Since its creation, Bitcoin’s value has increased more than 2 million times… yes, 2,592,000 times! It is crucial to get early in the market when the price hasn’t still surged, so keep an eye on bitcoin gold.
Bitcoin has experienced two “hard forks” this year, giving birth to Bitcoin Cash (BCH) in August and Bitcoin Gold (BTG) in October. BTG is less known since it hasn’t gone live on many exchanges, but these platforms are setting everything up to have bitcoin gold very soon, so this is great chance to invest early in a potential cryptocurrency.
7 Days Change
Buying Bitcoin gold in a broker is probably the easiest way to invest for both amateur and expert traders. A broker usually has advanced tools to manage your operations and offers secure and well-regulated transactions. Most brokers offer cryptocurrency as contracts for difference (CFDs), that is, an agreement between yourself and the platform based on the price of the asset at the time that the contract is opened (order is executed) and the price when you decide to terminate it (order is closed). In a CFD, people invest in the price of an asset, rather than buying the asset itself.
Another method to buy bitcoin gold is by using the exchanges where it is available. The procedure for investing in bitcoin gold by buying it via exchanges is not covered here, but here are some guidelines in case you’re taking this approach:
Bitcoin Gold didn’t have the best beginning when it was launched on October; however, as the network stabilizes and this cryptocurrency is adopted and supported by several online exchanges, we will see if it has what it takes to advance further. Bitcoin cash, for instance, was able to have a price equivalent to 0.4 bitcoin… bitcoin gold value needs to grow 5 times to cost barely 0.1 BTC.
Even though BTG is the result of the bitcoin’s blockchain split, BTC and BTG are completely different coins in the cryptocurrency space, and they shouldn’t be confused. All the logic that runs behind BTG infrastructure is different from BTC; as stated before, the cryptographic problem that the miners are set to resolve via the mining process is based on the Equihash proof-of-work system. The main differences are summed up in the following table:
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The trading platforms offered by ThinkMarkets are really advanced, with many options to manage every detail of your investment and top-notch graphics tools. On the top of that, it offers two different platforms to trade: Trade Interceptor and MT4. Both are available for Desktop and Mobile devices; however, and for practical purposes, we’ll use MT4 for our example, because this one includes a web trading platform.
ThinkMarkets is an online broker that offers a large list of financial instruments including forex, global indices, metals, commodities, and a wide selection of cryptocurrencies. It is a well-regulated platform, authorized and regulated by the Financial Conduct Authority (FCA) of the UK. It is also registered with the Australian Securities and Investments Commision (ASIC). Client funds are secured and held in top-tier banks. It provides advanced tools such as tight spreads (letting users operate safely even during volatility), 24-hour client service (throughout the trading week), and advanced platforms for trading.
The first step to buy bitcoin gold using ThinkMarkets is creating a user. As a regulated broker, ThinkMarkets will ask you for personal information. Get started by visiting their website and clicking on “Create account” on the top right corner. Fill the form with your full name, email, password, phone number, and full address. You have to answer a few questions about your financial status, your trading experience, and other details to customize your account:
Once your application is filed, ThinkMarkets will ask you to upload a digital copy of a government-issued ID (i.e., passport, driver’s license, non-driver’s ID). In addition, you need to upload a document that proves that your address is legitimate.
ThinkMarkets will receive your application and will respond to it within the 1-2 business days.
If everything goes well, you’ll be set up to invest in bitcoin gold in a few hours. The next step is to fund your account so you can have access to the financial instruments available, including BTG, of course.
To fund your account, log in to ThinkPortal and go to “Funding” -> “Deposit funds“. You will be able to deposit funds via wire transfer, credit/debit card, PayPal, Neteller or Skrill. Choose your favourite payment method and follow the instructions to complete the process.
To get started, log in to your account by clicking on “Log In” and selecting MT4 WebTrader:
Use your credentials to connect to your account:
Once you’re logged into your account, you’ll have access to the trading platform. By default, you won’t see any cryptocurrency on the list of financial assets, so the first step is to add bitcoin gold to the list:
It is always important to make a basic Technical Analysis (TA) before placing an order. TAs are carried out by looking at the cryptocurrency graph to analyze the trend, volume, volatility, higher highs and lower lows, etc. The intention of this guide is not on TA, but please take a look at the graph of the currency pair before moving into an order:
As observed in the graph above, BTG price has reached an ATH (All Time High) of 470.50 USD but fell into a bearish trend line afterwards, plunging below 150$. Nevertheless, the time for investing in BTG might be closer as the network stabilizes and the cryptocurrency gets notoriety. In order to invest in bitcoin gold, investors should look for a good support line around the $100 neighbourhood and a trend line reversal.
The last step is placing an order to buy bitcoin gold. There are two types of orders:
In this example, we’ll use a limit order. To place an order, double-click on the BTCGold item at the end of the list, or click on “New Order” while bitcoin gold is selected:
Specify your order details:
You will find an example of how to buy bitcoin gold through a limit order below:
The order above is set to buy 3.00 BTG when its price drops to $139. The position will close automatically if the price plunges below $110 (▼-20.5%) or if it rises above $390 (▲+180%). When you’re sure about your configuration, click on “Place“.
You’ll be able to manage your order and portfolio by clicking on the tabs at the bottom of the page: