Cryptos or Cryptocurrencies can be traded at Forex brokers and so called Crypto brokers in two variations.
The first is the most common so far, which is trading cryptocurrencies as CFDs (Contract For Difference).
For you as a trader, this usually means that they are traded 24/5, as well as the fact that there’s most often only Crypto vs USD or EUR pairs, not Crypto crosses. Most common Crypto pairs are BTCUSD, BTCEUR, ETHUSD, ETHEUR, LTCUSD, LTCEUR, XRPUSD and XRPEUR.
BTCUSD = Bitcoin vs USD
BTCEUR = Bitcoin vs Euro
ETHUSD= Etherium vs USD
ETHEUR= Etherium vs Euro
LTCUSD = Litecoin vs USD
LTCEUR = Litecoin vs Euro
XRPUSD = Ripple vs USD
XRPEUR = Ripple vs Euro
The second type are real cryptos, which are traded 24/7 and directly moves with the world market.
Bear in mind that trading cryptos in a Forex Broker still means you don’t actually own cryptos. It’s only an asset that exists in the platform, you can not transfer them or shop for them in other places, unless you trade with an actual crypto-broker that supports Cryptos as base currency. They should also support you depositing and withdrawing directly with crypto transfers from your exchange or wallet to be full featured crypto brokers.
We have compiled a list of brokers in Nigeria that have cryptocurrency pairs for you to trade with.
Crypto crosses on the other hand are Crypto pairs that are Crypto versus Crypto, for example BTC/ETH, Bitcoin vs Etherium or ETH/XRP, Etherium vs Ripple.
Currently there are only a few distinct brokers that have crypto crosses available for Nigerian traders, as soon as any good ones appear, we’ll update this post to include a reference and review of such brokers to make it easier for you to choose.