What are the advantages and disadvantages of using EUR or TRY as a base currency for cryptocurrency trading?

3 answers

• Dec 26, 2021 · 3 years ago
  Using EUR as a base currency for cryptocurrency trading has several advantages. Firstly, EUR is a widely accepted and stable currency, which can provide stability to your trading portfolio. Additionally, using EUR as a base currency allows for easier conversion to other fiat currencies, making it more convenient for international traders. However, one disadvantage of using EUR is that it may limit your trading options, as not all cryptocurrencies are directly paired with EUR on every exchange. This could potentially limit your ability to trade certain cryptocurrencies. Overall, using EUR as a base currency can be beneficial for stability and convenience, but it may also limit your trading options.
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• Dec 26, 2021 · 3 years ago
  On the other hand, using TRY as a base currency for cryptocurrency trading also has its advantages. One advantage is that it allows traders in Turkey to easily enter the cryptocurrency market without the need for additional currency conversions. This can save time and money for Turkish traders. Additionally, using TRY as a base currency can provide opportunities for arbitrage trading, as price discrepancies between Turkish exchanges and international exchanges can occur. However, one disadvantage of using TRY is that it may be subject to higher volatility compared to more stable currencies like EUR. This can increase the risk of trading and potentially lead to larger losses. Overall, using TRY as a base currency can provide convenience and potential arbitrage opportunities, but it also carries higher risk due to increased volatility.
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• Dec 26, 2021 · 3 years ago
  At BYDFi, we believe that the choice of base currency for cryptocurrency trading depends on individual preferences and trading strategies. Both EUR and TRY have their own advantages and disadvantages, and it's important for traders to consider their specific needs and goals. Some traders may prioritize stability and convenience, while others may be more interested in potential arbitrage opportunities. Ultimately, the choice of base currency should align with your trading objectives and risk tolerance. If you're unsure which base currency to choose, we recommend consulting with a financial advisor or conducting thorough research to make an informed decision.
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