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May 23, 2022

Trade major Cryptocurrencies paired with USD on OctaFX

On OctaFX's platforms, you can trade a number of Cryptocurrencies against USD.

OctaFX-adds-Binance-Coin,-Solana,-Cardano,-Polkadot,-Avalanche,-Dogecoin,-Uniswap,-Algorand,-Polygon-and-more-Cryptos. OctaFX-adds-Binance-Coin,-Solana,-Cardano,-Polkadot,-Avalanche,-Dogecoin,-Uniswap,-Algorand,-Polygon-and-more-Cryptos.

OctaFX is constantly looking for new ways to serve the traders and provide workable options. The exciting news is for those interested in digital assets.

The 25 new pairs that OctaFX added currently have high market capitalization.

All pairs include USD.

Here is the full list of newly added digital assets.

  • Binance Coin (BNB)
  • Solana (SOL)
  • Cardano (ADA)
  • Polkadot (DOT)
  • Avalanche (AVAX)
  • Dogecoin (DOGE)
  • Uniswap (UNI)
  • Algorand (ALGO)
  • Polygon (MATIC)
  • Chainlink (CHAIN)
  • Near Protocol (NEAR)
  • Cosmos (ATOM)
  • Fantom (FTM)
  • Decentraland (MANA)
  • Axie Infinity (AXS)
  • Internet Computer (ICP)
  • Filecoin (FIL)
  • Ethereum Classic (ETC)
  • IOTA (MIOTA)
  • Aave (AAVE)
  • The Graph (GRT)
  • Loopring (LRC)
  • Dash (DASH)
  • FTX Token (FTT)
  • Zcash (ZEC)

These 25 pairs are added to the five OctaFX currently offer, bitcoin, Litecoin, Ethereum, Bitcoin Cash, and Ripple.

Stay tuned for fresh information on how to trade these assets with the technical analysis.

You can also find more details about these pairs in the live quotes.

Trade Crypto Pairs on OctaFX

Why Cryptocurrencies are paired with USD?

We introduce currency pairs to make it easier to understand which currency you are buying or selling. Instead of saying “I bought EUR with USD” or “I bought USD with EUR”, professional investors use more concise terms: “Buy EUR/USD” or “Sell to buy EURUSD” (EUR/USD)” Next let’s understand what a currency pair is.

The correct way to express a currency pair is to take the relevant pair of currency names and write one of the currency names after the other (no spaces, sometimes separated by a slash “/”) (according to ISO4217 currency codes). For example, the euro (EUR) and the US dollar (USD) can form a currency pair EURUSD. When you buy this currency pair, it means “buy euros with dollars”. In any currency pair, traders always buy the first currency with the second currency. So buying AUDCAD means “buying Australian dollars with Canadian dollars”. Likewise, to sell EURUSD is to exchange the sold EUR for USD back.

The technical term is described as follows: the first currency in the currency pair is called the base currency (Base Currency), and the second currency is called the quote currency (Quote Currency). Therefore, in the NZDUSD currency pair, the base currency is the New Zealand dollar (NZD) and the denomination currency is the United States dollar (USD).

When we check the currency pair list (for example, in the market information window of LiteFinance’s client terminal MetaTrader4), we will see many currency pairs with USD as the base currency (eg USDJPY, USDCHF, USDCAD). The currency pair in this case is called a direct quote (a direct quote specifies the amount of denominated currency equivalent to one dollar). In another case, the US dollar is often used as the denomination currency (eg EURUSD, GBPUSD, AUDUSD, NZDUSD). Such currency pairs are called indirect quotes. Indirectly quoted prices shall be expressed as “the dollar amount per unit of the program currency”.

Of course, we can get USDEUR from EURUSD with a simple mathematical formula. Now let’s assume that at some point in time the quote for USDEUR is 1.39224, then is the quote in USDEUR.

Why don’t some forex broker giants offer such offers? – In fact, this is the historical tradition of the foreign exchange market

USDJPY, USDCHF, USDCAD, EURUSD, GBPUSD, AUDUSD, NZDUSD, these currency pairs are often referred to as “major currency pairs”. The US dollar participates in the quotation of each currency pair. Due to the high liquidity and huge trading volume of these currency pairs, they are more profitable.

At the same time, another financial trading product in the market is also worth knowing about. For example, in a currency pair, if the base currency is the Australian dollar and the quote currency is the Canadian dollar, then an AUDCAD cross-currency pair (Cross-Rate) is formed. The so-called cross currency pairs are divided into major cross currency pairs and minor cross currency pairs. Such classification is determined according to the liquidity of the cross currency pairs in the financial market.

In addition, the currencies and precious metal contracts of some countries with relatively stable economic development can also be used as financial products (such as USDCHF, USDJPY, XAUUSD, XAGUSD). Investing in these products reduces the risk of investing capital during a financial crisis. In financial terms, this is Refuge Currency. For countries with developed raw material export industries, their usual currency is called raw material currency (eg USDCAD AUDUSD).

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