Bitcoin FAQs

  • What are cryptocurrencies?

    Unlike traditional currencies which are typically based on physical paper or coins, cryptocurrencies are entirely digital or virtual. A cryptocurrency can be exchanged for other currencies, services or for the value of a physical item.

  • What is Bitcoin?

    Created in 2009, Bitcoin is one of the most popular forms of cryptocurrency. It is decentralised virtual money that can be traded or exchanged for goods and services and used as an online payment method between digital wallets (e-wallets).

  • Can I trade Bitcoin with AxiTrader?

    Yes, Bitcoin can be traded on the MT4 trading platform in the same way as most other major currencies.

  • Do I own the actual Bitcoin when trading it with AxiTrader?

    No, but you can take advantage of the changing buy and sell prices of Bitcoin CFD without having to buy the underlying Bitcoin itself. That means you do not own the actual asset and do not need to worry about having to store them in a Bitcoin wallet.

  • What is a Bitcoin Wallet?

    A Bitcoin wallet is the equivalent of a traditional bank account, allowing you to transact with other Bitcoin users. There are various Bitcoin wallets available in the market, with each one allowing the wallet owner to store, send and receive Bitcoins.

  • What are the advantages of trading Bitcoin with AxiTrader?

    • Available on MT4, rather than having to trade it on the Bitcoin Exchange.
    • The rules around trading directly through a Bitcoin Exchange can be confusing. AxiTrader removes the complexity, providing you with a single bespoke price.
    • Unlike Bitcoin Exchanges which are anonymous and potentially exposed to hackers, all transactions made with AxiTrader are traceable and regulated by ASIC and the FCA.
    • AxiTrader provides 24/5 support, as opposed to Bitcoin Exchanges which can be difficult or impossible to contact.

  • How do I acquire Bitcoins?

    • As payment for goods or services.
    • Purchase Bitcoins at a Bitcoin Exchange.
    • Exchange Bitcoins with other users.
    • Earn Bitcoins through competitive mining.

  • What is Bitcoin mining?

    Bitcoin mining is the process through which Bitcoins are released and transactions are verified by powerful computers and programs. These transactions are added to the public ledger of a Bitcoin, known as blockchain.

  • What is Blockchain?

    Blockchain is a digitised, decentralised, accounting method developed to facilitate Bitcoin transactions. The technology is used mainly to verify transactions (done by the user community rather than a central authority) and create a unique record that cannot be changed by anyone. When a Bitcoin is released through the process of Bitcoin Mining, it is added to the blockchain so all users have transparency to see that any transactions carried out to mine a Bitcoin are verified and legitimate.