While there is no such thing as the best Bitcoin Forex Broker, there are several Forex brokers out there that for bitcoin price speculation and other crypto via the CFD market. In that sense, you can trade Bitcoin, but you won’t actually take possession of the coin itself. With that said, there are a lot of advantages to using this type of brokerage firm, because you don’t have to worry about the storage of your crypto, so there’s no need to buy a wallet or worry about exchange security.
As trading volume picks up, spread should come in a bit, but unfortunately a lot of the CFD market trading for crypto has a slightly elevated spread level. This would be the difference between the ask and bid prices, but some exchanges also have the same situation so in the end it is probably the same.
Choosing a top-rated Bitcoin Forex broker in the US isn’t easy, so let’s look at some of your options and see which is right for you.
Compare Top Forex Bitcoin Brokers in 2022
Here is a list of the best bitcoin forex brokers that are reputable and will help you starting trading today.
eToro
eToro was founded in 2007, hailing originally from Tel Aviv, Israel. Their officers are located across the globe, but if you are in the United States, you can’t trade Forex and therefore only have the option of trading crypto markets. Other offices include England, Cyprus, and Limassol. They have their own proprietary platform, that people of both beginner and expert traders alike find useful.
They also offer trade copying services, allowing you to look at the leaders and what they are doing. You can search through different time frames. This is a great feature because you can see what other traders are doing. Even if you don’t use it for copy trading, it’s great for research. This platform is very intuitive, and therefore you will find it very easy to use.
Account Stats
Leverage: At this point, leverage is not allowed in the United States.
Minimum deposits allowed: eToro’s minimum deposit is $200 for opening a new account, but it’s only $50 for United States and Australia traders. There is a withdrawal fee that can be a significant issue. The withdrawal fee isn’t the worst that I have seen, but it certainly is somewhat restrictive.
Regulations:
- CySEC (Cyprus)
- ASIC (Australia)
- FCA (UK)
- Various state licenses in the USA
Payment Options: eToro accepts the following payments:
- Visa
- MasterCard
- Diners Club International
- PayPal
- Skrill
- Neteller
- UnionPay
- WebMoney
- Yandex
However, if the trader is in the US, the trader needs to use a bank account.
US customers: eToro does allow US traders but only allowed for crypto. If you are a US based trader and want to trade Forex, you’ll have to get a different broker.
Pros
- Large collection of crypto
Cons
- Only crypto in the US
- Leverage is very small
Bottom Line
eToro is a great broker for trading if you are outside of the US, but if you are inside the US, it is a little less attractive due to the fact that there is no leverage. Quite frankly, if the market you are looking to trade is solely crypto, then you will probably find better options in the other brokers on this list. However, if you are in the United States you have very limited options when it comes to trading CFD markets involving crypto.
Simply put, if you are looking for crypto trading to enhance your Forex trading, eToro could make sense. Otherwise, you are probably better off somewhere else as the leverage doesn’t do much for you, and quite frankly there are several other brokers that not only offer more leverage but also offer more markets beyond the admittedly nice selection of crypto that they offer here.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
Past performance is not an indication of future results.
Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
Plus500
Plus500 is an Israeli brokerage based out of Haifa. They have been trusted by thousands of traders all over the world. They have their own proprietary platform which is quite functional and robust. They offer fixed spreads and are regulated by multiple jurisdictions around the world. They have been around since 2008 and are well-known for offering CFD markets in a large amount of markets. You can trade crypto, indices, Forex, commodities, shares, ETF markets, and even options. If you are looking for a “one-stop shop”, Plus500 should fit the bill.
The platform also has a mobile version that is both capable of running on iOS and Android. They offer a “no dealing desk” model, and fixed spreads. They are also a publicly traded company which means they need to operate in good faith.
Account Stats
Leverage: Leverage at Plus is as high as 1:30 in the Forex world, and even offer the same leverage in crypto.
Minimum deposits allowed: Plus500 has a minimum deposit of $100 to open a live account.
Regulations:
- FCA (UK)
- ASIC (Australia)
- CySEC (Cyprus)
- MAS (Singapore)
Payment Options: Payment options at Plus500 include credit cards, wire transfers, Moneybookers, Skrill, Neteller, and local transfer ecosystems.
US customers: No, as they sell CFD markets.
Pros
- Nice trading platform
- Massive amount of markets to trade
- Heavily regulated
Cons
- No US traders allowed
Bottom Line
Plus500 has been a staple in the CFD markets for years. They are highly regulated, even more so than most brokers. The ability to pick up even more leverage in crypto than other brokers will be attractive for a lot of traders. Ultimately, being so well-known, you will find this an attractive option for trading. Speaking of options, unlike most CFD markets you can also play the options markets.
They have an extensive amount of research and tools that you can take advantage of, and the mobile platform operates just as the web-based platform operates, making it nice and easy. Furthermore though, they also offer some of the tighter spreads as they are fixed, unlike most brokerages these days.
IG Group
IG Markets is from London, and is a subsidiary of IG Group Holdings PLC. Originally incorporated in 1974, they began as IG Index, specializing in retail trading of gold. They went online to offer retail trading in 2003, and since have reached almost 180,000 clients around the world. They have global offices in 16 different countries and are heavily regulated while he still of the biggest regulators in the world.
Also, they are even traded publicly, being the UK’s biggest retail Forex broker. They also offer CFD trading, spread betting, options, and Forex right along with crypto currency. They also use the Metatrader 4 platform, as well as their own proprietary IG Trading platform, which is the web-based basic platform. They also offer ProRealTime, an excellent choice in trading platforms. If you are looking for a brokerage that offers not only crypto trading but the world, IG offers over 16,000 markets.
Account Stats
Leverage: IG allows leverage, but it depends on what assets you are trading. Average CFDs are priced differently than options, but the leverage can be quite high. However, the crypto markets offer 1:2 leverage.
Minimum deposits allowed: IG requires a $250 minimum deposit, or equivalent currency funding, to open a new account.
Regulations:
- CFTC (US)
- FCA (UK)
- ASIC (Australia)
Payment Options: IG accepts credit cards, bank transfers, and PayPal for payments
US customers: US traders can trade Forex through IG USA.
Pros
- Allows FX, stocks, and commodities as well as crypto CFDs
- Global access to markets
- Highly reputable and regulated by some of the world’s strictest regulators
Cons
- Due to US law, Americans can only trade currencies.
Bottom Line
The truth is that IG is one of the best forex brokers in the world. IG has been a reputable broker for decades and offers over 16,000 markets for those outside of the US. Unfortunately, if you are an American the only thing that you can trade through IG is Forex, and only if you are not in Ohio or Arizona which have even stricter laws.
However, for the rest of you it’s going to be difficult to find a better broker for not only crypto trading, but the idea of trading the entire world. After all, efficiency should be part of your trading plan, thereby looking for a “all-in-one” brokerage firm could be very high on your list of priorities. IG markets has a strong reputation and track record of dealing with retail clients, so it makes a lot of sense to be involved with IG if you have the ability.
SimpleFX
SimpleFX is a brokerage firm that is based out of St. Vincent and the Grenadines, which is a relatively lax country to do business and. They have been around since the year 2014, and unfortunately are not regulated. That being said, they do give you the ability to trade crypto currency, Forex, commodities, indices, shares, all via the CFD market. Like many brokerages, you have access to the Metatrader ecosystem. They also have a proprietary trading platform called SFX that is web-based, that offers an easy way to navigate the world’s markets, as they offer over 170 markets.
They have a “no dealing desk” straight through processing scheme and offer extreme amounts of leverage. With that said, they do not have enough to offer a trader a safe environment, or even a regulated one.
Account Stats
Leverage: Leverage at SimpleFX is as high as 1:100 in the Forex world, but they do not offer leverage in crypto.
Minimum deposits allowed: SimpleFX doesn’t have a minimum deposit, but obviously you will need to have money in order to put of the margin necessary to place a trade.
Regulations:
- NONE
Payment Options: Payment options at SimpleFX include credit cards, crypto, Neteller, and local transfer ecosystems.
US customers: No, as they were kicked out of the US markets for committing fraud.
Pros
- Allows trader to navigate the world via CFD markets
- Nice interface for web-based platform
Cons
- Not regulated
- No leverage in crypto
Bottom Line
SimpleFX is an unregulated broker in St. Vincent and the Grenadines, a country that isn’t exactly known for its strict regulation, and therefore it would make us nervous to put money in the brokerage. Quite frankly, because there is no recourse if there is an issue, because there are no regulatory bodies watching this broker. While there are a nice selection of markets the trade from, unfortunately you cannot take an unregulated broker very seriously.
If they were in fact going to get regulated, then we could take a better look at them, but in the meantime as long as they are an unregulated broker, it’s impossible to put money in the brokerage as there are so many other alternatives out there.
AvaTrade
AvaTrade is an Irish base brokerage firm out of Dublin that has been around since 2006. One of the bigger brokers in the European Union, they offer several platforms including the Metatrader ecosystem, ActTrader, ZuluTrade, and a proprietary web-based platform. Because of this, you should be able to find a platform that makes you feel comfortable trading.
The broker offers Forex, commodities, indices, stocks, bonds, cryptos, futures, and much more via the CFD markets. Because of this, if the trader finds this brokerage firm their home, they have the ability to trade pretty much anything they need to in the world. It is much like having your own miniature hedge fund.
Account Stats
Leverage: Leverage at AvaTrade is as high as 1:30 in the Forex world, and even offer the same leverage in crypto.
Minimum deposits allowed: AvaTrade has a minimum deposit of $100 to open a live account.
Regulations:
- CBI (Ireland)
- ASIC (Australia)
- BVI (British Virgin Islands)
- FSCA (South Africa)
Payment Options: Payment options at AvaTrade include credit cards, Boleto, wire transfers, Moneybookers, Skrill, Neteller, FasaPay, and local transfer ecosystems.
US customers: No, as they sell CFD markets.
Pros
- Multiple platforms available
- Massive amount of markets to trade
- Heavily regulated
Cons
- No US traders allowed
Bottom Line
The bottom line with AvaTrade is that it has been a leader in the CFD markets for ages. They offer the ability to trade the entire world, in a clean and intuitive interface, regardless of which platform you choose.
Ultimately, this is a market facilitator that is without a doubt one of the biggest brokers in the world for good reason. Being heavily regulated of course offers a lot of safety for the trader, and something that will be a major bonus to trading here.
FXCM
FXCM has been a major player with online brokerage firms, as it opened in 1999 and is based in London. They offer crypto CFD trading and a number of other trades like: indices, Forex, and commodity CFD’s. You can trade with automated algorithms and also offer quite an extensive section of both educational articles and research. They offer the Metatrader platform and their proprietary Trading Station platform.
FXCM is heavily regulated now and always have been. Unfortunately, as of 2015 FXCM no longer takes United States traders
Account Stats
Leverage: Due to United Kingdom regulations, FXCM only offers low leverage. In the UK, currencies only have 1:30 leverage, but if you are outside of the UK, leverage can increase. However, the leverage in crypto is 1:2 in the CFD markets.
Minimum deposits allowed: FXCM requires a $50 minimum deposit to opening an account. This is pretty small for access to almost all the markets, giving the trader the ability to test out trading “live money.”
Regulations:
- FCA (UK)
Payment Options: FXCM allows credit card, Skrill, ACH transfers, Western Union, Neteller, and PayPal payment options
US customers: No, FXCM doesn’t allow US traders
Pros
- Regulated in UK
- Over 20 years of experience in the trading business
- Metatrader platform/ecosystem
Cons
- Lost US license due to questionable behavior.
Bottom Line
Although there hasn’t been any issues of malpractice since 2015, FXCM does have a questionable past. They are highly regulated and well respected for the most part, but some people don’t feel comfortable because of their past. If you are outside of the US and UK, they might be a good option to go with.
Common Bitcoin Forex Broker Questions
Here are some of the most popular forex bitcoin broker trading questions that investors have.
Can you trade Bitcoin on Forex?
No. Any time that you are trading Bitcoin at a Forex broker, you are trading via the CFD market. There are specific exchanges for crypto currency, which you are not dealing with at this point in time.
Can you trade Bitcoin on Metatrader 4?
No. Again, if you are trading Bitcoin in the Metatrader ecosystem, you are trading a contract for difference, or a CFD. This is simply a contract that allows you to profit via a price fluctuation of the underlying asset, in this case Bitcoin.
Can you buy Bitcoin on Interactive Brokers?
No. Interactive Brokers offers just about everything else in the world, but crypto is not one of the markets currently on offer. However, that could change in the future, depending on whether or not the crypto markets mature enough for the brokerage to feel comfortable offering it.
Is MetaTrader 4 a Broker?
No. It’s a trading platform. There is a larger company called MetaQuotes, but their offerings all include trading platforms. The brokerage simply leases the platform for its traders to use. At this point, they have made no overtures to open up their own brokerage.
Is Bitcoin trading legal?
Trading Bitcoin is legal for the most part, although it can vary from jurisdiction to jurisdiction. Most of the time Bitcoin trading isn’t legal, it refers to a country that is trying to keep capital from leaving the country itself, in a place like North Korea. Quite often, some of the more oppressive regimes in the world will try to stem the flow of crypto trading, as we have recently seen in China and Venezuela.
However, for most people trading Bitcoin is completely legal, although it should be noted that a lot of traders got burnt after the original surge higher due to the extreme amount of gains, as they suddenly owed quite a bit of taxes.
Keep in mind that it’s like any other asset in that sense, so therefore the tax liability is something that will change depending on the local jurisdiction you find yourself in. If you have any questions, checking in with the local regulatory body is crucial as it will give you all of the legal “ins an ounce” of Bitcoin trading when it comes to your home country.