Forex and cryptocurrency are two of the most lucrative financial markets that traders can wish for.
While the forex market has a rich history, the cryptocurrency market is relatively new and lacks awareness amongst the mainstream crowd. With the advent of online trading platforms, trading is now at the fingertips of almost all traders no matter what background they have. This has coincided with the popularity of cryptocurrency trading over the last 5 years.
These days there are several brokers and trading platforms that allow their traders to invest in forex using Bitcoin or other cryptocurrencies. This method saves many traders the currency conversion fees that would otherwise be applicable.
Let’s take a look at 5 of the top Bitcoin forex brokers in 2021.
Established in 1998, Alpari is a well-known Forex and CFD broker which accepts bitcoin as a deposit. It is regulated by the FSA of St. Vincent & Grenadines. The broker offers a reasonable launching platform for new forex traders with a minimum deposit requirement of only $1 and a commission of $16. It offers a varied range of different account options to choose from, such as a standard.mt4, ecn.mt4, pro.ecn.mt4, nano.mt4, ecn.mt5, pamm.standard.mt4, pamm.pro.ecn.mt4, pamm.ecn.mt4, standard.mt5 and pamm.ecn.mt5. Apart from Bitcoin, the broker also accepts FasaPay, Neteller, QIWI, Skrill, WebMoney, and deposits via wire transfer. All of their accounts have USD, EUR, GBP, and NGN as base currency options with NGN being available only to traders from Nigeria.
Established in 2006, Grand Capital is a forex and CFD broker that is regulated by the Financial Commission. The broker offers 6 different types of accounts: Micro, Standard, Swap Free, ECN Prime, MT5 and Crypto. It offers both MetaTrader 4 and 5 and provides access to forex, CFD , stocks, gold & silver and cryptocurrencies. Customer support is offered via callback, email, forum, office, phone, skype and web form. The minimum deposit requirement for this broker is $10. Grand Capital offers several deposit methods such as AdvCash, Bitcoin, Credit/debit cards, Ethereum, FasaPay, Local bank transfer, MoneyGram, Neteller, Payza, Perfect Money, Ripple, Skrill, Tether (USDT), WebMoney, Western Union and Wire transfer.
Eightcap is a forex broker founded in 2009 which accepts Bitcoin to fund a trader’s account. It is a well-regulated broker which comes under the jurisdiction of the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC). Eightcap provides traders access to more than 300+ financial CFDs that trade on Forex, Indices, Commodities, Shares and Cryptocurrencies. It supports both MetaTrader 4 and 5. Deposit methods include debit/credit card, bank wire, PayPal, Poli Payment, BPay, China UnionPay, Skrill and Neteller. It provides ample customer support by offering multilingual customer support 24/5 via phone, email and live chat. Eightcap also provides a vast collection of educational resources which include market news and analysis, Metatrader guides, and articles on trading fundamentals and trading strategies.
Circle Market is a universal trading platform established in 2007. With its headquarters in New Zealand, the Circle market has evolved over fourteen years globally. It serves as a multi-asset broker for share trading, CFD, forex trading and seventy-five plus tradable financial assets. Salient features of Circle Market include Demo Account- also known as Virtual Portfolio. It provides innovative financial chart comparison tools, research-backed analysis of various financial markets with investments from pro-analysts. Circle markets are available on several devices and online browsers that offer hassle-free services for new and seasoned Experts. Moreover, Circle Market platforms are available in fifteen plus languages thereby, directly benefiting the users.
VantageFX is another popular forex broker which accepts Bitcoin. Founded in 2009, the broker is regulated by the Cayman Islands Monetary Authority (CIMA). Additional security is provided by maintaining segregated client funds in Australia’s AA-rated National Australia Bank (NAB) as well as by offering negative balance protection. Designed for both professionals and novices, the broker offers access to more than 300 instruments which consist of Forex ECN, Indices, Precious Metals, Energies, Soft Commodities and Shares CFDs from the US, UK, EU, Australia and Hong Kong. It allows deposits using bank wire transfer, credit/debit card, Neteller, Skrill, FasaPay, China Union Pay, JCB, BPAY, POLi Payments and cryptocurrencies.
Numerous financial regulatory bodies of the world have received numerous complaints of fraud associated with websites that offer an opportunity to buy or trade forex or cryptocurrencies through Internet-based trading platforms. The complaints fall into at least three categories: refusal to credit customer accounts or reimburse funds to customers; identity theft; and manipulation of software to generate losing trades. Therefore it is more than essential for a first-time trader to conduct adequate background research before they invest with a particular trading platform. When trading forex with Bitcoin, always look out for platforms that offer complete transparency when it comes to funds and transactions.