What is Bitcoin Cryptocurrency?
Bitcoin (strong) or in short BTC is an online virtual currency. In other words, Bitcoin is cryptocurrency or a form of digital currency that has been created and now used in trading and payment electronically online. There is no regulatory body for bitcoin and this virtual money doesn’t get printed out like all the regular money we are used to.
What makes it unlike regular currency we are all familiar with?
Bitcoin doesn’t have a physical image. It exists only online and can be used to pay for or trade against other currencies electronically with Bitcoin Brokers.
List of Bitcoin Forex Brokers reviews
The list of Forex brokers that offer Bitcoin Trading in 2023
| Broker | Min Deposit | Platforms | Payments | Leverage | Regulation | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AvaTrade | 8 | http://www.avatrade.com/?tag=1574 | 100 | 1 | 100% | yes | https://www.forexexplore.com/forex-brokers/avatrade-review | AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions | yes | yes | Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney | 1:400 | English, Chinese, Arabic, Spanish, French, Italian, Portuguese, German, Indonesian | no | yes | Central Bank of Ireland, ASIC, Financial Services Commission of British Virgin Island | no | yes | no | yes | yes | yes | 1 | 0 | 1 | 0 | 1 | 1 | |||
| LiteFinance | 7 | https://www.litefinance.com/?uid=900002841 | 10 | 3 | 30% + 15% | yes | https://www.forexexplore.com/forex-brokers/liteforex-review | Metatrader 4, Metatrader 5, WebTerminal | yes | yes | Skrill, Webmoney, Bitcoin, Advcash, Credit Card | 1:500 | English, Russian, Chinese, Malaysian, German, Arabic, Partugese, Spanish, French, Hebrew, Japanese, Greek | no | yes | CySEC, Marshal Islands Business Corporation Act. | yes | no | yes | yes | yes | yes | yes | yes | yes | 1 | 1 | 1 | 0 | 0 | 1 |
| InstaForex | 6 | https://www.instaforex.com/?x=JR | 1 | 0.6 | $100 No Deposit Bonus | yes | https://www.forexexplore.com/forex-brokers/instaforex-review | MetaTrader 4, Metatrader 5, Webtrader | yes | yes | Some local Bank transfers, PayCo, AstroPay, Cryptocurrency | 1:1,000 | English, Russian | yes | yes | RAFMM | yes | yes | yes | yes | 1 | 1 | 1 | 0 | 0 | 1 | |||||
| XM | 7 | http://clicks.pipaffiliates.com/afs/come.php?id=27&cid=3689&ctgid=16&atype=1 | 5 | 1 | $30 no deposit | yes | https://www.forexexplore.com/forex-brokers/xm-review | MetaTrader 4, Metatrader 5, XM Webtrader | yes | yes | Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer | 1:888 | Arabic, Chinese, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Malay, Korean, Polish, Portuguese, Russian, Spanish, Swedish, Turkish, Thai, Vientamese | no | CySEC, ASIC Australia, IFSC Belize | no | yes | yes | no | yes | no | 1 | 0 | 1 | 0 | 1 | 1 | ||||
| OctaFX | 9 | http://octaengine.com/c/?p=566&bt=gif&b=2368 | 50 | from 0.2 | up to 50% | yes | https://www.forexexplore.com/forex-brokers/octafx-reviews | MetaTrader 4, Metatrader 5, cTrader | yes | yes | Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay | 1:500 | English | yes | FCA UK | yes | yes | yes | yes | yes | 1 | 1 | 0 | 0 | 1 | 1 | |||||
| BlackBull Markets | 7 | https://go.blackbullmarkets.com/visit/?bta=39396&brand=blackbull | 200 | 0.8 | yes | https://www.forexexplore.com/forex-brokers/blackbull-markets-review | Metatrader 4, Metatrader 5 | yes | yes | Bank Transfer, Credit Card Payments (Visa, MasterCard), Skrill, Neteller, China Union Pay, FasaPay | 1:500 | yes | no | Financial Services Provider | yes | yes | yes | yes | yes | 1 |
What is risky about the digical currency? What are the advantages?
Bitcoin is not regulated by any institution. While it is indeed risky, some people find it very comforting to not have their money constantly controlled by the central banks.
How did the digital money start?
A computer genius Satoshi Nakamoto suggested bitcoin – an unique currency completely uncontrolled by any of the government or regulatory authority, which can be used instantly for payments and services.
Our regular currency has always been linked to gold or silver. Bitcoin, unlike dollars and euros, is not based on any gold, but rather on mathematics.
Another interesting characteristic of bitcoin is that it is anonymous. You can have the money without it being linked to names or addresses or anything personal that links it to you directly.
Of course, there is a way to track the bitcoin transactions because a so called blockchain stores the history of bitcoin details used in every single transaction online.
If you use bitcoin address publicly, blockchain knows how many bitcoins is stored in that specific address, but it cannot link it directly to you. There are ways to hide that information as well.
Bitcoin is super fast. You can easily send money from one place to another and it shows up instantly. There is almost no transaction fee compared to bank fee for each transfer you make.
Where can you Trade Bitcoin?
Today Bitcoin is becoming widely accepted and used along side with the physical currencies all around the globe, including in investing and online trading.
Bitcoin hasn’t been around long enough in Forex trading yet, but it is gaining major interest from traders. At the moment there are only several brokers that allow deposit and withdrawal with Bitcoin.
How Can I Tell if a Crypto Broker is Regulated?
The EU and the US, under the Biden administration have started to regulate cryptocurrency brokers. This should speed up in the aftermath of the SVB disaster. Additionally, countries like the UK are pushing forward with regulating cryptocurrency brokers.
While most countries do inforce regulations, it is still important to remain vigilant of the warning signs of an unscrupulous or untrustworthy broker. Spotting these warning signs is key to avoiding being a victim. Such signs include non-existent services and products, unrealistic promises, questionable marketing practices, and anonymous identities of brokers.
- Non-Existent Services: If the broker lists certain services in its marketing, it should have those services. For example, if a broker says that it offers research and data, there should be research and data available on its platform. Simply put, the products and services listed should be there for you. If the broker is being dishonest about these services, move on.
- Unrealistic Promises: If a crypto broker promises you that you are going to get rich, they are not trustworthy. A good broker knows that all trading, whether crypto or non-crypto, is volatile, and you shouldn’t make promises that might not come true. The broker should only promise to be ethical and provide a solid platform. Making unrealistic predictions is a sign that the broker is unscrupulous.
- Questionable Marketing: This is especially common on social media. If a broker makes fake accounts on social media, with each account claiming to be a satisfied customer, that broker is a scammer. Don’t just avoid doing business with the broker, block them too.
- Anonymous Identities of the Brokers: You should know the identity of the broker with whom you’re getting in business. While the nature of cryptocurrency allows for anonymous transactions, starting a crypto platform is, essentially, starting a business. A broker must be transparent about its identity, just as any business would. If the broker won’t even share their name, there is likely a good reason, and you should definitely avoid them.
