XTZ/USD: Trade XTZ to US Dollar
XTZ/USD ratio represents the cost of XTZ or quoted currency calculated in USD or base currency. In other words, it shows how much USD is needed to buy 1 XTZ. Traders can track XTZ price changes on a specific timeframe using the XTZ/USD chart at CEX.IO Broker.
How to start trading XTZ/USD with margin?
CEX.IO Broker is a margin trading platform based on Contacts for Difference (CFDs). To start trading with margin, you just need to register on CEX.IO Broker, create a trading account, fund it, and set the leverage for trading. You can always change the leverage by opening a new trading account with another leverage size.
It is also possible to use a demo account before starting trading on the live one. Demo accounts can be helpful for newcomers to margin trading to get acquainted with trading instruments and platform capabilities. More advanced traders can use a demo account for testing new strategies on different assets.
How to trade CFD on XTZ/USD?
Trading with margin on CFDs allows you to benefit from price fluctuations without a need to own an asset. Trading CFDs implies opening Long and Short positions. Opening Long position, you can get profit in case the price moves upward. But if you anticipate that the price should go downward, then you can open a Short position. Your trading profit depends on whether the eventual price change was in favor of your position.
Also, don’t forget that all trading operations are taking into account the specified leverage. With leverage, you can multiply the amount available for trading and potential profit if the price moves according to your analysis. But in case price moves in the opposite direction to your position, leverage increases potential risk. CEX.IO Broker users can choose from 2x to 100x leverage for margin trading.
What order types are available for XTZ/USD trading?
There are four order types available at CEX.IO Broker for trading. Each of them is used for different purposes and trading strategies.
With a market order, you can buy or sell an asset for the current market price. You can’t cancel the market order since it is executed instantly.
Limit order gives an opportunity to set the price you want to buy or sell with. But it is not executed until the price reaches the predetermined level or better.
Stop order fills only at the exact price you set.
One-cancels-the-other or OCO order allows opening both limit and stop orders. When one of the two orders becomes completed, the second one will be canceled right away.
What trading tools can help make XTZ/USD trading more successful?
Protection orders like Stop Loss and Take Profit are indispensable for many traders, and you can place them up on CEX.IO Broker. Protection orders are used to reduce risks and prevent uncontrollable losses while trading in volatile markets. Stop Loss and Take Profit play a major role in risk management. They are also useful in systematic trading and adhering to the trading strategy.
Another option that you can benefit from with CEX.IO Broker is multiple trading accounts. You can manage up to 10 trading accounts with different leverages and account base currency at the same time. Account base currency means that you can fund your balance with one of the 3 currencies — BTC, ETH, or USDT — of your choice. At the same time you can trade any available asset on the platform. Each trading account is independent, so the financial results are separate. It is called an isolated margin and can be helpful if you want to find the most appropriate strategy for the specified market, test it on one of your accounts, and calculate the results.
In addition to isolated margin, you can also use cross margin at CEX.IO Broker. It works only within one trading account and gives an opportunity to cover margin requirements of one position by using the balance and profit of the other position.
Why trade the XTZ/USD pair?
XTZ is a native cryptocurrency in the Tezos network that is used for voting for network upgrades and running smart contracts. Tezos network has a unique governance model that allows it to implement change without the need for hardforks.
XTZ is one of the most popular cryptocurrencies for staking on the market. So XTZ/USD traders can benefit from high liquidity, volatility, and coin’s popularity.
CEX.IO Broker: advanced trading tools for technical analysis
CEX.IO Broker platform has built-in trading instruments for technical analysis to make well-informed trading decisions. Analyze current market situation using market indicators and oscillators, place and move protection orders in a few clicks, use API to open new opportunities — and that’s all in one trading terminal. Take margin trading to the next level with CEX.IO Broker.