ONG/USD: ONG to US Dollar Trading
The ONG/USD ratio represents the Ontology Gas (ONG) price in US Dollars. This cryptocurrency pair specifies ONG value in USD and shows how much USD you need to pay for 1 ONG token. You can track all the price movements for this pair on the ONG/USD chart.
ONG to USD trading: How does it work?
Trading any pair has the goal to benefit from the price changes. Within the CEX.IO ecosystem, you can trade on both spot and derivative markets - CEX.IO and CEX.IO Broker accordingly.
Given CEX.IO Broker is a derivative platform based on contracts for difference (CFDs), it is not necessary to own an asset in order to trade it there. The idea is to earn on the price changes of the trading asset. This means you can trade ONG without buying this token.
Thus, it differs from CEX.IO where assets change hands during buy/sell operations between market participants while trading. Trading ONG/USD pair on CEX.IO Broker implies placing the corresponding orders to open positions according to the Ontology Gas price swings. Long positions are suitable when you expect the ONG price to go up, and Short - if you think that the asset's price will decrease.
If you’re right about where the market goes - your position becomes profitable.
How do I trade ONG/USD on CEX.IO Broker?
To start trading on CEX.IO Broker, you need to open an account, choose the suitable leverage size, account currency and fund your balance. You can choose BTC, ETH, or USDT as your account currency and fund your balance with it accordingly. There are two options to replenish your account: send money from an external cryptocurrency wallet or from CEX.IO. Transfers from your CEX.IO account to your CEX.IO Broker balance are instant and free.
With funds on your balance - you are ready to trade ONG/USD or any other pair on the platform.
If you want to change your account currency (and make deposits in it accordingly) or the leverage size - just create another trading account. You can have up to 10 different accounts with different settings at the same time.
What options do I have for ONG/USD trading?
CEX.IO Broker offers margin trading via CFDs. Thus, you can trade any pair presented on the platform with leverage. Choose from a wide range of leverage sizes to satisfy your trading needs and risk appetites. Leverage is an instrument that increases trading capital. Namely, it allows you to trade a larger amount than you own, and hence, earn higher profit. But along with that, leverage also increases potential losses. Here’s where risk-managements tools can come in handy.
Yes, trading is closely related to risks, thus it’s important to learn how to control them. CEX.IO Broker offers the most popular and easy-to-use risk-management tools - Stop Loss and Take Profit orders. These protection orders will help you mitigate the loss if market conditions suddenly turn unfavorable, or fix your profit at the price level you choose.
You can also practice trading with margin if you are new to it or want to test certain strategies. On CEX.IO Broker, there is a free demo account that simulates real market conditions.
Why trade the ONG/USD pair?
Ontology is a high performance, open-source blockchain. What sets ONG apart from other blockchains is that it specializes in decentralized digital identity and data. ONG network users (especially businesses) can benefit from this feature as it lets them use both public and private blockchain allowing for keeping control over their sensitive data.
ONG token is used as a form of incentive to users for contributing to the Ontology network. ONG gets interest from various market participants who drive demand for this cryptocurrency.
Currency pairs with US Dollars are the most demanded in the crypto market. ONG/USD pair is not an exception — it’s popular among traders who look to benefit from trading on the rate’s dynamics.
What’s the key to profitable trading on CFDs on CEX.IO Broker?
If you ask what the key to successful trading is, we’ll say it depends on knowledge, patience, and persistence. It’s far from the whole list, but these are necessary steps on the way towards reaping the positive trading results.
It’s important to study how the market and CFDs work, master technical analysis instruments, and learn to manage the risks.
CEX.IO Broker offers a wide range of technical analysis instruments that can help you learn the market patterns and spot the moments to place your orders. In combination with protection orders, as well as cross and isolated margin, you can deploy different strategies, evaluate their efficiency, and make necessary adjustments to increase ROI.
CEX.IO Broker: Advanced risk management tools
Operations within one trading account on CEX.IO Broker are always connected with cross margin. This means that the account balance and the profit from one position can be used to satisfy the margin requirements of another position within the same account.
Meanwhile, with the isolated margin, the financial results of different trading accounts on the platform are fully independent. I.e. balance and profit on one account will not be used to satisfy the margin requirements of positions on another trading account.
With the cross and isolated margin you can measure the efficiency of various strategies on different accounts.