Best Bitcoin Forex Brokers
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Since its inception in 2009, the cryptocurrency industry has come a long way. Although many different coins have been introduced since then, Bitcoin still sits comfortably at the top. Many businesses are adopting this cryptocurrency, mainly because it is practically untraceable.
Here, we shall take a look at the best Forex brokers that accept Bitcoin. We shall discuss their features, as well as the things you need to consider before choosing one of them.
Top 7 Forex Brokers That Accept Bitcoin
1. TechBerry
Founded: 2015
Location: US, DE, AU, UAE
Currency Pairs: 100+
Min. Spread: 0
TechBerry has been in business since 2015 offering gains with an average monthly output of 11.2%. It has swiftly established itself as one of the leading automated copy trading platforms by offering professional services and tools. TechBerry has over 50 verified forex brokers as partners, such as FxPro, HotForex, Pepperstone, etc.
TechBerry analyzes data from 100k experienced traders to develop the most lucrative strategy. Traders can follow the trading history and performance of the platform from the website. It provides one of the best insurance policies, so you don’t have to worry about the losses. The reimbursement starts from 50% and goes up to 100% in the Infinite plan.
The platform offers five membership plans and a free trial of 14 days. Each package has a minimum deposit limit starting from $5000 and there is no limit on the maximum. The service fee varies according to the pricing packages and can be as low as 15%. A personal manager is there to cater to all of your needs.
Pros
- It offers a free trial.
- Real-time monitoring of trades.
- Insurance policy up to 100% reimbursement of losses.
- The fee is only charged on profits.
Cons
- Supports only MT4/MT5
- It lacks information about its trading strategy.
Read more about TechBerry in this review
2. PrimeXBT
Founded: 2018
Location: St. Vincent
Currency Pairs: 51
EURUSD Spread: 0.1 pips
Leverage: Up to 1:1000
Very few forex brokers allow for Bitcoin deposits and withdrawals, except for PrimeXBT. As icing on the cake, you can trade with this brokerage by registering your email address; no birth names or physical addresses are needed.
This is great for those wishing to trade the forex markets and enjoy the anonymity benefits of using Bitcoin for transactions. Fortunately, no deposit fees apply if funding with BTC through PrimeXBT.
Aside from the 51 forex pairs, you can also speculate in 17 digital currencies, 5 commodities, and 11 indices through PrimeXBT’s proprietary trading platform. The maximum leverage in forex is 1:1000 with no minimum starting balance.
Pros
- No personal data verification needed
- No minimum account balance
- Wide choice of derivatives provided
- Relatively high margin
Cons
- Not regulated
- No MetaTrader platforms offered
- Only allows deposits via crypto
Read more about PrimeXBT in this review
3. FXOpen
Founded: 2003
Location: Australia
Currency Pairs: 51
EURUSD Spread: 0.2 pips
Leverage: Up to 1:30
At FXOpen, you get live quotes from the major liquidity providers in the market. The registration process is quite simple, and there are different types of accounts to choose from, including a demo account where you can practice your trading skills without taking any risk. Bitcoin traders don’t have to pay too much in terms of deposit fees, and there is only a 0.25% half-turn for cryptocurrency transactions.
What sets this broker apart is the fact that no manual configuration is needed for the MT4 platform. It has a wide range of advanced tools like economic calendars and market analysis that enhance your trading experience.
This brokerage firm is highly secure and has a multi-step authentication process. They won’t send you emails containing sensitive data. You can even enjoy the services of the broker in multiple languages. Although the fees are not the cheapest at FXOpen, you will no doubt enjoy the fine-tuned user interface and a large number of payment modes.
Pros
- Free VPS
- Well-regulated
- ECN available
Cons
- Limited educational resources
- Not for US clients
Read more about FXOpen in this review
4. OctaFX
Founded: 2011
Location: St. Vincent
Currency Pairs: 32
EURUSD Spread: 1.0 pips
Leverage: Up to 1:500
At OctaFX, you have the chance to make more profits due to the tight spreads. It protects customers against negative balance and does not deduct commission fees while you are withdrawing or depositing money. This brokerage firm has a solid reputation and has won several awards over the years, which ought to make you feel more confident about signing up with it.
OctaFX no doubt provides a more lucrative trading environment compared to other brokerage firms, and this is evident in their special offers and contests. Simply by placing trades, you stand the chance to win some attractive prizes. You can even win bonus offers by depositing funds into your account.
Here, novice traders can instantly copy the trades placed by experts. While many other brokers have this feature, OctaFX actually monitors the trades, making sure there are no unnecessary risks being taken.
Pros
- Negative balance protection
- Efficient customer support
- No deposit and withdrawal fee
Cons
- No banking license
- Time-consuming withdrawal process
Read more about OctaFX in this review
5. NAGA
Founded: 2015
Location: Cyprus
Currency Pairs: 45
EURUSD Spread: 1.6 pips
Leverage: Up to 1:1000
This broker is favored by many traders for its extensive social trading features. More than 500,000 individuals are signed up with this brokerage firm at this moment. Bitcoin traders, in particular, will find NAGA well-suited to their needs, because they don’t need to pay any commission for their deals. Compared to other brokerages, this one provides decent spreads.
Although there is a penalty to pay for inactivity, you will be notified of the same a month before. Here, you can also monitor the trades of seasoned merchants and copy them with the help of automation. For each trade, you can place the take profits and stop losses using a tool, which is a great feature for newcomers.
With NAGA, you can trade in Bitcoin while traveling, thanks to the handy mobile app. Customer support is provided on a 24/5 basis and you can check out the blog to learn more about brokerage and trading in general.
Pros
- Reward program
- Auto-copy feature
- Real crypto trading
Cons
- Withdrawal fee
- Not for US clients
Read more about NAGA in this review
6. HotForex
Founded: 2010
Location: Mauritus
Currency Pairs: 49
EURUSD Spread: 1.2 pips
Leverage: Up to 1:1000
This company is more than 10 years old, and it is known for its customer-centric approach. By offering personalized services and products, it has quickly established itself as one of the most trustworthy Bitcoin Forex brokers. Customer service is provided in multiple languages, and you can get in touch with a representative 24 hours a day, 7 days a week.
While the fixed spreads offered by HotForex are low enough, you can also choose to trade with floating spreads. One thing to note about this company is that it has a much higher leverage cap. If you wish to trade in Bitcoin using this broker, you need to do it via Contract For Differences (CFDs).
There are five different types of accounts available here, and none of them have any commissions involved, except the Zero account. But you can also enjoy the lowest spreads with this account type.
Pros
- Advanced trading tools
- Low commission and spread
- Great copy trading features
Cons
- Social trading not available
- Variable minimum deposit
Read more about HotForex in this review
7. RoboForex
Founded: 2009
Location: Belize
Currency Pairs: 32
EURUSD Spread: 0.2 pips
Leverage: Up to 1:300
This brokerage firm provides favorable conditions for different trading styles and sizes. Excluding the advanced features, the one functionality which makes RoboForex a great option is the monthly and weekly contests on demo accounts. You have the chance to win amazing prizes that will boost your trading career while trading risk-free with demo accounts.
A well-regulated broker that has won many awards, RoboForex has an impeccable reputation in the industry. You are provided with insurance coverage and your money is kept in a segregated account at some of the topmost financial institutions.
With six different account types, you have the freedom of trading with various spreads and deposit sizes. Deposits and withdrawals are completed instantly and there are no internal fees. Furthermore, you can copy trades from more than 1000 traders.
Pros
- Large selection of trading software
- Swift execution
- Low fees
Cons
- Variable payment methods
- Standard account profit is sluggish
Read more about RoboForex in this review
Advantages of using Bitcoin Forex broker
The advantages of using a Bitcoin Forex broker are as follows:
- Deals involving Bitcoin go through several confirmation stages before they are approved, but the process is not very time-consuming. Many individuals prefer carrying out their transactions via Bitcoin, mainly due to the security it offers.
- A brokerage firm that allows for transactions in Bitcoin would also have advanced tools and charts at its disposal. Through these, you can keep a close eye on the prices and even predict future movements. This helps you make better entries and exits, thus maintaining a steady stream of profit.
- Creating a Bitcoin wallet is extremely easy, and you can use this money for supporting your Forex account. With Bitcoin brokers, deals can be sealed within a few minutes.
Things to consider before choosing Bitcoin to make transactions
Here are a few things you need to keep in while making payments via Bitcoin:
- It is a highly volatile currency, and as such, you should not use it for small purchases. Before carrying out a transaction using this cryptocurrency, you should consider the size of the purchase.
- It is wise to cash in on your payments as soon as possible. As you know, Bitcoin prices can fall drastically within a short span of time, and this can cause you major losses.
- It is not possible to reverse a Bitcoin deal, and this means the two parties involved in the deal must have faith in each other. Only the receiver can initiate a refund.
How to choose the best Forex broker accepting Bitcoin
Before selecting a Forex broker for Bitcoin, you need to consider factors like maximum withdrawal and deposit amounts, transparency, trading commissions, and location. Not all brokers are the same, and some of them might not have the payment mode you are most comfortable with, so it is important to gather the maximum information possible.
You ought to check whether a particular brokerage firm accepts Bitcoin or not, prior to signing up with it. Some of them have the different payment modes explicitly mentioned, and for others, you can find this information in the FAQs section.
Conclusion
While all the brokers mentioned in this article are trustworthy and reputable, you should still consider the above-mentioned factors before registering with a brokerage firm. Always put emphasis on security and look for risk-management features while selecting a brokerage firm that supports Bitcoin.
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