Trade YFI to USD
YFI/USD is a currency pair where YFI is base currency and US Dollar — a quote currency. This pair indicates the price of 1 YFI in USD. On CEX.IO Broker you can monitor YFI price history and performance over time by using the YFI/USD chart.
How does CFD trading with margin on YFI/USD work?
CEX.IO Broker allows users to trade YFI/USD with margin via Contracts for Difference (CFDs).
CFD involves trading on the movements of an asset’s price rather than the asset itself. While trading CFDs, you can open Long (Buy) and Short (Sell) positions. Long positions work when the price moves upward. Conversely, Short positions potentially allow you to profit from downward movement.
Let’s have a look at the example. Assuming you believe the YFI price will rise soon. In this case, opening a Long position might be appropriate. Once the price moves as expected, your position can become profitable. But if the price moves downward, there is a risk of loss.
What do I need to start trading YFI/USD on CEX.IO Broker?
To start with CEX.IO Broker, simply follow the steps below:
- Sign up for CEX.IO Broker or log in using the credentials of your CEX.IO account (if you have it already).
- Set the leverage and base currency of your trading account (BTC, ETH, USDT).
- Make a deposit and start trading YFI/USD.
Before starting live trading with CEX.IO Broker, you can explore the platform and test different strategies using a demo account.
What options are available for YFI/USD trading on CEX.IO Broker?
CEX.IO Broker offers you many different options and instruments for trading. Namely, you can opt for four order types:
- Market order - executes your order at the current price. Such orders fill right away.
- Limit order - you can set the price at which you want your order to fill. Once the market reaches this price or better — your order will execute.
- Stop - works as Limit orders, but only triggers at the exact price you set.
- An OCO (One-cancels-the-other) order combines Limit and Stop orders. As soon as one of them fills, the other gets cancelled.
CEX.IO Broker allows you to trade CFDs using the leverage. It means that you can trade with a smaller sum of your own funds and borrow a part from CEX.IO Broker.
YFI/USD trading on CEX.IO Broker is possible with leverage from 2x to 100x. Leverage gives you the possibility to increase potential income when the price goes in the direction of your position. However, the potential risk also increases if the price moves in the opposite side of your position.
What can help make trading on YFI/USD with margin more successful?
CEX.IO Broker allows users to use integrated technical analysis tools. They help follow the market trends without leaving the trading terminal.
In order to keep control of the risks in case of adverse price movements, you can use protection orders such as Stop Loss and Take Profit. They will automatically close the position as soon as the price reaches a price level you set. You can add, change and cancel Stop Loss and Take Profit anytime you want as long as the position is open.
What is more, CEX.IO Broker uses aggregated liquidity from the largest crypto exchanges for the YFI/USD pair. It means that CEX.IO Broker executes users’ orders by routing them to the biggest cryptocurrency exchanges via the liquidity provider.
Why trade the YFI/USD pair?
Yearn Finance (YFI) represents a yield aggregator empowered by the Ethereum network. It can optimize yield by allocating liquidity across a variety of DeFi protocols.
The unique aspect of Yearn Finance is that it enables all crypto users to take advantage of a complicated yield farming strategy.
YFI is supported by the interest of the community and popular among traders. On CEX.IO Broker, you can trade on the price movement of YFI in pair to USD.
CEX.IO Broker: the combination of simple interface and advanced trading tools
The trading platform of CEX.IO Broker was designed to satisfy both beginners and experienced traders. A user-friendly interface and free demo account make it easy for newcomers to learn the platform. What is more, a professional trader can enjoy API support, multiple trading accounts, risk management tools, and technical analysis features.