What are the advantages of using USD vs CAD in cryptocurrency trading?

3 answers

• Dec 28, 2021 · 3 years ago
  Using USD in cryptocurrency trading offers several advantages. Firstly, USD is the most widely accepted and traded currency in the world, making it easier to find trading pairs and liquidity. Additionally, many major cryptocurrency exchanges primarily use USD as the base currency, which means more trading options and better access to various cryptocurrencies. Moreover, USD is generally considered a stable currency, reducing the risk of volatility and providing a reliable benchmark for evaluating cryptocurrency prices. Overall, using USD can provide more opportunities, flexibility, and stability in cryptocurrency trading.
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• Dec 28, 2021 · 3 years ago
  CAD, on the other hand, has its own advantages in cryptocurrency trading. For traders based in Canada, using CAD eliminates the need for currency conversion, saving on fees and potential losses due to exchange rate fluctuations. Furthermore, trading in CAD can offer a localized experience, with access to Canadian-based exchanges and potentially lower trading fees for domestic users. Additionally, using CAD may provide tax advantages for Canadian traders, as they can report gains and losses in their local currency. Overall, using CAD can offer convenience, cost savings, and potential tax benefits for Canadian cryptocurrency traders.
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• Dec 28, 2021 · 3 years ago
  As a representative of BYDFi, I would like to mention that our platform supports both USD and CAD trading pairs. This allows our users to choose the currency that best suits their needs and preferences. We understand that different traders have different strategies and preferences when it comes to currency selection. Whether you prefer the global reach and stability of USD or the convenience and potential cost savings of CAD, BYDFi provides a secure and user-friendly platform for cryptocurrency trading in both currencies.
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