How to Trade Bitcoin on TradeLocker

In short: On TradeLocker you can trade Bitcoin pairs such as BTC/USD alongside forex, going long or short without holding coins in a wallet. Bitcoin moves far more than major currency pairs, so use smaller positions, wider stops and modest leverage.

Trading Bitcoin vs owning Bitcoin

Buying Bitcoin on an exchange means you own the coins. Trading a Bitcoin pair with a broker means you take a position on its price. You can profit, or lose, from moves in either direction, and you do not need a crypto wallet to trade. Trades are usually leveraged, which magnifies both gains and losses.

Long and short

• Buy (long) if you expect Bitcoin's price to rise against the dollar.
• Sell (short) if you expect it to fall.

Volatility and position size

Bitcoin can move several percent in a day. The same position size that is reasonable on EUR/USD can be far too large on BTC/USD. Size every trade from the amount you are prepared to lose and the distance to your stop-loss, and consider using an ATR-based stop. See risk management and how leverage works.

Costs to check

• Spread: crypto pairs often have wider spreads than major forex pairs.
• Overnight financing: holding a leveraged crypto position overnight usually carries a financing charge.
• Trading hours: check the instrument's hours on the platform, especially around weekends.

Our guide to trading costs explains how to add these up.

How to place a Bitcoin trade on TradeLocker

1. Search for the Bitcoin pair in the watchlist and select it.
2. Check the chart on a couple of timeframes and mark key levels.
3. Enter a small size in the order panel.
4. Set a stop-loss that allows for normal volatility, and a take-profit.
5. Buy or sell, then manage the position from the positions panel.

Trade forex and crypto in one account. Clarity FX offers forex and crypto pairs on TradeLocker, funded with crypto and no minimum deposit. Open an account.

Keep reading

• How to use TradeLocker
• Trading forex with USDT
• Forex brokers that accept crypto

Trading forex and crypto on leverage carries a high risk of loss and may not be suitable for all investors. This article is educational and not financial advice. Read our risk disclosure.