Best Forex Brokers for Crypto
| Forex Broker | Max Leverage | Min. Deposit | Spread | Full Reviews | Trade Now |
|---|---|---|---|---|---|
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400:1 |
$200 |
From 2.0 Pips |
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500:1 |
$200 |
From 0.0 Pips |
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|
 |
3000:1 |
$1 |
From 0.0 Pips |
|
|
 |
500:1 |
$200 |
From 0.0 Pips |
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|
 |
500:1 |
$200 |
From 0.0 Pips |
|
|
 |
400:1 |
$0 |
From 0.0 Pips |
|
|
 |
500:1 |
$5 |
From 0.0 Pips |
|
|
 |
300:1 |
$200 |
From 0.0 Pips |
|
Best Crypto Brokers Comparison
trading cryptocurrencies holds interesting aspects in store. Traders have the opportunity to profit from often sharp price fluctuations in the market. Nevertheless, it is essential first to examine the topic surrounding this new asset class, as some Wall Street pros have classified the coins and tokens labelled “cryptos”.
If you are looking for the right cryptocurrency CFD broker, a comparison of various providers is particularly helpful. We have checked on many Forex brokers, that offer crypto trading to their clients. We also compared the many Bitcoin CFDs and Altcoin CFDs available on the market and compiled the most important aspects. In addition to maximum leverage, the spreads and other fees, the offer itself and the support are in the foreground.
Your search for the right crypto CFDs broker starts right here with these questions:
What are cryptocurrencies anyway?
Which brokers offer CFD trading in cryptocurrencies?
What must be taken into account when selecting brokers?
What role does a demo account play?
How can I trade Bitcoins and other digital assets?
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, etc. 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 investors also like to hedge their long-term investment with Bitcoin trading in the form of a CFD.
Cryptocurrencies are supposed to be an alternative to the known fiat currencies such as EUR and USD and, if possible, to replace them at some point. The primary goal is to create significantly more transparency for users and give them more control over currencies.
Traders who want to start trading cryptocurrencies CFDs will not only come into contact with Bitcoin CFDs but also with other financial instruments of this asset class, so-called altcoins.
After the Bitcoins came onto the market, the interest of the community was aroused. Their value increased rapidly, and the possibility to make a lot of money with the cryptocurrencies was recognised. Not everyone could and wanted to participate in Bitcoin right away. Because of the rapid rise in the price, this was primarily a question of money but also accessibility.
The Altcoins were developed for users who are interested in cryptocurrencies but are looking for an alternative. The term, therefore, stands for “alternative coins”.
But to what extent do Bitcoins differ from Altcoins, like Ethereum, Litecoin or DASH? The basis and the system are mostly similar or even the same. The differences are, therefore, not immediately apparent. An important aspect is the price. The Altcoins have not yet reached the same value as Bitcoins. However, this does not mean that they cannot be interesting for CFD trading.
Another difference is often found in the speed of transactions and mining. There are even Altcoins where no mining is offered at all. Bitcoins are currently offered at all cryptocurrency brokers. However, the range of Altcoins is still very flexible. Nevertheless, it is advisable to inform yourself about the Altcoins on offer and to check whether an investment can be worthwhile.
Altcoins are the alternative to the popular Bitcoins. They are often cheaper to buy and faster in transactions. As a matter of fact, each coin represents a different use-case. At least this is what characterises them. Interest in Altcoins is increasing drastically. Cryptocurrencies that have become popular investments include Ethereum, Ripple’s XRP, Bitcoin Cash, Litecoin, EOS, Stellar Lumens, Monero, Dash, Cardano, TRON, NEO, IOTA and Ethereum Classic.
Who are the best Bitcoin trading platforms and brokers?
If you want to engage in trading cryptocurrency CFDs, it is necessary to open an account with a broker. More and more online brokers are now offering crypto trading.
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.
eToro, as one of the largest social trading brokers, offers a large selection of financial instruments including cryptocurrencies, Forex, commodities, shares, and the option to copy other traders, trading systems, or even whole portfolios with their unique CopyPortfolios feature. eToro is regulated by CySEC as well as the FCA and provides the option to open a live or demo account. Available cryptos include Bitcoin, Ethereum, XRP, Stellar Lumens, EOS, BitcoinCash, Litecoin, Dash and many more. Of course, you can also copy those traders that make use of cryptocurrency CFD trading strategies – and there are quite a few, even though the majority of traders still focuses on the foreign exchange market. On top, traders can invest in whole crypto portfolios.
The social trading specialist does not charge any fees or commissions. Copy trading does also not incur any additional fees. Spread mark-ups are applied instead with spreads starting from 2.0 pips (depending on the underlying asset). eToro guarantees that spreads remain the same, regardless of whether you are trading manually or if you are copying another trader.
IC Markets, one of the world’s leading Forex brokers, is also known to offer cryptocurrency trading on their exclusive ECN trading environment. They are an Australia based, ASIC regulated 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.
What you need to check when selecting cryptocurrency brokers
The above-listed cryptocurrency brokers are just a small selection of Forex and CFD brokers that offer crypto trading on their trading platforms. In the comparison table, we highlight some general aspects which are essential when it comes to choosing an online broker. However, please keep in mind that maximum leverage and spreads vary drastically when it comes to each broker and the financial instrument that you want to trade. Typically, and because of the high volatility in the crypto market, leverage is much lower than the advertised maximum leverage”. Product disclosures are available with every serious broker, and you should make sure to know what trading environment you are entering.
Working with safety
With a regulated broker, traders can be sure that client funds are managed separately from business assets – this should be emphasised. All above-listed brokers offering CFD crypto trading are licensed and regulated with major watchdogs depending on their headquarter location.
A look at the costs
All costs and fees should be displayed transparently by a cryptocurrency trading broker. If this is not the case, traders need to be extremely careful and assure themselves what other costs could potentially arise. It can be assumed that the overall trading costs will often be higher than expected. Besides, it is particularly annoying to lose a lot of time searching for information about fees and expenses. A trustworthy broker clearly displays all costs. Of course, the higher the fees, the lower the potential profit.
Security and costs are two aspects where there shouldn’t be any compromise.
Friendly and competent customer service
Of course, customer support should always be friendly and competent. Often, however, the truth is different. Sometimes it is worthwhile to test customer service before opening an account. This is little effort but can be very beneficial for making a decision. Also, the language of the customer support must not be forgotten. Many brokers are based abroad and therefore do not necessarily offer support in your mother tongue. If, for example, a trader only speaks Italian but is looking to join a broker that provides assistance in English alone, this can be an issue.
Numerous factors play an important role in choosing the right Forex or cryptocurrency broker. The offer for trading in cryptocurrencies is of course particularly interesting. But costs and support also influence the decision as to which provider to choose.
Available cryptocurrency CFDs and other financial instruments
Since you are looking to trade cryptocurrencies and selecting a crypto trading broker, it makes sense to check upfront which digital assets are available for trading and under which conditions. We already took a look and highlighted which conditions should be considered, but it is also wise to check out a broker’s product portfolio. If you only want to trade crytpo CFDs, you will have to determine if there are specific cryptocurrencies that you want to trade and search for a broker that offers those particular cryptos as financial instruments. Most Forex brokers provide at least Bitcoin trading. But if you’re going to trade other cryptocurrency CFDs as well, you need to make sure that the broker of choice offers these products. Once you found brokers offering the CFDs you are looking for, make sure to compare the conditions under which they can be traded. Maximum leverage, margin requirements and spreads are only a few factors a crypto trader needs to take a good look at.
Demo accounts
Many traders are not interested in a demo account at all. Instead, other aspects are important to them. Nevertheless, we always recommend paying attention to a demo account. Especially if you want to start trading cryptos, you must know what you’re getting into. Testing the waters with a demo account is a great way to avoid putting your hard-earned money at risk and potentially losing it all in 5 seconds. Beginners who don’t even have a feeling for how much they want to and can invest are particularly well served with a demo account. This way, you can test the trading platform, understand spreads, market movements, and how trading CFDs works. A demo account is also excellent for testing and developing trading strategies. Many experienced traders use demo accounts to do precisely that. No professional trader would jump into the markets unprepared, and neither should beginners.
For beginners and experienced traders alike, the demo account is a factor that should be considered when choosing a broker. In addition to the positive aspect of being able to test cryptocurrency trading in peace, a demo account also allows you to get to know the broker, trading platform and trading tools better.
Advantages and disadvantages of trading cryptocurrencies CFDs
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.
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.