Best Bitcoin Forex Brokers
Bitcoin is a digital asset that, since its inception, has been the largest cryptocurrency by market capitalization.
Flexible and secure, it is used by those forex brokers that want to provide a wide variety of payment methods and consider the most advanced options available, in order to give customers a higher number of choices.
In this article, we will cover the top Bitcoin forex brokers.
Our top pick is eToro, for its mix of social and copy trading features, regulatory compliance, low costs, wide variety of financial instruments available and intuitiveness of its trading platforms.
In a Rush? Here Are the Best Bitcoin Forex Brokers in 2023
- eToro – A social trading platform mostly popular for its low costs and variety of assets
- AvaTrade – regulated broker whose strengths are intuitiveness and asset classes available
- JustMarkets – a broker that offers competitive fees and intuitiveness of trading platforms
- OctaFX – broker that offers minimized costs and flexibility
- XM – a trading platform that offers a wide variety of tools and educational resources
- BDSwiss – a broker with tight spreads and that aims at fast execution of transactions
- InstaForex – the award-winning broker that provides extensive analytical tools
Best Bitcoin Brokers — Full Analysis (Updated in 2023)
eToro
Minimum Deposit: $10
Our Score: –
Tradeable Symbols: over 5000
Maximum Leverage: 1:30
To deposit, transfer and withdraw Bitcoin via eToro, traders and investors need to use the eToro Money app.
The proprietary payment apps of eToro also include crypto wallets people can use to make transactions. For deposits in particular, users just need to locate the “Crypto” button to check wallets and make deposits through the associated public address.
On eToro, beginners and experienced traders can find a set of tools and educational resources that can fit their needs.
First off, this broker offers a wide variety of trading and investing assets – including cryptocurrencies, and thanks to its proprietary digital and crypto wallets provides a wide variety of payment methods.
Its social trading and copy trading features come with no additional costs for users.
The broker uses spreads for its compensation, lowering costs for the final user.
Moreover, traders and investors can have a smooth experience thanks to the intuitiveness of its trading platforms.
Pros
- Social trading available
- Wide choice of tradable symbols
- Intuitive trading platforms
Cons
- The broker charges inactivity fees
- Some traders and investors might find a lack of analytical tools
AvaTrade
Minimum Deposit: $100
Our Score:
Tradeable Symbols: Over 250
Maximum Leverage: 1:400
AvaTrade is in our list of top Bitcoin forex brokers for the integrations it uses to allow people to fund their forex accounts.
Even if it doesn’t directly own crypto wallets that make it possible for users to fund their accounts by directly transferring funds via wallets, it provides payment methods – via integrations – that allow crypto transfers.
An example is Neteller, which is popular for allowing seamless conversions from fiat to crypto and vice versa.
This broker, regulated by the most important financial regulators, doesn’t only offer intuitiveness, but also an outstanding number of educational resources and a high level of spreads.
This last element better fits the needs of more experienced traders, who might find in leverage a way to set different trading strategies.
In spite of the high inactivity fees charged by the broker, active traders still enjoy the intuitiveness of the trading platforms – which can lead to a faster decision-making process – which consists of MT4 and MT5, along with proprietary applications.
Similarly to eToro, this broker uses spreads for its compensation, and offers different deposit and withdrawal methods.
The news feed provided, along with educational resources, can help traders and investors to constantly monitor markets and understand all the topics related to trading and investing.
Pros
- Several trading platforms
- Extensive educational resources
- Tight spreads
Cons
- High inactivity fees
- Low number of tradable symbols if compared to other online brokers
JustMarkets
Minimum Deposit: $1
Our Score: –
Tradeable Symbols: Almost 200
Maximum Leverage: 1:3000
Similarly to AvaTrade, JustMarkets allows crypto deposits through third-party payment methods. To be more specific, a wallet like Neteller allows users to make crypto deposits seamlessly to fund their forex accounts.
Maybe this broker is not regulated by the number of financial authorities that regulate more established online brokers around the world, but it still has some interesting features.
The level of leverage is one of the outstanding characteristics of this broker, since its 1:3000 is quite unusual.
The broker provides a wide variety of deposit and withdrawal methods, including crypto.
Users can benefit from experts’ advice, set different types of strategies – including scalping, and use different trading platforms – like the downloadable versions of MT4 and MT5.
The spreads offered are very tight, even if this broker uses it as its main source of compensation.
The broker provides social and copy trading, and extensive educational and analytical resources – including webinars.
Pros
- Low costs
- Social and copy trading available
- Extensive educational resources
Cons
- Some types of accounts might need an initial minimum deposit set at $100
- There is not a wide choice of tradable symbols if compared to other brokers
OctaFX
Minimum Deposit: $25
Our Score: –
Tradeable Symbols: 230
Maximum Leverage: 1:500
OctaFX offers a more direct method to deposit Bitcoin and start trading.
To deposit BTC, users just need to click “New deposit”, locate Bitcoin and select it as a deposit method.
As long as users respect the daily limit – corresponding to $20,000 – they can deposit Bitcoin to fund their accounts. They can either scan the QR code or paste the Bitcoin wallet address to deposit crypto and use it to trade on the forex markets.
This broker is available in over 180 countries, and managed to gather over 40 million users and more than 60 awards in its 11 years of activity.
OctaFX has many outstanding characteristics. First off, this broker provides a wide range of payment methods.
Over 30 currencies are available also for weekend trading. Users can benefit from daily tips provided directly by the broker – which charges 0% commission.
Traders and investors can use the popular trading platforms MT4 and MT5, as well as the proprietary platform of the broker OctaTrade – available on different devices and operating systems.
OctaFX also focuses on its customer service – available 24/7 and in different languages.
The broker also includes copy trading features and provides free educational resources and live quotes.
Pros
- Variety of trading platforms
- Live quotes
- Copy trading available
Cons:
- Low number of assets – if compared to other brokers
- The high leverage might be risky for beginners
XM
Minimum deposit: $5
Our score:
Tradeable symbols: Over 1000
Maximum leverage: 1:1000
Similarly to other brokers we’ve analyzed so far, XM doesn’t use proprietary crypto wallets, but allows crypto deposits via different payment methods.
In this case, the payment method that will allow you to use Bitcoin to fund your forex account is Skrill. With this electronic wallet you can deposit Bitcoin and seamlessly convert it to use different currencies and fund your forex account.
This popular broker is quite inclusive if we think of the low minimum deposit and its wide variety of trading platforms, which can meet the needs of different types of traders.
XM provides several options for what concerns deposit and withdrawals methods, including instant transactions that can improve the experience of traders and investors.
Also the high level of leverage is something that is not so common, if compared to the other online brokers currently available in the market.
The broker keeps costs low, but it still manages to provide high quality service, a good variety of tradable assets, and extensive educational and analytical resources.
Pros
- Wide variety of trading platforms
- Good number of forex pairs
- Demo account
Cons
- The number of tradable symbols is not among the most competitive in the market
- Customer support not available 24/7
BDSwiss
Minimum Deposit: $10
Our Score: –
Tradeable Symbols: Over 1000
Maximum Leverage: 1:1000
BDSwiss deserved a spot in our list of best Bitcoin forex brokers for allowing direct deposits and withdrawals via Bitcoin and other 12 cryptocurrencies – namely ETH, XRP, USDT, USDT, BCH, LTC, DASH, ZEC, TUSD, PAX, TRX, and ADA.
Another extremely positive aspect of BDSwiss, when it comes to crypto deposits and withdrawals, is that it doesn’t charge any additional cost for using this payment method, and covers the fees associated with this type of payment on behalf of traders and investors.
Moreover, BDSwiss is a regulated broker that operates globally.
It offers over 1000 financial instruments, extensive educational resources and levels of leverage that vary according to financial instruments – reaching up to 1: 1000.
Forex pairs are over 250, making it one of the most competitive brokers when it comes to forex trading.
It offers fast execution of trades and a wide variety of deposit and withdrawal methods, guaranteeing high levels of flexibility.
It has a strong customer support in different languages, and also provides a demo account that can be used by both beginners – to get familiar with trading – and experienced traders – to test strategies without spending real money.
It uses MT4, MT5 and WebTrader as trading platforms, along with a proprietary mobile application.
Pros
- Low minimum deposit
- Wide variety of payment methods
- Strong customer support
Cons
- It is not the most competitive broker available in terms of overall financial instruments available
- Its high levels of leverage might be risky for beginners
InstaForex
Minimum Deposit: $1
Our Score: –
Tradeable Symbols: over 300
Maximum Leverage: 1:1000
InstaForex doesn’t only allow crypto deposits with the third-party payment methods we’ve covered so far – like Neteller and Skrill, but it also allows direct deposit – not only via Bitcoin, but also Litecoin and Tether.
The reason why we listed InstaForex as the last broker in our list of the top Bitcoin forex brokers is that it doesn’t follow the usual processing period that such transactions require.
Other brokers list a processing period of 30 minutes, which is in line, more or less, with the time needed by Bitcoin transactions (especially in case of congested blockchain).
InstaForex lists a processing period of 3 hours, which is unusual among Bitcoin accepting forex brokers.
Despite this, the broker has many other advantages.
InstaForex operates globally and, in terms of forex, it offers 110 currency pairs.
It managed to gather a huge number of accounts opened – around 7 million.
Its variety of financial instruments and payment methods make this broker quite flexible and a possible good fit for both beginners and more experienced traders.
It offers different types of accounts – with accounts that are commission free – and different spreads – starting from 0 pip.
It includes different and intuitive trading platforms – MT4 and MT5, along with the mobile application.
Pros
- Demo account available
- Promos
- Low minimum deposit
Cons
- It is not regulated worldwide
- It doesn’t offer a wide variety of trading platforms if compared to other brokers
Why use Bitcoin as a trading payment option?
The reasons why Bitcoin is a viable option when talking about payment methods to fund broker accounts are mainly related to the very characteristics of this asset.
Being a decentralized digital asset, it guarantees high levels of security and transparency – since each transaction can be traced.
Moreover, the transactions made with Bitcoin are pretty fast and are not affected by geographical boundaries.
Fees, when the blockchain is not very congested, can be lower than the fees associated with more traditional payment methods.
Finally, Bitcoin adds layers of flexibility and security to worldwide transactions, and meets the needs of users who prefer more innovative payment methods.
Pros and cons of funding your forex account with Bitcoin
There are both advantages and disadvantages associated with the use of Bitcoin as a funding method for your account.
Pros
- It might involve less expensive fees
- It works worldwide
- It adds levels of security to transactions
Cons
- If the blockchain is congested, there might be delays in transactions
- Not all users might have the necessary knowledge to manage this innovative payment method
How to choose the best Bitcoin Forex broker
Choosing the best Bitcoin broker implies many considerations.
- First off, no matter the type of broker, traders and investors should always choose according to their needs. Every trader and investor has different attitudes, different goals, different tolerance to risk. That’s why also the reasons that make them choose a specific broker are unique.
- The range of tradable assets: the more assets a broker offers you, the better – usually. This allows you to experiment with different types of assets and asset classes, to better understand markets and the different levels of volatility, and to better manage risk and diversify your portfolio.
- The fees play, of course, an important role in trading and investing. The higher the fees and commissions applied by a broker, the lower the amount of capital a trader or investor will be able to spend in their activities.
- The platform: trading platforms, if intuitive, can lead to faster decision making. On the other hand, traders and investors have different levels of experience, and they should make sure that trading platforms are also in line with their capabilities and strategies.
- Regulation: a regulated broker adds a level of security to your trading and investing activity, and offers you a secure environment for your financial transactions.
Alternatives to Bitcoin Brokers
For those traders who want to know about brokers that use different payment methods for deposits and withdrawals, here we list two other alternatives: PayPal forex brokers and Western Union forex brokers.
PayPal Brokers
PayPal is for sure one of the most popular payment methods available around the world, but not all brokers include it. And when they do use PayPal, this payment method is not always listed both in deposit and withdrawal methods – so it’s always up to the user to check its availability.
PayPal offers several advantages, like immediate transactions and low fees in most cases, along with its main feature – security.
Western Union Brokers
Western Union is another globally popular payment method. It allows users to use different types of transactions – even cash transactions.
Also in this case, it presents different methods to protect users’ funds and make sure that the sender and the receiver are the only ones involved in the transactions.
Commissions might result high if compared to other payment methods – they vary according to the country and the transaction, but they’re usually set at around 3% of the total transaction.
Users might want to use forex brokers that include this payment method mainly because it is the right fit for those who need to use different currencies and want to make sure to have enough flexibility, transaction speed and security.
Bitcoin Fees
When it comes to forex brokers accepting Bitcoin, the trader and investor should evaluate the fees and commissions associated with the broker itself, and then consider the fees associated with Bitcon.
Since transactions occur on chain, users have to pay a transaction fee that is used by the network to reward miners.
The fee is not stable, it varies substantially according to the amount of the transaction and the congestion of the blockchain.
FAQ
What are the risks of trading Bitcoin with a forex broker?
Risks have to do with market volatility and regulatory compliance.
Even if any asset is subject to market risks, traders and investors need to consider that Bitcoin tends to be more volatile than traditional assets.
Moreover, if we consider the different regulatory framework concerning digital assets around the world, Bitcoin is still in a gray area, and this kind of issue might affect brokers.
What are the fees associated with trading Bitcoin with a forex broker?
Traders and investors need to take into account both the fees and commissions associated with brokers and the fees associated with Bitcoin. Among the brokerage fees and commissions we can find spreads, transaction fees, overnight and inactivity fees – each broker sets different types of fees and commissions, and traders and investors should be always aware of them before starting trading.
What are the different types of Bitcoin forex accounts?
Among the different types of Bitcoin forex accounts available, we can list for sure demo accounts – that doesn’t require real capital – and standard accounts – which is the general account used by retail traders.
Some forex brokers give the opportunity to access institutional accounts – usually activated by those who need to make large transactions or who work as professional traders – and VIP accounts – tied to particular conditions.
How do I choose the right Bitcoin forex broker?
Among the elements to consider we can list the availability of a good variety of financial instruments and trading platforms, the availability of different payment methods, regulatory compliance.
What is the future of Bitcoin forex trading?
Even if no one can tell what the future holds, it is true that Bitcoin and cryptocurrencies in general are becoming increasingly more popular, and this might lead to a higher demand for Bitcoin accepting platforms and services.
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