We recently partnered up with Forex broker AlfaTrade, and we published a review of the company early last week. Why would the NewsBTC team be interested in Forex brokers, you ask? Well, this is one of the few brokers that allows traders to take a long and a short position in BTCUSD. This means you can not only profit from the rise in value of bitcoin versus the dollar, but also hedge against any decline. As a follow-on to the review, we thought we’d take a look at some of the market tools AlfaTrade offers.
One great tool to use when trading fiat currencies is an economic calendar. Major news events and data releases often inject volatility into the currency markets, and news traders set up either side of these releases in order to draw profit from anything unexpected. An economic calendar such as that which AlfaTrade offers can tell you when and what is scheduled, and what markets believe the release will come out at.
This tool is unique to AlfaTrade. It offers you real-time feedback on your trading progress – logging every trade you make and serving as a neat analysis tool. When trading in the currency markets – be it in bitcoin or fiat – it’s important to have a strict strategy. It is also important to analyse your strategy over time, and make any necessary changes to meet changes in the market conditions. This tool allows you to do so quickly and easily.
Another feature that sets AlfaTrade apart from its competitors is its trading signals. The company offers all its clients free access to trading signals, produced by AlfaTrade analysts. These signals can be a great way to navigate the currency markets without having to spend too much time conducting your own analysis or brushing up your trading education.
So there you have it, three great tools that can be key features of your trading, whether you are a beginner just starting out or a seasoned Forex trader. Have you had any experience with these tools? Have you traded bitcoin with a major Forex broker such as AlfaTrade before? Let us know!