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Bitcoin Forex Brokers – A Review Of Bitcoin Payments & Bitcoin Trading

Bitcoin is an advanced cryptocurrency that took the world by storm when it was introduced in 2009. Bitcoin revolves around a unique concept of online payments and e-wallets, which works entirely on a P2P basis that does not require a centralized repository or a dealing platform. All Bitcoin transactions are facilitated between users in a decentralized manner, which removes the middle man and its associated drawbacks. Bitcoin used to receive heavy criticisms from Governments from all over the world and was even considered as an illegal form of online payments by many regulatory agencies. Nevertheless, Bitcoin continued to soar in popularity, which required the various Governments and international bodies to accept Bitcoin as a legal virtual currency. Bitcoin recently surged in value due to the USA’s stance on legitimizing the concept of Bitcoin payments for all online and offline transactions. Today, online payments are proving to be hugely popular and widely adopted than conventional forms of payments, which have certainly helped in reinforcing the concept of Bitcoins among the general public. Bitcoin can be used to pay for all types of products and services, and can even be used as an alternate investment opportunity due to its inherent value. Bitcoin acts just like any other currency in the market and may be exchanged or converted at the existing market rates. Bitcoin is now publicly traded through major exchange houses, which allows investors to buy or sell Bitcoins as per the market dynamics. When we consider the concept of using Bitcoin Forex brokers, we should look at the two different aspects of Bitcoin trading. The first aspect of using Bitcoin is to pay for products/services or to fund a Forex trading account by using the available Bitcoins. However, if you are looking to take advantage of the fluctuations in the value of Bitcoins against other major currencies such as the USD and the EUR, you should open a Forex trading account that offers Bitcoin as a valid financial instrument.

Top Forex Brokers
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4/5
  • Regulation: FCA, CySec, ASIC
  • Leverage: Up to 500:1
  • Min. Deposit: 5 USD
  • Spreads: from 1.9 pips
  • Get Up To $5000
3/5
  • Regulation: CBI, ASIC, FSA
  • Leverage: 400:1
  • Min. Deposit: 250 USD
  • Spreads: Fixed & Floating
  • Get Up To $15000
Top Forex Brokers
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5/5
  • Regulation: CySEC
  • Leverage: 1:400
  • Min. Deposit: 100 USD
  • Spreads: from 2 pips
  • N/A
4/5
  • Regulation: FCA, CySec, ASIC
  • Leverage: Up to 500:1
  • Min. Deposit: 5 USD
  • Spreads: from 1.9 pips
  • Get Up To $5000
3/5
  • Regulation: CBI, ASIC, FSA
  • Leverage: 400:1
  • Min. Deposit: 250 USD
  • Spreads: Fixed & Floating
  • Get Up To $15000

Choosing Forex Brokers Accepting Bitcoin As A Form Of Payment

There aren’t really that many Forex brokers that accept Bitcoin as a form of payment, particularly due to the difficulty of obtaining the necessary Bitcoins and the tedious procedure involved in opening a Bitcoin account and acquiring the required Bitcoins at a nominal rate. Nevertheless, some leading Forex brokers do accept Bitcoin as a payment option, provided they have a verified trading account and are willing to accommodate the costs involved in Bitcoin transactions. Bitcoin FX brokers typically offer alternate payment options such as credit/debit card payments, wire transfers, and online payment options such as PayPal and Skrill. Most of these traditional payment platforms are considered to be far more reliable and user-friendly than Bitcoin deposits, but a Bitcoin deposit option offers much more flexibility to traders to make use of their unused Bitcoins for generating positive revenue by investing in the financial markets. Bitcoin is now a widely adopted payment processor at more than 100,000 online merchants and countless other local vendors. Although Bitcoin does not have the same amount of exposure as enjoyed by other popular modes of payments, there are a handful of Forex brokers that should allow you to complete your transactions in Bitcoins. Once you make a deposit using Bitcoin, you should be aware that you can only request a withdrawal through Bitcoin payments. Due to the various Anti-Money Laundering laws, brokers only approve a withdrawal to the same payment method that was used to make a deposit. Therefore, if you are planning on converting your existing Bitcoins into any other local currency by way of using your Forex broker as an exchange house, you should consult with your Forex broker regarding such options. In most cases, Forex brokers only allow deposit and withdrawal through a single payment option as initially preferred by the trader.

Bitcoin FX Brokers That Offer Bitcoin As A Tradable Instrument

logo BitcoinBitcoin has been witnessing a high amount of liquidity and volatility in recent years and is a prime contender to become one of the leading financial instruments in the market. Bitcoin can be traded against all other currencies in the world, and the Bitcoin/US Dollar (BTCUSD) asset is one of the most popular investment option adopted by brokers and retail traders. The differences in pricing and the volatility can enable traders to buy or sell Bitcoins to profit (or incur a loss) from the price variations. Bitcoin is still a new concept in the market, and only a small number of Forex brokers offer Bitcoin as a valid tradable instrument. In some cases, Bitcoin is offered as a CFD, while other brokerage houses offer the opportunity of buying and selling Bitcoin as a commodity at the interbank market rates. Trading the bitcoin is easy, as there will be a bid/ask rate, where the spread is the broker commission for facilitating the trade option. Since Bitcoins are traded as commodities, they will have higher minimum margin requirements, and the spreads can be as high as 1% during low volatile trading sessions. While choosing Bitcoin as a financial instrument, make sure that your broker offers you the best liquidity in the market that does not contain any conflict of interest. CFDs may involve a fundamental conflict of interest between the broker and its clients, which is why a select few Forex brokers offer direct market access trading by connecting their traders to a global liquidity pool. Bitcoin is still a highly volatile commodity, and may induce massive market swings; therefore, always consider your risk appetite before investing.

Most trusted Forex brokers
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XM
5/5
  • XM Review
  • XM offers a range of over 60 currency pairs, precious metals, energies and equity indices with the most competitive spreads.
  • Website: www.xm.comCountry: CyprusRegulation: FCA, CySec, ASICUp to $5,000
  • PCSmartPhoneMacWindowsLinuxAndroidSSL
  • Open Account
Most trusted Forex brokers
.
XM
4/5
  • XM Review
  • XM offers a range of over 60 currency pairs, precious metals, energies and equity indices with the most competitive spreads.
  • Website: www.xm.comCountry: CyprusRegulation: FCA, CySec, ASICUp to $5,000
  • PCSmartPhoneMacWindowsLinuxAndroidSSL
  • Open Account
5/5
  • 24option Review
  • 24option acts as a market maker, where all market orders are opened as contracts between the broker and the trader - trade Shares, Indices, Commodities and Forex with our CFD service
  • Website: www.24option.comCountry: CyprusRegulation: CySEC, FCAdeposit $100
  • PCSmartPhoneMacWindowsLinuxAndroidSSL
  • Open Account

Are There Any Advantages To Using Bitcoin Deposit For Forex Trading?

The main charm of Bitcoin payment is the anonymity aspect of holding Bitcoin or making any payments between users without revealing the identity of the buyer and the seller. Each Bitcoin account is identified by a Private Key, which is a unique code generated for each Bitcoin user. The Private key is difficult to regenerate and cannot be retrieved if a user loses the key. Therefore, Bitcoins are mostly used by people who wish to remain anonymous. Due to the highly anonymous nature of Bitcoin and Bitcoin payments, several anti-social elements have taken undue advantage of the decentralized cryptocurrency, which is one of the major issues faced by countries and regulators from all over the world. While anonymity is an essential aspect of Bitcoin payment, Forex trading requires traders to reveal some identifying information that can be both personal and professional in nature. Almost all Forex brokers will need their traders to verify their identity before opening an account, which should be supported by official documents such as passports, driving licenses, and utility bills. Therefore, it doesn’t make sense to use Bitcoin deposits for Forex trading solely with the intention of ensuring anonymity, as the broker will have all identifying information of its clients in its central database. On the other hand, Bitcoin can be used as a valid form of a deposit of withdrawal for Forex trading for users that have accumulated a fair amount of Bitcoin and do not prefer to use any other payment alternatives. However, Bitcoin does involve a high cost of transactions while converting from BTC to another currency, and it is also difficult to find a Forex broker that is willing to waive off all costs incurred in a Bitcoin transaction.

Acquiring Bitcoins Through Bitcoin Mining & Bitcoin Exchange Houses

Bitcoin mining is the process of creating and obtaining Bitcoin for the purpose of selling Bitcoins to other users or exchanging them for products and services. Bitcoins are mined by resource-intensive computers that have to solve complex algorithms in order to satisfy the blockchain conditions for creating a valid bitcoin. Bitcoin mining is a highly expensive and complicated procedure, which is performed through high-capacity server farms that run on the latest hardware and software available on the market. Another way of acquiring Bitcoin is through exchange houses that sell you Bitcoins in return for an exchange fee. There are different types of Bitcoin exchange houses that are available online with varying degrees of fees and costs per transaction, while users can also buy or sell Bitcoins through dedicated vending machines located in different parts of the world. These Bitcoin machines should be a great way of exchanging Bitcoins for cash, or for acquiring a specific amount of Bitcoins as per the existing market rates.

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