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faynaj

HODL XRP at forex - is it possible?

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Jambo from Kenya.

I'm looking to invest into XRP and hold for about 2-3yrs.
Was first looking to buy through a cryptocurrency exchange, but am seeing it's better to go through a forex broker as it gives me better protection. However, I see that forex trading is mostly day trading and I'd have to pay overnight fees.

Any suggestions on how I can trade XRP at a reliable forex broker for a long term?

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21 minutes ago, faynaj said:

Jambo from Kenya.

I'm looking to invest into XRP and hold for about 2-3yrs.
Was first looking to buy through a cryptocurrency exchange, but am seeing it's better to go through a forex broker as it gives me better protection. However, I see that forex trading is mostly day trading and I'd have to pay overnight fees.

Any suggestions on how I can trade XRP at a reliable forex broker for a long term?

forex brokerages are "safer" in a way you can't lose your XRPs because you don't actually own it, you trade CFD instrument with your broker and make money on price difference.  that's the only good thing about investing in crypto via forex brokerages.

bad things: broker can close your position any time they want - in case of huge market volatility they will do that, or at least prevent you from trading for a time they see fit.

broker has wider spreads, it's ok if you're not daytrading but even if you plan to buy form time to time, you'll get worse prices

broker charges you with swap fees. swap fees are an absolute suicide for a holder. it's from 10 - 25% annually! think about it. and it's calculated daily based on asset's price: if you buy like 10000 XRP at 1$, your overnight fee will be 6$! (if 25%per year calc is used).  let's say after a month you still hold your 10000XRP and it's price now is 2$, your fee is 12$ now! it will eat up tons of your profits. in my opinion - don't use  FX brokerages 

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