In today’s world, you can both bet with and on cryptocurrency. It’s a diverse world complete with thousands of different types of digital currency, and they’re all rising and falling in value with each passing second. But you’re probably wondering how to bet on crypto, and what processes you need to follow to succeed?
It’s easy to lose money with cryptocurrency, owing to its inherently unpredictable nature. However, that being said, there is also the potential to make a lot of money, either by trading cryptocurrencies or with crypto betting.
When it comes to betting on crypto, you’ll need to know a little more about the industry as a whole. If you’re interested in simply betting with crypto, it’s very easy to get into and works the same way as traditional fiat currency betting.
Let’s talk a little about how to bet on crypto.
Spread Betting Across The Market
When you bet on crypto, you’re participating in a practice known as ‘spread betting’ or, less commonly, ‘spread gambling’. This is a simple process in theory, and it involves betting on the rise and fall of the value of specific (or a group of ) cryptocurrencies.
The most common cryptocurrency of choice for spread betting is Bitcoin, as it’s the most well-known and the most reliable, or easy to track. When you’re ‘Bitcoin spread betting’, you’ll be focusing on the speculation of the market performance of these digital assets.
In many cases, people will bet on crypto in this way to avoid some of the riskier aspects of the cryptocurrency world. At no point will you own the cryptocurrency you’re betting on, so you don’t need to concern yourself with storage or potential scams, or hackers.
You simply make an account with a cryptocurrency broker platform, select and study a cryptocurrency, and place your bets.
Bet On Crypto: Another Way To Make Gains
If you understand the market and learn the trends of crypto, you could make quite a bit of money. However, you’ll need to make sure you’re still staying safe when betting on crypto, as there are risks involved. Firstly, you’ll want to make sure you’re using a reputable broker. In the United Kingdom (and areas of Europe), these brokers include the likes of eToro, AvaTrade, and Capital.com.
As cryptocurrency is a relatively stable industry in the United Kingdom specifically, it’s one of the most common territories for this kind of betting. The UK’s Financial Conduct Authority actively regulates these cryptocurrency brokers, so you can be sure you’re as safe as possible.
When you find the best platform for you, it’s as simple as opening an account and getting started with your bets.
Furthermore, like traditional betting, if you keep the risks small, the overall costs will remain much lower. If you’re betting on wider spreads or several cryptocurrencies at one time, the potential levels of risk and reward can quickly become quite high.
The Steps To Betting
As we’ve already highlighted, betting on crypto is a relatively easy process in theory. You’ll need to learn the ins and outs of the industry, but if you focus on one cryptocurrency, it isn’t all that difficult.
- Open your account with a cryptocurrency broker.
- Fund your account and pick a cryptocurrency to bet on.
- Place your spread bets, working with the broker if you need leverage.
- Wait for the results of your wager, and either bet again or collect your winnings.
Like any kind of gambling, you should take care to monitor your losses. If you give it time and study the industry, you’ll be winning your crypto bets in no time at all.
Read also: Is Crypto Betting Legal?