After I wrote that article about bitcoins, I got the mania!
I opened an account using the Android app: since it’s decentralized, you can do it by yourself without giving any personal data to anyone.
I then earned those few cents on Land of Bitcoin
, a portal where, clicking like a maniac on suggested sites, you can earn “satoshis”, the minimum bitcoin amount.
I made something like… 6 cents, without any doubt I would have done more money in less time if I went in downtown begging tourists for money, but it was still useful to understand how the system is working.
For example, the minimum transaction on the bitcoin network is 5540 satoshi, and, since everything is decentralized, you have to pay a fee with you transfer coins. Those extra bitcoins will go to pay the “miners” that made the calculations to make it. You can even decide to apply an extra fee to transfer the balance more quickly.
Another way that it’s used to quickly transfer bitcoins in small quantities and without commission it’s a Coinbase
account. In this case it works like PayPal, the bitcoins aren’t actually transfered, but are kept “internal” to the website.
Some years ago, when the bitcoin value was around a dollar, I told myself “what about if I buy something like thirty dollars?”.
Then, making a digital wallet looked complicated, and it seemed ridiculous to pay for having some potentially useless “bits”, so I didn’t jump on the wagon.
Now a bitcoin is worth around $700, and my $30 would have become $21000…
I always considered it as a speculatory bubble, as I wrote last april
, with frequent “robberies” and hacker attacks that influenced its value, but now I regret to not being an “early adopter”, the price is too high now, and it’s impossible to generate them by yourself without an expensive custom processor (ASIC).
But, maybe, if I had bought them, I would have just sold them when their price rose, just after a while, or maybe I would have been robbed in one of those many attacks to the virtual bitcoin “banks”. (A real bank is insured and your money isn’t touched, a bitcoin bank… well… say farewell to your possessions…)
Well… you can download MetaTrader 4 everywhere.
Anyway, for a newbie is unclear which is the right download and the latest version.
For the latest version: you’re safe! The installer it’s just a downloader that will install the latest version on your PC.
For the right download, every brokerage company has a custom version: the difference is the server login address and the icon design. Which to choose? There are hundreds out there!
And if you want to create a demo account, every broker has different rules.
I tried many brokers and I recommend two of them:
If you want to have access to ZuluTrade
, I suggest AAAFx
. Their demo accounts have unlimited duration, provided that you connect at least once every two weeks. They don’t apply a commission on every trade, but their spread is higher than ECN brokers.
If you want to have low spreads, I suggest FXPRIMUS ECN Pro
, the minimum account size is $100 (in average, an ECN account requires a bigger account size, around $500-$1000). Their demo accounts last 60 days. Doesn’t fit with automated scalping because the stop level it’s too high.
Otherwise there’s IC Markets
that also has an ECN account with a minimum size not too big. Doesn’t fit with automated scalping because in that case there’s too much slippage.
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