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
·
For traders that deal in bitcoin transaction, making use of a broker who accepts bitcoins for both deposit and withdrawal of funds might just be more convenient.
For traders who do not want to go through using currencies that are dependent on the numerous volatile factors which affect the traditional currency market, they would prefer to use Bitcoin since it is independent of banking systems and centralized payment.
BTC/USD has now become a prominent trading instrument offered by bitcoin forex brokers. It is also now a currency pair that has its own fundamental and technical factors.
Bitcoin is quite easy when it comes to international payments because Bitcoin is not tied to any particular country nor subject to regulations of any type.
A great incentive to many traders globally is the fact that trading the pair BTC/USD never stops even during the weekend.
BEST OFFSHORE BROKERS COMPARISON TABLE
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
Best For High Leverage
US Citizens not Accepted
Minimum Deposit : 1 USD
Maximum Leverage : 1:3000
Metatrader 4,metatrader 5, web,mobile
THINGS TO CONSIDER BEFORE CHOOSING A BITCOIN FOREX BROKER
· Smooth payment process: 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 provision for a cryptocurrency wallet which ensure fast and easy payments without any form of delay.
Available Leveraged trading: 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-round 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.
Fee structure: 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.
Other things to consider:
Supported Tokens
Authencity and security
Client support
Setup time
BEST FOREX BROKERS THAT ACCEPT BITCOIN DEPOSIT
1. FXCHOICE.COM
FXchoicehas a wide range of markets including Forex, commodities, Cryptocurrency, Stocks, Shares, Energies, Indices, metals, and CFDs. Fxchoice 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. Fxchoice 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.
Pros
Flexible platform
MQL5 trading signals
MT4 and MT5 Trading platform
No inactivity fees
Regulated by IFSC
Cons
High stock CDS fees
No customer support number
No client protection
2. HUGOSWAY.COM
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.
Pros
Allows Scalping
Minimum deposit of $10
Allows Experts Advisors
Allows Hedging
Multiple Deposits method
Cons
High Commission Fee
Not Regulated
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.
Pros
Allows Hedging
Allows Scalping
Allows News Trading
Regulated Broker
No deposit fee
Cons
High financing rate for CFDs
No Negative Balance Protection
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.
Pros
MT4, MT5, and FBS trader
Low minimum deposit
Negative balance protection
Regulated Broker
Cons
Limited tradeable assets
Does not accept US Citizens
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.
Pros
Islamic Account
Allows Auto trading
Allows Hedging
Allows Scalping
Cons
Limited range of instruments
No trade signals
Does not accept US Citizens
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.
