AuthorBy Jeffrey CammackAuthor InformationUpdated: October 29, 2020

While traders may be tempted by brokers who offer a wide range of cryptocurrency pairs, the traditional metrics of trust, platform choice and trading conditions should be applied when judging cryptocurrency brokers.

Best Crytocurrency Broker

English

Best Cryptocurrency & Bitcoin Brokers

Last updated on 29 Oct 2020
Updated 29 Oct 2020
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Sweden
1
eToro
Min. Deposit
GBP 200
3.333.33
Crypto Pairs
16
Trading Desk Type
REGULATED BY
1110.503.33/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

eToro pioneered social trading in 2012 and has been widely recognised for making the social trading experience as smooth and engaging as possible. It has since grown to become one of the largest Forex brokers in the world, and its success has made it clear that many traders view an active and helpful community as an essential part of their trading strategy.

eToro has won multiple awards for innovation, and as cryptocurrencies have become more popular, has introduced a wide variety of cryptocurrency CFDs to traders.

eToro’s trading model is quite different from most other brokers and may take some time to get accustomed to, but if you are looking for a fun and simple social trading experience, then eToro is the broker for you.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
2
easyMarkets
Min. Deposit
GBP 100
4.244.24
Crypto Pairs
3
Trading Desk Type
REGULATED BY
11110.54.24/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 2001, easyMarkets has always innovated, introducing tools like negative balance protection and guaranteed stop-loss before anyone else. This innovation has continued with its unique easyTrade, Freeze Rate and dealCancellation tools, all intended to assist new traders and keep trading transparent and simple.

easyMarkets still provides the strong basic services expected from a broker while constantly innovating to meet the greater expectations of the client base.  With simple account types, a strong variety of platforms to support traders, and a 50% deposit bonus for new traders, easyMarkets is easy to recommend.

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
Read More About easyMarkets
3
Pepperstone
Min. Deposit
GBP 200
4.514.51
Crypto Pairs
5
Trading Desk Type
REGULATED BY
11110.54.51/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 2010, Pepperstone is an Australian ECN broker known for tight spreads, ultra-fast trade execution and broad platform support. Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.

As our highest rated pure ECN broker, if you want to pay a small commission for tighter spreads, you won’t find a better broker than Pepperstone.

Pros
  • Well regulated
  • Tight spreads
  • Great platform choice
  • Wide range of assets
Cons
  • High minimum deposit
  • Limited market analysis
Read More About Pepperstone
4
MarketsX
Min. Deposit
GBP 250
4.394.39
Crypto Pairs
6
Trading Desk Type
REGULATED BY
11110.54.39/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Marketsx is a premium trading platform. It’s operated by Markets.com and offers traders fast, low-cost trading on over 2,200 financial instruments. Marketsx provides CFD trading on global stock, forex, commodity, indices, cryptocurrency, ETF and bond markets. Clients in the UK can also use spread bets on applicable instruments.

The proprietary Marketx trading platform is packed full of features and trading tools and is optimised for lightning execution. As well as in-depth charting and asset comparison tools, Marketsx also gives traders a wealth of decision-supporting data with sentiment tools, tutorials, and regular live-streamed, expert analysis.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
Read More About MarketsX
5
AvaTrade
Min. Deposit
GBP 100
4.184.18
Crypto Pairs
18
Trading Desk Type
REGULATED BY
11110.54.18/ 5
AlertAccepts UK Clients. Average spread EUR/USD 0.9 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA. 79% of retail investor accounts lose money when trading CFDs with this provider of retail investor accounts lose money when trading CFDs with this provider.
Show Details

Good value, beginner-friendly and hugely respected all over the world, AvaTrade is one of the most reputable brokers in the industry. With support for the leading trading platforms and top-quality multilingual support, AvaTrade has built a brand on a solid reputation and continues to add to that reputation with the recent addition of AvaProtect – an automated loss-protection tool – to its product lineup.

AvaTrade offers trading in Forex, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and equities and is a good choice for any type of forex trader ranging from beginners to scalpers and intraday traders to long-term traders.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited education
Read More About AvaTrade
6
XM
Min. Deposit
GBP 5
4.384.38
Crypto Pairs
0
Trading Desk Type
REGULATED BY
11110.54.38/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

XM Group has achieved substantial growth since opening in 2009, earning 1.5 million clients in 196 countries. XM’s operational philosophy is aimed at client satisfaction and low client turnover; they earn client loyalty through award-winning 24/5 personal customer service, varied account types and competitive trading conditions.

Regulated the FCA, CySEC and ASIC and the recipient of many industry awards, XM Group stands out from a crowded field of market maker brokers for their customer service and educational support.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • Dealing desk
Read More About XM
7
FxPro
Min. Deposit
GBP 100
4.214.21
Crypto Pairs
5
Trading Desk Type
REGULATED BY
11110.54.21/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

One of the most respected Forex brokers in the industry, well regulated by the FCA and CySEC, and with over 870,000 client accounts in 173 countries. FxPro is a powerhouse in the industry and very well respected among traditional brokers.

With MT4, MT5, cTrader and a browser-based platform, a reasonable 100 USD opening deposit and outstanding customer service, FxPro also offers competitive spreads – often as low as 0.6 pips – to match profitability with security.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
Read More About FxPro
8
Admiral Markets
Min. Deposit
GBP 100
4.184.18
Crypto Pairs
32
Trading Desk Type
REGULATED BY
11110.54.18/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

Founded in 2001, Admiral Markets is home to the MetaTrader Supreme Edition and offers reliability, market leadership and modern trading. A global presence, peerless trading education, varied account types and competitive trading conditions have attracted both beginner and experienced traders to the brand.

Additionally, most Admiral Markets customers have free access to Trading Central – providing independent market insight and technical analysis – and the company has one of the best cryptocurrency offerings on the market.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About Admiral Markets
9
Plus500
Min. Deposit
GBP 100
3.693.69
Crypto Pairs
9
Trading Desk Type
REGULATED BY
1110.503.69/ 5
AlertAll information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
Show Details

With 50+ Forex CFD pairs available, tight spreads and fast execution, Plus500 is a popular broker with both its new and long-standing customers.  Even though a lot of effort has been put into creating a user-friendly platform, CFDs are complex financial products, and thus the platform is not suitable for inexperienced traders.

Award-winning customer service is available 24/7 and the Plus500 platform is web-based with no need for any downloads or setup, making this a good provider for those starting out who want to keep it simple. 

Plus500 has one account with a 100 USD minimum deposit requirement and keeps simplicity at the core of its business.

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
10
FP Markets
Min. Deposit
GBP 100
4.074.07
Crypto Pairs
5
Trading Desk Type
REGULATED BY
11110.54.07/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

FP Markets is an ASIC-regulated, STP broker with simple account options and an exciting set of tools for traders with higher minimum deposits. Spreads are tight, even on the Standard Account, and the lack of dealing desk intervention for all accounts removes any concern over conflict of interest.

Both the MT4 and MT5 platforms are supported and trader education and market analysis are well-presented, structured and useful. Overall, FP Markets is an excellent choice for beginner and more experienced traders alike.

Pros
  • Well regulated
  • Tight spreads
  • Good range of accounts
  • Great customer support
Cons
  • Expensive withdrawals
Read More About FP Markets
11
IC Markets
Min. Deposit
GBP 200
4.264.26
Crypto Pairs
10
Trading Desk Type
REGULATED BY
11110.54.26/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

IC Markets presents itself as the best and largest true ECN broker. It is ASIC and CySEC regulated and offers the MetaTrader4, MetaTrader5 and cTrader platforms. IC Markets is highly recommended to both new and experienced traders looking for faster execution and tighter spreads.

Beginner traders will find the IC Markets account structure welcoming and simple to understand. IC Markets understands customer retention involves a combination of tighter spreads, cutting edge technology, fast trade execution and top quality customer service.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
12
CMC Markets
Min. Deposit
GBP 5
4.684.68
Crypto Pairs
12
Trading Desk Type
REGULATED BY
11110.54.68/ 5
AlertMost retail CFD accounts lose money. Your capital is at risk.
Show Details

CMC Markets is a large, well-respected and well-regulated market maker broker operating globally from headquarters in London. Spreads and leverage are better than most other market makers and the proprietary New Generation trading platform is well-crafted and recommended for experienced and beginner traders alike. A wide asset choice and responsive customer support are complemented by an excellent education section and deep and insightful market analysis.

If you are a new trader and want a large, respectable broker with an intuitive platform and a large education section, you will do much worse than CMC Markets.

Pros
  • Well regulated
  • Tight spreads
  • Good for beginners
  • Excellent education
  • Excellent market analysis
Cons
  • No swap-free account option
Read More About CMC Markets

How Does Cryptocurrency Trading Work?

Cryptocurrency trading works in much the same way as classic Forex trading with three significant differences. Due to the extreme volatility of the cryptocurrency market:

  • Leverage is much lower (the maximum is often 1:10 or similar) and
  • Spreads are much wider (often in the range of 25-35 pips).

This is to protect brokers and traders from the wild swings often prevalent in the crypto market.

Finally:

  • The cryptocurrency market operates 24/7, as it does not rely on large financial institutions for liquidity.

Traders and brokers both know there is money to be made on cryptocurrencies, so brokers have adapted their trading platforms and customer support hours to provide a genuine crypto CFD trading experience.

What is a cryptocurrency?

A cryptocurrency is a digital currency with no asset or national backing. They can be used to make payments or make investments and are more commonly accepted all the time.

Cryptocurrencies are ‘mined’ using computers, once mined the new unit of currency is added to a blockchain – a public ledger of transactions. This is very different from traditional currencies, which are minted by a federal bank.

Cryptocurrencies have a theoretical limit on the number of coins that can be created. As long as there is a demand, this supply limit allows them to hold their value, and they can be viewed as an investment vehicle.

There are dozens of cryptocurrencies, but the most liquid and widespread are Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple, and EOS.

What is Blockchain?

Blockchain is a time-stamped digital record used to keep track of data. Much like a traditional notary, blockchain eliminates any possibility of backdating or altering digital data. With the introduction of digital tender, blockchain is used as a distributed ledger containing a register of transactions. Every block in a blockchain includes data, a unique hash (much like a fingerprint) and the hash of the previous block in the blockchain.

The data in a Bitcoin block stores details about transactions such as amount, sender and receiver. The hash identifies a block and its contents and is always unique.

Altering the information in a block will also alter the hash of the block, thus automatically making all the following blocks invalid as they no longer store a valid hash of the previous block.

Additionally, blockchain has a mechanism that slows down the creation of new blocks called “proof-of-work” to prevent tampering with data inside the blocks.

The ledger (transactions) are re-calculated every ten minutes by the machine with the greatest processing power. All the other computers on the network check and verify that the transactions entered are valid once the primary machine has completed the calculation.

If more than 50% of the computers agree on the outcome of the calculation, the new block of transactions gets included in the blockchain.

What is mining?

Mining is the process of adding new tender to the blockchain, in effect generating new tender. Mining uses high-powered computers, often powerful GPUs (graphic processing units), to find and verify the resulting coin, which is placed in a wallet associated with the computer.

What are Wallets?

A digital wallet allows a user to store coins and enables the movement of funds by the owner. An account is often referred to as an address or key, where the key is used to track the ownership of a cryptocurrency.

A wallet can also be a program or a physical device, some wallets are geared for a single digital currency or a few select digital currencies.

Trading Crypto CFDs

If your goal is to purchase these assets for an investment, you can buy them on digital currency exchanges, such as Coinbase. However, cryptocurrency pairs can be traded like any other Forex pair.

Like standard Forex CFDs, the value of a cryptocurrency CFD mirrors the currencies it follows. Each transaction is speculation on the value of the currency increasing or decreasing.

There are several benefits to trading these currencies:

  • You can use leverage
  • You can trade them at most Forex brokers
  • You don’t ever own the asset and only speculate on currency value changes

As mentioned previously, cryptocurrencies can experience extreme volatility. Bitcoin has seen a 250% increase in value against the USD over the last five months but has also experienced frequent crashes of over 20% in the same period. This is in stark contrast to the traditional fiat currencies where historical volatility is below 3%.

These currencies have similar traits to traditional ones. If you plan on trading these assets over the short-term, you should look for rapid changes in sentiment, as this will help predict future price movement. If you plan on trading over the long-term, watch for new information to affect value significantly.

Like traditional Forex trading, you can use your trading platform to execute trades, perform analysis and follow the news. Most brokers that offer cryptocurrency CFDs offer CFDs on other assets, which provides for a seamless transition if you are already accustomed to trading this asset class.

What Cryptocurrencies Should You Trade?

  • Bitcoin – The oldest and most liquid of them all is Bitcoin (BTC). It was established in 2009 by an unknown person using the name Satoshi NakamotoNakamoto to be used as a payment mechanism. In trading, BTC is commonly paired with fiat currencies such as the USD and EUR.
  • Ethereum – This is an open-source platform that uses blockchain technology. The critical function is smart contract programming. Ethereum is very liquid and experiences the same volatility expected from this market. The system went live on July 30, 2015, with 72-million coins.
  • Litecoin – This coin was built using the same open-source software that was used to create Bitcoin but uses a different license to make it more flexible. Litecoin was initially referred to as an alternative coin or altcoin and was created in October 2011.
  • Ripple – Founded as a payment system and currency exchange network by Ripple Labs Inc. The system was established in 2012, and Ripple can be traded versus several fiat currencies as well as other coins.
  • EOS– EOS operates as a smart contract platform and decentralised operating system. The system is fast and can execute millions of transactions in seconds. You can trade EOS against other coins and fiat currencies.

How are cryptocurrencies different from regular currencies?

Over the last decade the supply of money has grown exponentially; this has been the most significant growth in the supply of money in history. Central banks control our money system, and all currencies are government fiat currencies.

The issue with fiat currencies is that the more of money that is in a system, the more prices will rise. This increase in inflation will also cause the value of the currency to fall.

Both BTC and gold are similar in that there is a finite supply; this is in contrast to fiat currencies, where central banks can print more tender whenever they please. As such, there is a predictable rate at which Bitcoin is mined, like the predictable rate at which gold is added to the market.

How many Cryptocurrencies are there?

On July 3rd 2017, there were 34 – by June 5th 2019, there were 2216. The table below shows the top 10 cryptocurrencies by market capitalisation (as of September 6, 2019).

Source: coinmarketcap.com

Why Trade Bitcoin & Digital Coins?

These assets are known for their high volatility, thus creating more trading opportunities. Forex volatility has fallen to near record lows in the past ten years, often to less than 1%, while Bitcoin has had extreme volatility readings of 30% with an average volatility reading of 10%.

More volatility means more trading opportunities and larger profits, but at the same time, it also increases the sizes of the losses. Because of this volatility, you will find that brokers offer much lower maximum leverage for these pairs.

Analysing these pairs is easier because you don’t have fundamental data like GDP, CPI Inflation, unemployment rate or the business cycle to consider. Digital currencies are not influenced by fundamental macro data which will make the price action much easier to be read.

What To Look for in a Broker?

Find a well-regulated broker that provides a robust trading platform, where you can perform technical analysis with ease, execute trades quickly, with a wide choice of currency pairs.

You want to be able to buy and sell both fiat currencies, such as the dollar, yen, pound, and euro as well as versus other coins and commodities. In addition to a downloadable or web-based platform, you should also look for a broker with a mobile app.

Your broker should offer a margin account, allowing at least 10:1 leverage on most pairs, an education section to help you trade this fast-moving market, with trading conditions that won’t eat up too much of your profits.

Finally, find a brokerage with a demo account which will let you test drive the platform, and work out any kinks before you risk your capital.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers.

Resources

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Close
>