods, enhancing the convenience of funding user-trading accounts. Whether you favor cryptocurrencies, electronic Wallets, wire transfers, credit cards, or debit cards, the platform embraces a diverse array of payment alternatives, ensuring versatility and user-friendly accessibility.
- Flexible expiry times
Choose from various expiry options to tailor your trading strategy. The shortest option is 5 seconds, while the maximum is 4 hours.
- Beginner-friendly
Pocket Option is a suitable starting point for newcomers to the crypto trading arena. It offers features like social trading, educational webinars, and nominal fees.
Cons
- Inherent risks
Similar to all types of trading, cryptocurrency trading involves inherent risks characterized by the potential for highly volatile price movements.
- Limited educational resources
Pocket Option offers limited educational materials compared to some other platforms.
- Limited cryptocurrency selection
While the platform covers popular cryptocurrencies, it may have a narrower selection compared to dedicated cryptocurrency exchanges.
Conclusion: Crypto trading is available on with Pocket Option
Trading crypto on Pocket Option can be an exciting way to participate in the cryptocurrency market’s price movements. However, it is essential to understand the risks involved and develop a sound trading strategy. Always start with a demo account to practice before risking real funds, and consider seeking advice from financial experts if you are new to trading.
(Risk warning: Trading involves risks)
FAQ – Frequently Asked Questions
Is Pocket Option a reliable platform for crypto trading?
Yes, Pocket Option is a reputable platform known for its user-friendly interface and versatile asset selection. Nonetheless, it is imperative to remain cautious and conduct thorough research prior to engaging in trading activities.
How do I sign up for an account on Pocket Option?
To create an account on Pocket Option, visit the platform’s website, click on “Sign Up,” and follow the registration process, which typically includes email verification.
Can I trade cryptos 24/7 on Pocket Option?
Yes, Pocket Option offers 24/7 access to cryptocurrency markets, aligning with the round-the-clock nature of crypto trading.
Are there fees for cryptocurrency deposits and withdrawals on Pocket option?
Pocket Option may impose fees for cryptocurrency deposits and withdrawals, which can vary based on the specific cryptocurrency and platform policies.
What is the minimum investment amount for crypto trading on Pocket Option?
Pocket Option accommodates a wide range of investment amounts, with the flexibility to start trading with a relatively small capital of $1 on crypto trading. The minimum investment amount may differ based on the chosen asset and the type of trade.
Christopher Brownlee
says:I have a question do pocket options have a customer service number that I can call because I have tried to get in contact with a representative