The Bitcoin (BTC) is a popular payment method that is used by countless online Forex traders.
As its value will vary from day to day, even a deposit may be slightly thought of as a currency position. Also, Bitcoins boast levels of anonymity that are all but impossible when compared to other payment methods. However, only select brokers will offer this option.
Although the number of portals is growing, it will nonetheless save a great deal of time if we determine which of the most reputable brokers offer such a service. Let us therefore list a few prominent examples along with some other benefits that can be enjoyed.
We couldn’t create a list of Bitcoin brokers without featuring one of the first brokers to accept bitcoin – Plus500.
While traders from the United States are prohibited, bonus offers and affiliate programmes are available. This CFD service provider utilises its own proprietary trading software which is quite similar in form and function to the Meta Trader system.
51 different currency pairs are provided by Plus500 and are regulated by both CySEC and the Financial Conduct Authority. Email, physical offices and phone support are available although it should be noted that (currently) there is no live chat feature within the website. An average spread of two pips allows for accurate trading and $100 dollars is the minimum amount required to open a standard account. Mobile trading is possible and like other websites, this platform is completely based within the cloud. Although their own trading platform is easy to use and navigate, they are the perfect choice for experienced traders.
To learn more about their platform, you can read our review of Plus500 here.
AvaTrade is consistently seen within many Forex reviews, and for good reason. This online broker has been in operation since 2006 and while it does NOT cater to clients within the United States, there are several other amenities worth mentioning. Besides accepting Bitcoins, AvaTrade works with credit cards, wire transfers, WebMoney and (importantly) PayPal.
A standard Meta Trader 4 account is the most common variable although VIP trading platforms are also offered. This tier will enjoy daily contact with a fund manager, free trading signals and significantly reduced spreads. Scalping and hedging are both allowed. AvaTrade offers fixed and variable spreads. Finally, some further features worth noting include one-touch trades, automated executions and mobile access. It should still be mentioned that a minimum account size of $100 dollars is required.
There are several other amenities that are worth mentioning regarding eToro. While not offering the Meta Trader 4 platform, eToro provides its own software that is available for the standard computer as well as the smartphone.
Currency pairs are offered alongside soft commodities, indices and even spread betting. As this is an entirely browser-based platform, there is no need to download any software. Other benefits including one-touch executions and trading contests have attracted many investors.
Established in 2005, LiteForex provides traders with both the Meta Trader 4 and the Meta Trader 5 systems. These are two of the most efficient and transparent in the entire industry. Thus, LiteForex is able to accommodate for the rather fluid currencies market. Payment options include Bitcoins, wire transfers, Skrill, credit cards and OKPay (to name only a handful).
This portal offers gold and silver, CFDs and Forex pairs as trading instruments. LiteForex is also known for its rather large leverage ceilings; up to 1:1000 are available for all instruments. Therefore, this system can be seen as one of the most lucrative in the industry. Other benefits are mobile and automated trading, pending orders, trailing stops and hedging.
A minimum deposit of only one dollar is required to open an account. Liteforex can therefore be considered a very useful tool for those who are just entering into the marketplace and do not have substantial funds to risk.
As of September 2014, Trader’s Way is another broker which accepts Bitcoins as a payment option. Like LiteForex, this site is open to clients who are based out of the United States. Although it has only been active since 2011, this portal has already built quite a respected name for itself. There are several defining features which have allowed such fame. First, Forex pairs and precious metals can be traded. With high leverages for both, clients may indeed enjoy tidy sums of money. As scalping is allowed, those who are keen on taking up short-term positions are likewise quite interested in Trader’s Way. The Meta Trader 4 platform is used as well. Another key benefit is that five-digit accuracy is offered as opposed to the standard four decimal places which other firms tend to provide. Automated and one-click trades can be placed and as with many other brokers, a mobile-friendly platform is another option for those who are away from their desks.
FXChoice has offices in Belize and has been in constant operation since 2011. Significantly, traders from the United States are welcome. Besides Bitcoins, other payment options include Skrill, Neteller, credit cards and wire transfers. Meta Trader 4 and 5 are both available; even within demo accounts.
Currencies include the United States dollar and the euro. FXChoice is known for its robust levels of customer support. These include email, live online chat, telephone and callback options. Both scalping and the use of expert advisers are allowed. Some other features are trailing stops, one-click trading and mobile access.
These are some of the most reputable brokers which offer Bitcoins as a form of payment. However, this list is likely to increase as such a form of electronic currency becomes more popular into the future. Thus, it is wise to constantly check back to see which other brokers have accepted such a payment system.
Disclaimer: These brokerage services are for experienced traders only. Your capital may be at risk