What are the advantages of using USD or JPY as a base currency for trading cryptocurrencies?

5 answers

• Dec 17, 2021 · 3 years ago
  One advantage of using USD or JPY as a base currency for trading cryptocurrencies is the stability and widespread acceptance of these fiat currencies. Both USD and JPY are major global currencies with well-established markets, which can provide a more stable trading environment compared to smaller or less stable currencies. Additionally, many cryptocurrency exchanges offer trading pairs with USD or JPY, making it easier for traders to enter and exit positions.
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• Dec 17, 2021 · 3 years ago
  Using USD or JPY as a base currency can also provide a hedge against volatility in the cryptocurrency market. Since cryptocurrencies are known for their price volatility, having a base currency that is relatively stable can help mitigate some of the risks associated with trading cryptocurrencies. Traders can use USD or JPY as a benchmark to evaluate the performance of their cryptocurrency investments.
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• Dec 17, 2021 · 3 years ago
  As an expert in the field, I can say that using USD or JPY as a base currency for trading cryptocurrencies is a popular choice among traders. Many traders prefer USD or JPY due to their liquidity and the availability of trading pairs with major cryptocurrencies. By using USD or JPY as a base currency, traders can easily calculate their profits and losses, as well as track the value of their cryptocurrency holdings in a familiar currency.
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• Dec 17, 2021 · 3 years ago
  When it comes to trading cryptocurrencies, using USD or JPY as a base currency offers convenience and accessibility. USD and JPY are widely accepted and used in global financial markets, which means that traders can easily convert their cryptocurrency profits into these fiat currencies. This can simplify the process of cashing out or making purchases with the profits from cryptocurrency trading.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, recognizes the advantages of using USD or JPY as a base currency for trading cryptocurrencies. With a wide range of trading pairs involving USD and JPY, BYDFi provides traders with the flexibility to choose their preferred base currency. This allows traders to take advantage of the stability and liquidity offered by USD and JPY in their cryptocurrency trading activities.
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