The currencies of some of the world’s most prominent emerging economies have been added for trading against the likes of the Pound, US Dollar and Euro on popular Bitcoin-based trading platform, PrimeXBT. There are 15 new assets added to the platform.
The Mexican Peso, South African Rand, Hong Kong Dollar, Thai Baht and the Offshore Chinese Yuan Renminbi are all open to trading on the platform. There are also five additional pairs that have been added that include the Turkish Lira being traded against the Pound and Euro as well as more trading options for Gold and Silver.
The new assets, and their pairs, include:
The new trading pairs are:
Popular exotic pairs
Traditionally in Forex trading, the major pairs include the likes of EUR/USD, USD/JPY, GBP/USD and USD/CHF. However, there is an emerging trend surrounding the trading of more exotic pairs, and especially those currencies tied to emerging and promising economies.
These more exotic currencies, which include the MXN, HKD, ZAR, THB and CNH, are often more volatile and thus present more opportunities for forex traders. However, they are often harder to find and thus less liquid.
The South African Rand, Mexican Peso and Thai Baht are considered some of the most popular exotic forex assets, as well as the Turkish Lira. More so, In April 2016, the Chinese Yuan Renminbi (CNH) became the 8th most traded currency worldwide, and overtook the Mexican Peso as the 1st most traded emerging market currency.
Benefits of the new forex assets
Some of these currencies have strong markets that are not often seen at the face value for forex traders. For example, the South African Rand was ranked 18th most traded currency in the world in 2019 with an average daily volume of $72bn USD and 84 percent trading on Rand was done outside South Africa.
Or, the Hong Kong Dollar has a low interest rate at present, and this makes it an appealing currency for carry traders. It is possible to trade Hong Kong Dollars cheaply and then use the money to buy a higher yielding debt in a country like the Euro or Pound
As some of the world’s popular currencies stabilize and show little price action, forex traders are often forced to look at new opportunities and trading pairs to find viable opportunities. However, many platforms choose to only trade the major pairs without much focus on emerging markets and economies where volatility and potential are higher.
For PrimeXBT to be opening doors to traders in the emerging markets means there will be higher liquidity available in general, and traders will also be able to expand and utilize more forex trading opportunities.
PrimeXBT is a leading Bitcoin-based margin trading platform that was established in 2018. The platform not only offers cryptocurrency trading but forex, stock indices and commodities trading as well. The company boasts an impressive average daily volume of 375,000,000 and has over 12 liquidity providers.
Serving 150 countries with a wide range of trading tools, PrimeXBT is continually looking to innovate and expand its trading tools having already established a robust trading technology.
The infrastructure of PrimeXBT is powered by Amazon AWS and is known to offer executions on trades that average around 7ms. They also have Industry-leading trade engines with real-time risk management.
SoftBank CEO believes bitcoin will be useful in the future but “not any time soon“
1 minute read
- Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum.
- But not everyone yet understands fully what bitcoin is or how it works.
Crypto adoption is on the rise recently since the leading cryptocurrency of bitcoin has been doing the rounds when it comes to bullish momentum. But not everyone yet understands fully what bitcoin is or how it works.
There are numerous videos and articles out there that explain it but some people will leave those articles and videos more confused than when they started!
This is a sentiment that is being shown in numerous institutional investors such as Masayoshi Son, who is the billionaire technology entrepreneur and the Chief Executive Officer of SoftBank, a conglomerate institution based in Japan. He has said that he doesn’t “understand“ bitcoin as it rises significantly in its value.
Son has said that bitcoin investment is seemingly pulling his attention away from his actual own business according to a report from business insider last week on the 19th of November.
He added that he would spend five minutes every day watching the price of bitcoin go up and down highlighting that he was told by a friend to invest 1% of his personal assets into the coin. Quick maths shows that this is around $200 million.
When discussing the future of digital currency, the CEO said that digital currencies will be useful in the future and are great for development but it will take time and they won’t go anywhere any time soon.
“I think digital currency will be useful [...] But I don't know what digital currency, what structure, and so on.”
© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes
As it grows, how much ground will XRP cover next year?
1 minute read
- Is 2021 XRP’s year?
- How adoption will result in the success of the token.
Timothy Peterson, the well-known advocate for bitcoin and manager of global macro, believes that the San Francisco-based XRP token will have its best year in 2021 since 2017.
As previously reported earlier this week, Peterson has recently said:
“I know it doesn’t look like much but this is $XRP lowest price forward. I think people will be surprised at $Ripple’s performance in 2021. It will probably have its best year since 2017 and maybe outperform #Bitcoin.”
As many people will already be aware, the success for ripple and its token will all depend on adoption by financial institutions. They have developed numerous new products such as rippleX in order to help facilitate a seamless transaction on the decentralised ecosystem for the network. But for the tokens targeted market, only 2% of financial institutions are actually willing to use it.
The Chief Technical Officer of Ripple, David Schwartz has previously said that there are numerous obstacles that prevent adoption for the token some of which include problems with regulation. That being said, well-known traders and investors at Galaxy trading have said that the asset is proven to be resilient.
“Although it is perhaps one of the most disliked projects, it has more than once shown its aggressive nature at a time when no one is expecting it.”
They see that the coin is capable of sparking by 10 times its current price as they say:
“We believe that this moment is very close and since catching the exact bottom is something very unpredictable, our advice to all who want to invest is to start buying at these “golden” levels of support where 10X can become a reality.”
The benefits of Ethereum 2.0 will come sooner rather than later according to Vitalik Buterin
1 minute read
- Vitalik Buterin, has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit.
- The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later.
Vitalik Buterin, the co-founder of one of the biggest crypto projects in the industry known as Ethereum has recently answered a number of questions from the community as a part of a “ask me anything“ session on Reddit. The co-founder highlighted many different topics but specifically said that he expects some significant and noticeable network improvements to come for the project sooner rather than later. He further said:
“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”
Over the years, the network for Ethereum has experienced some significant rounds of high congestion. Three years ago in 2017, the popular CryptoKitties game slowed down the network massively but with the decentralised finance space growing rapidly, the network has been seriously clogged up.
As a result of this, it has led to high fees and longer than average confirmation times.
With Ethereum 2.0 very much just around the corner, there is a significant scaling upgrade solution that is supposedly going to speed up the network rapidly. This will increase the number of transactions per second and it will also move the blockchain to a different consensus algorithm known as a proof of stake. Phase 0 for the upgrade is set to occur on the 1st of December in two weeks!
The co-founder further went on to say that “all of these changes are designed to decrease the time until eth2 becomes useful to people.”
The second richest man in Mexico invest 10% of his portfolio into BTC
1 minute read
- Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world.
- It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin.
Ricardo Salinas Pliego is the second wealthiest businessman in Mexico and the 166th richest man in the world. It was recently announced last week that he has invested 10% of his liquid portfolio into the leading cryptocurrency, bitcoin. This came after he shared a video throwing huge amounts of paper money into the garbage. Not only does it show how worthless the government-issued cash is in today’s world but it also shows how important digital assets such as bitcoin could become.
Para iniciar con el #Bitcoin, les comparto un video tomado en un país latino donde los bancos tiran el dinero a la basura (el papel moneda no vale nada) es por eso que siempre es bueno diversificar nuestro portafolio de inversiones 😌.— Ricardo Salinas Pliego (@RicardoBSalinas) November 17, 2020
Esto es la expropiación inflacionaria! 🤦🏻♂️ pic.twitter.com/ahblQW6AhO
Furthermore, the video indicates the hyperinflation and how bad it got in Venezuela.
Ricardo is worth more than $11 billion at the time of writing and is the only billionaire from Mexico who seems to have benefited from the coronavirus pandemic and the economic crisis that has come as a result.