Best Forex Brokers Offering Cryptocurrencies 2023
eTorovisit eToro77% of retail investor accounts lose money
In this article, we have grouped some of the best forex brokers that also offer cryptocurrencies.
In deciding which brokers to include, we took the following factors into consideration:
- The number of cryptocurrencies available
- The ability to use leverage on cryptocurrencies
- The fees charged on the cryptos offered
- The platforms offered on cryptocurrencies
|Crypto forex brokers||Number of cryptocurrencies||Cryptocurrencies as CFDs||Leveraged Cryptocurrencies|
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
- eToro is a broker known not only for forex but also for its excellent offerings in crypto.
- Over 40 cryptocurrencies can be traded on eToro with a minimum of $10 per trade.
- Cryptocurrencies on eToro can be traded either as CFDs or as real cryptocurrencies.
- On eToro you will also be able to copy other cryptocurrency traders, and copy crypto portfolios managed by eToro.
- Depending on the cryptocurrency, you will be able to benefit from staking on eToro.
- NAGA offers the ability to buy cryptocurrencies through NAGA Pay, its Visa debit card.
- With NAGA Pay, it is possible to buy Bitcoin, Ethereum.
- With NAGA Pay, the card will be linked to your trading account, through which you can trade other assets.
- Through NAGA you can copy other traders’ positions.
- A total of 13 cryptocurrencies can be traded with Pepperstone.
- In addition to cryptocurrencies on Pepperstone, you can trade 3 crypto indices that follow the market of the 10, 20, and 30 most influential cryptos respectively.
- Pepperstone offers ultra-low spreads not only on forex but also on cryptocurrencies.
- Cryptos on Pepperstone are only offered as CFDs.
- With Pepperstone you can trade cryptocurrencies manually or algorithmically through MT4, MT5, and cTrader.
- The minimum deposit to open an account on Pepperstone is $200.
- On AvaTrade you can trade 9 cryptocurrencies at competitive prices.
- Cryptocurrencies on AvaTrade are traded only as leveraged CFDs.
- AvaTrade allows you to trade cryptocurrencies on MT4 and MT5.
- Through AvaTrade’s MetaTrader platforms you can install robots for automated trading.
- Plus500 is a well-known CFD broker that also offers cryptocurrency trading.
- Cryptocurrencies on Plus500 can only be traded with leverage, and this will be set by default to the maximum limit allowed by local regulation.
- Plus500 offers 6 different cryptocurrencies to be traded.
- Plus500’s minimum deposit to trade cryptocurrencies is $100.
- XTB allows over 10 cryptocurrencies to be traded on its trading platform.
- Cryptocurrencies on XTB are offered as leveraged assets.
- XTB’s fees on cryptos are very competitive starting at 0.22% per transaction.
- On XTB’s xStation5 platform, several built-in tools will be available to analyze the markets.
- XTB requires no minimum deposit to open an account and trade cryptocurrencies.
- On Axi, cryptocurrencies are tradable only by professional clients.
- To trade cryptocurrencies, Axi offers the MT4 platform and the ability to link the account to Autochartist.
- At Axi, 11 cryptocurrencies are tradable at low fees.
- All cryptos on Axi are offered as CFDs, and can be traded with leverage.
- With AAAFx, you can trade Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.
- AAAFx offers excellent integration with the ZuluTrade copy trading platform, which allows you to copy crypto positions of other traders.
- AAAFx allows for competitively priced cryptocurrency trading on MT4.
- The minimum deposit to open an account at AAAFx is $300.
- Swissquote provides for a total of 5 crypto-assets across three account types.
- Swissquote does not require a minimum deposit to open an account.
- When trading cryptocurrencies or other assets, the broker has a robo-advisor service that can automatically suggest trades based on your preferences.
- Interactive brokers allows BTC, BCH, ETH, and LTC trading on its proprietary IBKR platform.
- Commissions to trade crypto on IB range from 0.12% to 0.18%, making it one of the brokers with the lowest crypto commissions.
- IB also offers the ability to trade cryptocurrency futures.
- No minimum deposit is required to trade crypto on IB.
What is a crypto asset?
When you are considering trading cryptocurrency, you should be aware that there are actually several types of what are termed “Crypto assets”. These can fall into three main categories as follows.
- Cryptocurrencies: This means directly buying and trading a particular crypto at the prices offered, similar to as you would through a crypto exchange.
- Cross-Crypto: These assets are where you trade one asset in a pair with another, for example BTC/ETH. This is just as you would trade with forex currency pairs. These can also be known as Crypto/Crypto Pairs.
- Crypto-Fiat: This is trading cryptocurrency in pairs with regular forex currency. This usually means Crypto on USD, but depending on the broker, more fiat currencies (such as GBP, EUR, and more) may be available.
- Cryptos-Commodities. Trading cryptocurrency in pairs with a commodity (like BTC/XAU)
Trading Cryptocurrencies CFDs
Trading cryptocurrency CFDs is just like trading CFDs on other asset types. With CFDs trading, you will not own the underlying asset, in this case, the cryptocurrency. This is typically one of the two options offered by most forex brokers dealing in crypto. You will likely have the chance to trade them as “real” too. This would mean you own the asset. If you are trading with leverage though, you typically have to trade cryptocurrency as a CFD.
How to deposit Cryptos
The first point to note here is that depositing in cryptocurrency to trade cryptocurrencies with a forex broker is not mandatory. You can also trade crypto from your standard account balance in fiat currency like USD, EUR, GBP, or others.
Some brokers do offer crypto deposits though. In that case, these will typically be quite cheap with few fees charged due to the decentralized nature of cryptocurrency and the ability to minimize fees. It will take a little longer though. Bitcoin and others can sometimes take up to 6 hours and this can vary, not really depending on the broker, but the blockchain.
The one thing you have to be very precise about when depositing crypto with your forex broker is to use the correct wallet address. This can be obtained as part of the account opening process, and if you need to verify policy or information, you should definitely double-check with the broker customer support first, as any crypto sent to the wrong wallet address can be very difficult to retrieve.
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