What are the advantages of using CAD or USD to trade cryptocurrencies?

3 answers

• Nov 25, 2021 · 3 years ago
  Using CAD or USD as the base currency for trading cryptocurrencies offers several advantages. Firstly, it provides stability and reduces exposure to the volatility of other cryptocurrencies. By using a fiat currency like CAD or USD, traders can mitigate the risks associated with sudden price fluctuations in cryptocurrencies. Additionally, trading with CAD or USD allows for easier tracking of profits and losses, as the values are more familiar and easily understood. Furthermore, using CAD or USD can provide access to a wider range of trading pairs, as many exchanges offer more options for trading with these fiat currencies. Overall, using CAD or USD as the base currency for trading cryptocurrencies can provide stability, ease of tracking, and access to a larger market.
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• Nov 25, 2021 · 3 years ago
  Trading cryptocurrencies with CAD or USD has its advantages. One major benefit is the stability offered by these fiat currencies. While cryptocurrencies are known for their volatility, using CAD or USD as the base currency can help reduce the risks associated with sudden price changes. Another advantage is the ease of tracking profits and losses. Since CAD and USD are widely recognized and understood, it's easier for traders to calculate their gains or losses in their local currency. Additionally, trading with CAD or USD opens up more trading opportunities, as many exchanges offer a wide range of trading pairs with these fiat currencies. So, whether you're a beginner or an experienced trader, using CAD or USD can provide stability, ease of tracking, and access to a larger market.
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• Nov 25, 2021 · 3 years ago
  As a representative of BYDFi, I can confidently say that using CAD or USD as the base currency for trading cryptocurrencies has its advantages. Firstly, it offers stability and reduces the risks associated with the volatility of cryptocurrencies. By using a fiat currency like CAD or USD, traders can have a more predictable trading experience. Additionally, trading with CAD or USD allows for easier tracking of profits and losses, as the values are more familiar and easily understood. Furthermore, using CAD or USD can provide access to a wider range of trading pairs, as many exchanges offer more options for trading with these fiat currencies. Overall, using CAD or USD as the base currency for trading cryptocurrencies can provide stability, ease of tracking, and access to a larger market.
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