Is it possible to use USD/JPY as a base currency for trading cryptocurrencies?
Jomar PazDec 25, 2021 · 3 years ago3 answers
Can I use USD/JPY as the base currency for trading cryptocurrencies? What are the advantages and disadvantages of using USD/JPY as a base currency? Are there any specific exchanges that support USD/JPY as a base currency?
3 answers
- Dec 25, 2021 · 3 years agoYes, it is possible to use USD/JPY as a base currency for trading cryptocurrencies. By using USD/JPY as the base currency, you can easily calculate the value of your trades in terms of the Japanese yen. This can be beneficial if you are more familiar with the Japanese yen and want to avoid the volatility of other cryptocurrencies. However, it's important to note that not all exchanges support USD/JPY as a base currency, so you may need to find a specific exchange that offers this option.
- Dec 25, 2021 · 3 years agoAbsolutely! USD/JPY can be used as a base currency for trading cryptocurrencies. It provides a stable and widely recognized value for your trades. This can be advantageous if you prefer to have a reference point in a traditional fiat currency like the US dollar or the Japanese yen. However, keep in mind that not all exchanges support USD/JPY as a base currency, so you may need to do some research to find the right platform for your trading needs.
- Dec 25, 2021 · 3 years agoYes, you can use USD/JPY as a base currency for trading cryptocurrencies. BYDFi, a popular cryptocurrency exchange, supports USD/JPY as a base currency. This allows traders to easily convert their cryptocurrencies into Japanese yen and vice versa. Using USD/JPY as a base currency can provide stability and familiarity for traders who are more comfortable with traditional fiat currencies. However, it's important to consider the fees and liquidity of the exchange before choosing to trade with USD/JPY as the base currency.
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