Bitcoin Singapore – Bitcoin trading in Singapore
Are you thinking of investing in Bitcoin in Singapore? If you have been watching the financial news lately, you might have heard about the exponential rise in the world’s most known cryptocurrency. So a lot of people in the Singapore are thinking “Should I invest in Bitcoin in Singapore?”. Before jumping to any quick conclusion, let us have a quick view on different aspects of Bitcoin. After that, it will be automatically clear, whether you should trade bitcoin in Singapore.
What is Bitcoin?
Bitcoin is a kind of digital currency, also known as the cryptocurrency. The term Cryptocurrency means that it is a highly encrypted currency, that cannot be hacked or compromised with. Like any other currency, it can also be exchanged, and its price keeps fluctuating in relation to other major currencies like USD, EURO etc. This brings the opportunity for trading on its price fluctuation and earn. All the conventional currencies are centralized, which means they are controlled by a central bank. For example, Singapore Dirham is issued by United Arab Emirates Central Bank. Whereas Bitcoin is decentralized, meaning there is no central bank, country or government managing it. That means it is not susceptible to government or any central bank mismanagement. Let us discuss some Pros and Cons of Bitcoin, before finally jumping onto the topic “Bitcoin in Singapore”.
Pros of Bitcoin
- Easy to send money – Money can be sent or received instantly over the internet without having to go through any bank intermediary. Hence no bank charges involved.
- Limited supply – There is a maximum limit to Bitcoin that can ever be mined. This limits the amount of bitcoin that can ever be produced. This is different from traditional currencies which are printed as required by governments. This limited supply is the reason that helped to contribute to the rise in the price of Bitcoin.
- Private – some people think Bitcoin transaction is anonymous, but actually, it’s more private. The transaction made can be seen on the blockchain – the public Bitcoin ledger. But the name and identifying details behind the transaction cannot be seen. Most people like this private transaction.
- No transaction fees – Unlike all the bank cards VISA or MASTERCARD, a merchant accepting Bitcoin does not have to pay any hefty fees.
Cons of Bitcoin
- Risky and sharp price fluctuation – Bitcoin has shown a steady rise for several months, then falling 20 -40% over few days.
- Bitcoin trading goes on all seven days a week and 24 hours a day, and the price keeps fluctuating. Sometimes a small global news can send the price tumbling down.
- So, it’s basically not stable as there are a lot of unknown factors that may affect the price abruptly. The important rule here is “Don’t put any money into Bitcoin which you can’t afford to lose.”
- Bitcoin transactions are not reversible – Unlike a payment made by credit card, Bitcoin transactions are not reversible. So if you send Bitcoin to the wrong person, you can not retrieve it back.
- Lost wallet – There are lots of stories from people who have lost their Bitcoin wallet address through computer crash, virus-infected computer and stolen computer, thus losing all their money in Bitcoin wallet.
For the above-discussed reasons, you really have to know what you’re doing and take the time to research how to buy and store your Bitcoins properly. Always keep a hard copy of your wallet address at a safe place. Now, you are better informed about Bitcoin and other Cryptocurrencies and can take a decision on investing on Bitcoin in Singapore.
Account with IQ Option to trade Bitcoin
Trading Bitcoin in Singapore with IQ Option
If you have gone through the above discussion, you might have realized that there are high risks involved while trading or investing in Bitcoin in Singapore. There are many ways to invest in Bitcoin in Singapore.
You can start trading Bitcoin in Singapore conveniently in a safe and secure environment with IQ Option. IQ Option complies with regulators in the Europe and the UK. Thus you can rest assure to trade in a safe and transparent trading environment. IQ Option has recently started to offer Bitcoin trading in Singapore on its advanced trading platform. The trading platform helps you take a better trading decision with its integrated indicators and analysis tools.
Steps to start trading Bitcoin in Singapore
1 . Sign up for a trading account with IQ Option
2. Get your account verified and make a deposit
3. Start trading Bitcoin on IQ Option trading platform
Steps to buy Bitcoin in your E-Wallet
In order to invest in Bitcoin, the investor has to understand the Bitcoin Wallet, the type of Wallets etc. It is important to maintain your Wallet securely on your computer. Open your account for a Bitcoin Wallet. Buy Bitcoins and store them in your wallet. You have to wait for the price appreciation to get profit.
- Open an E-Wallet for your Bitcoins
- Buy Bitcoins from coin exchangers and store them in your wallet
- Sell them through exchangers or directly to earn the profit, when you see price appreciation.
Alternately, the traders can open an account with IQ Option to start trading Bitcoin. There are a number of technical indicators available on the trading platform to help you take a better decision and increase your potential profit. IQ Option provides most competitive spread in the industry while trading Bitcoin. Start trading Bitcoin and other Cryptocurrencies with IQ Option with the simple account opening process.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK.