XLM/USD: Trade XLM to US Dollar
XLM/USD is a currency pair that indicates the amount of USD needed to buy 1 XLM. This ratio means that XLM is a base currency, while USD is a quote one. Traders can track XLM price movements on a specified timeframe using the XLM/USD chart.
How to start trading XLM/USD on CEX.IO Broker?
CEX.IO Broker gives users an opportunity to trade XLM/USD with margin using Contracts for Difference (CFDs). All you need to start trading is just to create a trading account, fund it, and set the leverage. You can always change the leverage, creating a new trading account with another leverage.
There is also an option to discover the platform and test different strategies before depositing funds — demo account. Demo account can be useful if you are new to margin trading and want to know how to work with the trading terminal.
How to trade with margin on XLM?
CEX.IO Broker is built in such way that you don’t need to own XLM to start trading it. With derivatives such as CFDs, users can benefit from XLM price fluctuations regardless of price direction. If you think that the price should move upward, then you may open a Long position. At the same time, short positions are opened in case the trader expects the price to move downward. If the price moves in the direction you expected, you can benefit from that.
Plus, all trading operations are made taking into account the specified leverage. With leverage, you can operate a more significant amount of funds for trading that increases profit potential if the price moves in the right direction for your position. But leverage also implies higher risk, when the price moves in the opposite direction as expected.
What trading options are available for XLM/USD trading?
At CEX.IO Broker, XLM/USD can be traded with a broad range of leverage — from 2x to 100x. You can also use multiple trading accounts for XLM/USD trading. All the accounts are independent that allow trading with different strategies at the same time.
You can use four order types for trading — market, limit, stop, and one-cancels-the-other (OCO).
- Market order is executed instantly at the market price.
- Limit order fills when the price reaches the predetermined level or better.
- Stop order is executed only at the exact price you set.
- OCO order allows placing two orders — limit and stop. As soon as one of them is completed, the second one gets canceled at the same time.
What trading instruments can help to benefit from XLM/USD trading?
CEX.IO Broker allows managing multiple trading accounts for XLM/USD currency pair that opens new opportunities. You can set different leverages for each trading account to test various strategies at the same time. Also, CEX.IO Broker features isolated and cross margin to expand the crypto trading experience.
With cross margin, you can balance your positions by using the equity of one position to satisfy margin requirements for the second position. But it is possible only within one trading account. Isolated margin means that margin requirements are maintained separately which helps to localize risks in different trading accounts and keep their financial results independent. At CEX.IO Broker, there is no need to choose between cross and isolated margin since you can use both trading instruments while trading XLM/USD.
CEX.IO Broker users may also set up Stop Loss and Take Profit orders that are known as protection orders. Protection orders allow closing position when a trader is not around to fix the result. These orders are designed to lessen the potential risk from unexpected price movements and help trade within the strategy. To set up protection orders, you just need to specify the level where the position should be closed.
Why trade the XLM/USD pair?
Lumens or XLM is a cryptocurrency that is used in the Stellar network. It was designed to facilitate fiat currency transfers, conducting international transactions quickly and at almost no cost. Stellar mostly targets unbanked people to provide the speed and security of digital tokens. All the XLM tokens already exist and no more will be created. It means that XLM price is highly dependent on demand and how it changes.
XLM/USD is one of the most traded currency pairs in the crypto market due to the high liquidity, volatility, and big popularity of the XLM cryptocurrency among crypto enthusiasts.
CEX.IO Broker: the combination of simple interface and advanced trading tools
CEX.IO Broker’s trading platform is designed to satisfy the needs of both beginners and advanced traders. Newcomers to margin trading can easily understand the platform's capabilities and features thanks to the user-friendly interface and demo account. Professional traders can enjoy API, multiple trading accounts, and built-in trading tools for risk management and technical analysis.