The digital currency has been in existence for over a decade. Bitcoin is an online virtual currency that was first introduced in 2009 and it has been growing rapidly in popularity ever since. Bitcoin which is shortened as BTC is decentralized which means that there are no banks that carry the Bitcoin nor is there any centralized exchange for this digital currency either. All Bitcoin transactions are transparent and traceable which means it is a highly secure system.
With recent development in the financial markets, it is now common to find Bitcoins and other cryptocurrencies being traded by Forex brokers. Cryptocurrencies are now being accepted along with other physical currencies globally by Forex brokers for trading and even other transactions. As much as cryptocurrencies are accepted in major parts of the world. However, there are still some countries where it is illegal such as Bangladesh. Notwithstanding, there are Forex brokers who accept Bitcoins and other cryptocurrencies for trading and even for both deposits and withdrawals.
The Benefits of using Bitcoin to fund your Forex trading account
· Decentralized Evaluations
The absence of a central bank to alter the value of Bitcoin makes it a benefit of using Bitcoin to fund your forex trading account as a forex trader.This feature makes the bitcoin rate free from the influence of macroeconomic issues or country-specific inflation.
· High Leverage ratio
Some crypto-forex brokers offer high leverage ratios up to 1:1000 and this could be used as an advantage by experienced traders. Even experienced traders should know to trade carefully because leverage is a double-edged sword that can either magnify your profit or loss.
· Low Deposit Amount
Some crypto-forex brokers allow you to begin trading with as low as 25 USD. But then you must ensure the brokers are legit so that you don’t get scammed because if it looks too good to be true then it is most likely not true.
· Low cost of transactions
There are no bank charges in these trades whether international or local trade. Most crypto-forex brokers do not even charge you for withdrawals or deposits.
· Lack of geographical Boundaries
There are no boundaries when doing trades with Bitcoins as you can be in America and trade with someone in Africa or other regions. You should also remember that you can only trade with people in countries that do not forbid bitcoin transactions.
Reasons to look out for a Broker that accepts Deposits/Withdrawals in Bitcoins
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The cryptocurrency forex broker should have an automated wallet payment tool that is seamlessly plugged into their platform. Traders need to look for crypto brokers with platforms that have made provisions for a cryptocurrency wallet that ensure fast and easy payments without any form of delay.
A crypto broker should realize that traders love to make money whether it is a short trade when the price is falling or a long trade when the price is rising and as such, they should match the risk appetite of traders. Therefore, traders should look out for crypto brokers who have available leveraged trading
Transaction Transparency:
Cryptocurrencies have introduced a new method of auditing and tracking assets and thereby ensures transparency in all transactions. With this new method, any transfer can be tracked from the sender to the receiver. Traders can know the location of funds and the time it will take for their transactions to be completed. Traders need to look out for brokers who have this new blockchain feature for transparency’s sake.
Platform Stability:
The cryptocurrency market is an all-around global market, prices move every time and are not held back by even time zones. Traders want a stable platform where they can trade without any hassles or any interruptions that could lead to slippages which is why a stable and reliable platform is essential in selecting a cryptocurrency broker.
It is important that when choosing a cryptocurrency broker that you consider the transaction fees and fee structures as this varies from platform to platform. Some crypto brokers even offer discounted fees which they give only when you use their own token to complete transactions.
1. FXCHOICE.COM
FXchoicehas a wide range of markets including Forex, commodities, Cryptocurrency, Stocks, Shares, Energies, Indices, Metals, and CFDs. Fx choice only requires a minimum deposit of $100 for all types of accounts you operate with them, unlike other Forex brokers who have different account options with various minimum requirements. They are known for the cryptocurrency feature which allows traders to deposit or withdraw using Bitcoins.
They also allow traders to access their two types of trading accounts even in demo mode to walk them through what they might likely experience with the live platform. Fx choice offers the following market instruments: Forex CFDs, Crypto CFDs, Index CFDs, and Commodity CFDs. Unlike many Forex brokers who still operate with the MetaTrader 4 on their trading platforms, Fxchoice has upgraded to the MetaTrader 5 to help enhance trader’s experience while using their trade platforms.
2. Hugosway.com – BEST FOR crypto trading
Description
Hugosway is popularly known for the MetaTrader 4 Forex trading platform. They offer over 50 Forex currency pairs which include CFDs, stocks, indices, gold, cryptocurrencies for trading options. They are also well known for the cryptocurrency feature which allows traders to deposit or withdraw using cryptocurrency. In addition, they offer high leverage and lower fees.
Hugosway is highly recommended because they offer 24/7 crypto trading which helps traders with busy work schedules to trade conveniently on cryptocurrency despite their tight schedules. Hugosway is also well known for instant deposit and withdrawal.
3. ICMARKET.COM – BEST FOR TIGHT SPREAD
ICmarkets offers three primary types of trading account.ICmarketshas relatively low forex fees with an easy and quick account opening process. Also, they offer the MT4, MT5 and cTrader trading platforms. They are known for offering tight spreads as well. Additionally, they offer over 60 currency pairs, cryptocurrencies, stocks, futures, gold, silver, commodities, and CFDs for personal investment or trading options. The broker is designed for both beginners and expert traders with additional trading features such as social trading integration with MYFXbook.
4. FBS.COM – BEST FOR HIGH LEVERAGE
FBS is a broker that has received several awards and recognitions for its services. The broker offers five different accounts that come with unique features and these accounts includeCent, Micro, Standard, Zero Spread, and ECN. The broker is well known for its high leverage as they offer a maximum leverage of 1:3000. FBS offers 35 major, minor and exotic pairs and over 75 financial CFD instruments. The Cent and Micro accounts are available for beginners and they require a minimum deposit of $1. FBS also gives traders access to a wide range of research and educational tools via articles, Webinars, and TV.
ThinkMarkets offers MT4 and MT5 trading currency platforms. They offer over 35 currency pairs, gold, silver, shares, commodities, indices, CFDs, and cryptocurrencies for personal investment and trading options. Additionally, they offer competitive conditions of trading, fast execution, scalping, and, hedging. ThinkMarkets is regulated by FSP(Financial Services Providers) as well as the FSCLP(Financial Complaints Limited). Furthermore, They provide a secure trading opportunity to numerous traders all over the world.
FREQUENTLY ASKED QUESTIONS (FAQ)
Is Cryptocurrency risky?
Trading Bitcoins can be risky this is because of the high volatility that occurs in cryptocurrency markets. When investing in cryptocurrency, a trader should take precautions to avoid running into losses or fraud and which is why they should look out for regulated crypto brokers or crypto brokers with high reputation
Do Cryptocurrency brokers offer trading bonuses?
A few brokers offer different bonuses which is dependent on the authority that regulates the broker. For example, the EU (European Union) law doesn’t permit brokers to offer bonuses however, other regions outside the EU offer attractive bonuses to both new and existing traders. Trading bonuses ranges from No deposit bonuses, Deposit Bonus, Loyalty bonuses, and referral bonuses, etc. Trading bonuses are also subject to terms and conditions.
Is Cryptocurrency trading profitable?
Trading cryptocurrencies is definitely profitable. Cryptocurrencies are quite volatile which guarantees lots of trading opportunities, but then volatility also comes with lots of risks. A trader needs to have an effective risk management strategy as well as follow up on market trends to guarantee making a profit in cryptocurrency trading.
What is the best broker for Cryptocurrency?
Selecting the best Crypto broker is dependent on your personal trading requirements. In this article, you can find a list of recommended Forex brokers that accept cryptocurrencies and you can also find their features which each broker offers.
CONCLUSION
The introduction of Bitcoins and other cryptocurrencies has turned around things in the forex world as forex traders have started going into cryptocurrency dealing.In selecting a broker, it is important to consider all your trading needs. For cryptocurrency traders, you will want to figure out whether you would prefer to trade futures which is more rewarding and also has high risk or own the digital currency directly instead. This article has discussed a few Crypto brokerswhich will help traders who are interested in cryptocurrency investments make good decisions.
