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What is Bitcoin?

Bitcoin was the first digital currency or cryptocurrency and is still the most popular and widely recognized. Even though there are thousands of “cryptos” available today, experts and insiders argue that there’s only a few with a real use-case and that Bitcoin could one day become a safe-haven for investors similar as gold. Interest in cryptocurrencies has grown drastically in the last years and world governments and regulators are working towards establishing them as a new asset class. Other cryptocurrencies that have become popular investments include Ethereum, Ripple’s XRP, Bitcoin Cash, Litecoin, EOS, Stellar Lumens, Monero, Dash, Cardano, TRON, NEO or IOTA.

How can I trade Bitcoins?

The most obvious way to invest in Bitcoin or any other cryptocurrency is to simply buy Bitcoins (BTC). Buying Bitcoins can be done on a Bitcoin exchange / cryptocurrency exchange such as Binance, Coinbase, Bitstamp, HitBTC, et. Once the coins have been purchased they will be held in a specific Bitcoin wallet on the exchange. Alternatively, the coins can be transferred to personal Bitcoin wallets outside any exchange by sending the coins to a specific Bitcoin address. So-called “cold wallet storage” is becoming increasingly popular because it eliminates the risk of being hacked and having coins stolen. To sell Bitcoins again one must have them on an exchange where they typically can be traded against a fiat currency (like the US Dollar, Euro, British Pound, etc.) or other available cryptocurrencies. Availability of these pairs vary drastically from exchange to exchange.

Apart from buying and selling cryptos this way, which is usually only practical as a mid- or long-term investment, investors can also trade Bitcoins in form of CFDs (contract for differences) with popular Forex brokers. By trading CFDs, Bitcoin traders can take advantage of price movements in any direction. Some Bitcoin investor also like to hedge their long-term investment with Bitcoin trading in form of a CFD.

What are the pros and cons of Bitcoin trading?

It should be highlighted that Bitcoins and cryptocurrencies are highly volatile financial instruments at this stage and that trading Bitcoin (and other digital assets) imposes a high risk. Digital currencies like Bitcoin are complex instruments that can usually also be leveraged on Bitcoin trading brokers trading platforms which increases risk parameters even further.

However, trading digital assets is not only exciting but can also be highly profitable. Since the digital currency market is in its infant stages prices can vary drastically within just one trading day. Traders often apply trading strategies that include technical analysis and working with price charts similar as they do with other assets. Further, other than most financial instruments cryptos can be traded 24/7 because the markets never close.

Who are the best Bitcoin trading platforms and brokers? 

In our research and cryptocurrency markets review we found leading cryptocurrency trading brokers that offer a selection of tradable digital assets in professional trading environments. As an example, the popular social trading Forex broker eToro offers a large selection of digital currencies, next to other financial products such as currency pairs (FX), commodities and more.

IC Markets, one of the world's leading Forex brokers is also known to offer digital assets trading on their exclusive ECN trading environment. They are an Australia based brokerage firm with very high standards, an excellent customer service presence, low minimum deposit requirements (just $200 to get started) and many deposit and withdrawal options such as credit cards and PayPal.

Find the Best Bitcoin Trading brokers for your needs

To help you find the Forex broker that is best suited to your needs, take a look at our comparison table and ranking of top Forex brokers that offer digital currency trading above. If you require more in-depth information or are looking for more brokers to choose from, check out our detailed individual broker reviews and additional comparison tables.