How to buy bitcoin with IQ Option in Hong Kong
Cryptocurrencies are gaining popularity under the existing economic world situation.
Financial crisis, trade wars, volatile political situation and so on. People from all over the world rely on digital currencies more and more. Those assets offer three ways of profits getting: hodling, mining and trading.
Cryptocurrency trading is understood among the most effective ways of getting incomes because professional speculating may bring up to 900% of your initial investment.
Bitcoin as the basic crypto asset
Referring to digital currencies speculating, Bitcoin is understood in the majority of cases.
Such crypto was invented in 2008 by ‘Satoshi Nakamoto’ whose real name is still unknown for the community. The main purpose of an asset lied in a possibility to control funds without any third parties. Bitcoin (比特幣) has become an alternative of traditional money.
Existing more than 10 years, the first cryptocurrency has attracted attention of many investors throughout the world. This crypto is even understood as a payment method in several countries therefore the crypto community predicts fiat money replacing by Bitcoin and other digital currencies.
Referring to the trading, Bitcoin price change is the most interesting fact. In 2009 1 USD was equaled to 1 309 Bitcoins while nowadays one Bitcoin costs $9 600.
Thus, the price has increased by 12 566 400 times in 10 years. Financial experts predict further growing of its price.
Top-3 reasons to start Bitcoin trading
Bitcoin trading becomes more and more widespread while the popularity can be explained by the following reasons:
- High volatility. Such characteristic is frequently understood as a negative feature but referring to speculating, high volatility is mostly positive factor. For instance, on January 1, Bitcoin price was $7 215 per one coin while on February 1, the price increased to 9 395 USD. Thus, traders obtained more than $2 000 from 1 Bitcoin.
- The highest popularity. Comparing to other digital currencies Bitcoin is the oldest and therefore the most reliable one. Bitcoins can be both purchased and sold on all crypto exchanges and trading platforms.
- Reliability. Bitcoin is accepted in the majority of countries and some governments even allow using this digital currency for certain goods and services buying.
To start trading, users demand a reliable broker or a crypto exchange where such option is available.
Main pros of IQ Option platform for Bitcoin trading
Traders from all over the world pick up IQ Option for speculating the oldest digital currency because of the following reasons:
Bitcoins are purchased directly from the market therefore the broker never takes advantage of its users.
- The recent technologies help to show the very precise information about price changes. Therefore, users are kept up to speed on any changes reacting to them instantly.
- Leverage trading is available in order to increase profits.
- The platform offers using crypto chat where users share the latest news, their opinions, predictions and so on. English language is mostly used there but users may write messages in their native languages as well.
- Customized settings are available for maximally comfortable trading. Users are suggested picking up chart type, graphical tools and indicators. Moreover, individual design settings are suggested for traders.
- A practice account helps to test strategies and prevents newcomers from money losing.
Our Bitcoin trading platform (bitcoin 交易 平台) was numerous times awarded as the most customer-friendly and technological one.
Step-by-step guide for Bitcoin trading on IQ Option platform
In fact, to start trading is rather simple. The following steps are expected to be made:
- Open an account using traditional registration form, Facebook profile or Google profile.
- Log in the account and select customized settings to make the trading process as much comfortable and pleasant as possible. Take into account that our platform makes it possible to use different devises offering apps with extended functionality.
- Click in ‘Open new account’ by pressing ‘+’ button in the upper left-hand corner.
- Traders may use more than 300 different assets for speculating. To select Bitcoins you need the ‘Crypto’ category.
- Bitcoins are offered with x100 and x10 multipliers. The first decision is better for experienced professionals while risks are the highest.
- Pressing to an asset you obtain a chart where price changes are displayed. Time period of a chart may be selected from 30 days to 30 minutes. Using apps traders may open up to 9 charts simultaneously.
- In the right-hand menu insert the amount of your investment (the investment cannot be less than $1).
- The final stage implies ‘Buy’ pressing.
The status of your investment can be controlled in ‘Total portfolio’ where current profit or loss is indicated in US dollars and in percents.
Furthermore, our platform offers the ability to open and close deals automatically. User may indicate particular price rates when Bitcoins should be purchased or sold.
Which trading strategies are the best ones for Bitcoin trading?
The process of trading is not chaotic. Traders’ actions are based on complicated technical analysis and different strategies.
Referring to Bitcoins speculating, the following strategies are considered as the most effective ones:
Support and Resistance with Ribbon
Such strategy is used for intraday trading. London and New-York activities are understood as the best time for making deals. Deals are recommended being made for 2-5% of your total deposit amount in order to minimize risks. The following instruments are used: Support and Resistance professional tool, EMA, MA ribbon, awesome oscillator.
The strategy was primarily used for shares trading. Referring to Bitcoin digital currency (比特币), the following factors are taken into account: NVT (interdependence between the network value and transactions volume), value offer of the asset, team experience. The strategy is oriented for long-term trading.
Bitcoin price is moving either higher or lower and despite the volatility there can be observed some long-time trends. Understanding the general trend, users are able to make deals for a week or even more.
Bitcoin trading strategies are rather difficult and therefore they should be tested foremost and our practice account becomes the best solution.
Bitcoin trading: FAQ
Why is Bitcoin the most popular digital currency?
There exist numerous factors that lead to such popularity. On the one hand, Bitcoin is less technological and effective than other digital assets but on the other hand this digital currency is the oldest, the most reliable, the most expensive and the most widespread one. Its capitalization takes more than 60% of the total market capitalization.
Which factors do affect Bitcoin price?
Bitcoin price (比特幣價格) depends mostly on interdependence of demand and supply but moreover, the following factors affect the price: mining net value, major players’ interest, governments’ attitude, etc. Any news concerning the first digital currency may lead to increasing or decreasing of its price.
Where Bitcoins can be purchased and sold?
Bitcoins may be purchased or sold on crypto exchanges and on trading platforms. The first ones are better for hodling while trading platforms offer numerous instruments for the price movement analysis and beneficial speculating conditions. Moreover, our platform offers Bitcoins directly from the market.
Can I purchase Bitcoin as long-term investment?
Our platform suggests this digital currency purchasing with different multipliers. Selecting x100 multiplier a deal is made for 24 hours while picking up x10 multiplier Bitcoin can be understood as long term investment. There exists no expiration time in the second case. Traders are free to buy and sell their assets whenever they wish.
Which information may I get on the platform?
IQ Option provides qualitative informational support of users therefore you are able to get recent news concerning Bitcoin and see the price changes during the last 5 and 60 minutes, 1 day, 1 month and even 1 year. The platform shows percentage statistics of buyers and sellers as well.
When is the digital currencies market closed?
Referring to other financial assets like fiat currencies or shares, they are offered for buying and selling 5 days per week but digital assets including Bitcoin can be speculating 7 straight days. That is explained by the fact that traditional assets are regulated by banks and other financial institutions while digital currencies are decentralized completely therefore they are available for trading on weekends.
Can I trade Bitcoin 24/7?
Bitcoins can be speculated all over the clock but a day is divided into three activity periods that are called European, Asian and American ones. Those periods depend on which world region trading activity is the highest. Asian period is marked by the highest volatility while the European one – by the lowest.
How much money is demanded for investing in Bitcoin?
Our platform offers convenient conditions for beginners. A trader may deposit funds starting from just $10 while the minimal deal amount may be even 1 USD. Thus, you are not obliged to make significant investments. Analyze the market better and try to understand its trends.
Is Bitcoin legal?
The Bitcoin status completely depends on a country. The majority of governments accept the first cryptocurrency either officially or unofficially. On the other hand, there exist some countries where Bitcoin using is completely prohibited due to political, economical, religious and other reasons.
Is Bitcoin legal in Hong Kong?
Bitcoin and other digital currencies are referred to the category of ‘virtual commodities’ and therefore they are legal in Hong Kong. Those assets are not controlled by financial regulators but should correspond to the rules adopted by Customs and Excise Department. Thus, according to the current legislature those assets are completely legal to be used by both companies and citizens.
Should I pay taxes from Bitcoin profits?
Getting profits from Bitcoin and other digital currencies speculating, traders are obliged to pay profit taxes, according to the current legislative norms. The Hong Kong taxation system is among the most favorable in the world. Companies are charged 16.5% while individuals should pay 15%. Furthermore, starting from 2019 the first 2 million HKD (about $250 000) are charged 8.5% taxes only.
How to buy Bitcoin in Hong Kong?
Our trading platform is rather popular in Hong Kong because of the reasons indicated above. Users appreciate that apart other pros of the platform, the interface is available in Chinese. Customer support in your native language is suggested as well. In Hong Kong buy Bitcoin (香港 買 bitcoin) is absolutely simple through IQ Option platform. Open a new account and then deposit funds using cards or e-wallets.
May I earn for living from Bitcoin trading?
Bitcoin has the highest return on investment index and the experts indicate high potential of the first digital currency therefore successful deals may bring traders fortune. On the other hand, to be successful means to be professional and to comprehend the market deeply.
How should I upgrade my trading skills?
To start speculating Bitcoins, users should foremost understand the mechanisms of the market functioning therefore general information is the best to start with (financial and technical analysis instruments, digital currency overview, trading laws and strategies, etc.). Our platform suggests video tutorial in app versions as well. Then a demo account and personal experience can be applied for skills upgrading. Traders should understand that different ‘success histories’ work under certain conditions only.
Does Bitcoin imply risks?
All cryptocurrencies are understood as rather risky assets. Being decentralized means being backed by no fiat currencies, precious metals or any other assets therefore skeptics underline the highest risks of such assets but at the same time the number of digital currencies constantly increases and nowadays more than 5000 assets exist.