Over the last year, the prices of cryptocurrencies have increased steeply as more and more investors decided to participate in the digital currency boom. The price of Bitcoin which topped the $1,000 mark on the first trading day of 2017, after appreciating 100 percent in the previous year, hit a high of $19,843 last year. The digital currency is currently trading at around $8,590. The prices of other major cryptocurrencies have also seen tremendous growth. Ethereum Classic, the second most liquid cryptocurrency in the world, was worth just $10 in the beginning of last year. Currently, Ethereum is worth more than $500. Ethereum Classic is a fork of Ethereum and it currently trades at $19.
The tremendous growth in people’s interest in cryptocurrencies can be attributed to its decentralized nature and the lack of any kind of regulation. The recent developments around the world in political and financial fronts have also contributed to heightening their appeal. This has led to the mushrooming of cryptocurrency exchanges. Forex brokers too joined the bandwagon and started adding cryptocurrency trading to their existing portfolio.
There are many reasons as to why you should consider trading Ethereum Classic, especially because its price has surpassed all expectations and is continuing to grow exponentially. Other than yielding tremendous returns, Ethereum Classic trading offers the advantages listed below:
- It helps you to diversify your investment portfolio.
- You can trade the digital currency even if other markets remain closed, meaning you can trade Ethereum Classic 24/7, 365 days.
- Ethereum Classic can be regarded as a safe haven asset. You use it to hedge against fiat currency investments.
Ethereum Classic is a blockchain-based computing platform. It features smart contract functionality. It makes available Turing-complete decentralized virtual machine. It executes scripts with the help of public nodes network and provides the token “classic ether” (ticker symbol on cryptocurrency exchanges is ETC). The token can be transferred from one partner to another, stored in a digital currency wallet and used for paying the participating nodes for performing computations.
Ethereum Classic can be traded by buying and selling on an exchange or by way of “contract for difference” (CFDs) on an online forex trading platform. Both the methods have their own pros and cons. It is just like trading stocks, currency pairs, and commodities, and forex. You can use take profit, stop loss and other features offered by the brokers.
Top Brokers That Offer ETC/USD or ETC/BTC Trade
| Broker | Info | Bonus | Open Account |
|---|---|---|---|
  | Min Deposit: $200 Spread: From 3 Pips Leverage: 400:1 Regulation: NFA, FCA, CySec | Visit Broker | |
 | Min Deposit: 0 Spread: Non-Spread, Fee 0.1% Per Trade Leverage: Non-Leverage Regulation: - | Visit Broker |
Low leverage trading is always better because of its extreme volatility. Though the buy, hold and sell strategy has yielded fantastic results, you can successfully implement shorter-term trading strategies as well. Having said that here are some of the best forex brokers and exchange platforms for trading Ethereum Classic:
eToro is an online forex broker with more than 9 million clients from over 170 countries. Founded in 2006, the Tel Aviv-based multi-asset brokerage has registered offices in Israel, the UK, and Cyprus. eToro offers the social trading platform with Copy-Trading feature. You can copy the trades of experts and benefit from it. eToro offers CFD trading in cryptocurrencies, offering exposure to six popular digital currencies through its Crypto CopyFund.
Forex Broker Type – Market Maker
Regulation – Cyprus Securities and Exchange Commission (CySEC), Markets in Financial Instruments Directive (MiFID), Commodity Futures Trading Commission (CFTC), Financial Conduct Authority (FCA), National Futures Association (NFA), Australian Securities and Investments Commission (ASIC)
Platforms – eToro OpenBook, eToro WebTrader, eToro Mobile Trader
Deposit Options – Bank Wire Transfer, Credit/Debit Card, Skrill, Moneygram, PayPal, Neteller, Webmoney, Western Union
Minimum Deposit – $200
Maximum Leverage – 400:1; 1:2 for cryptocurrency CFDs
Spreads – Fixed
2. Binance Cryptocurrency Exchange
The Chinese cryptocurrency exchange Binance is fairly new to the digital currency market, but it has gained a great of popularity in a short period of time because of its Initial Coin Offerings and low trading fees. The exchange has the ability to process about 1.4 million orders in a second. It is the fastest exchange on the market.
You can use the platform for buying several digital currencies, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, EOS, Dash, Bitcoin Gold, LiteCoin, NEO, GAS, Dash, Ripple, and Zcash, among others. Currently, they offer trading in cryptocurrency pairs in ETH, BTC, BNB, and USDT.