FxBrokerReviews.org – In this digitalised world everyone wants everything at their fingertips, and bitcoin is one such form o asset that is available at your fingertips. Without a middleman like a bank, you may buy, trade, and exchange bitcoin directly. It is decentralised digital money. The idea for Bitcoin was first put out by Satoshi Nakamoto, who called for “an electronic payment system based on cryptographic evidence instead of faith.”
Despite being over a decade old, many people believe that bitcoin is similar to a digital form of gold as it continues to develop and flourish as an alternative asset.
And here we will guide you to find the best Bitcoin brokers for you.
HAVE YOU EVER HEARD OF THE WORD BITCOIN?
Most of you have heard about Bitcoin but how many of you know what exactly is this Bitcoin?
Bitcoin also known as cryptocurrency, is a form of electronic cash. Bitcoin was officially been given birth in January 2009, after its design published in a White paper. Bitcoin comes into existence through mining, and its supply is limited. Anyone could verify the transactions to secure the network.
The fact that there is a finite amount of bitcoin and that mining is a laborious operation causes it to behave very much like a commodity. At least in the sense that it involves a lot of work and expense, mining for bitcoin is similar to mine for gold. However, because of its use of blockchain technology, which makes all transactions public and allows anyone to join the network, bitcoin is far more efficient than gold in many aspects.
The cryptographic primitives employed in the bitcoin blockchain also make bitcoin very resistant to all kinds of censorship and make forgeries of transactions impossible.
2022’s BEST BITCOIN BROKERS
Here are the top Forex brokers for purchasing cryptocurrencies like bitcoin, based on more than 113 distinct criteria.
- eToro: Best in crypto trading.
- Eightcaps: Holds the most cryptocurrency pairs.
- Capital.com: Great assortment of cryptocurrency CFDs.
- NAGA: Combines the powers of social trading and investment.
- Swissquote: Reputable international brand with a wide selection.
- Interactive Brokers: The best option for experienced traders.
- Saxo Bank: Provides cryptocurrency derivatives.
- Ava Trade: Offers a variety of trading platforms.
1. ETORO:
The simplest and most convenient method to acquire Bitcoin is through cryptocurrency exchanges like eToro. On this platform, you may buy Bitcoin using a bank account. This is one of the best bitcoin brokers and stands on top of the list.
PROS
- Platform provides a stimulating social environment.
- Holdings in cryptocurrencies may be moved outside the site.
- Extensive educational materials.
- The following trading opportunities are available to the traders: a copy trading service and pre-built portfolios with semi-automatic diversification.
- Customers of eToro can create a demo account.
CONS
- Not accessible in New York, Hawaii, Minnesota, and Nevada.
- Inadequate client service.
2. EIGHTCAPS:
Eightcaps is regarded as a trustworthy and secure platform and hence stands on the list of best bitcoin brokers for 2022.
The Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission both regulate the company’s two operating companies (VFSC).
Because Eightcap is overseen by the top-tier ASIC, it is regarded as secure.
PROS
- Low forex fees.
- Smooth and speedy account opening.
- Zero-cost deposits and withdrawals.
- Eightcap offers a vast selection of written content.
- Provides a wide range of more than 200 cryptocurrency CFDs.
CONS
- Limited product range.
- Limited resources for research and learning.
- Investor protection are absent.
3. CAPITAL.COM
A British forex broker called Capital.com offers its services to investors and traders all around the world. No matter their level of experience, active traders and investors who employ shares of various firms for their job are welcome to collaborate with capital.
PROS
- Quick registration process that doesn’t take longer than three minutes.
- A vast selection of educational resources and tools for studying and researching the industry.
- A vast variety of trading tools.
- Several options for depositing and withdrawing money.
- Segregated accounts are used to store customer funds.
CONS
- Investment products like PAMM accounts or trade copying are not available to clients of the broker.
- Only 15 days after the initial deposit is trading options available on an account without identification verification.
4. NAGA
The NAGA Coin is regarded by many as being among the greatest virtual currencies to invest in. It has advantages beyond only trading. Actually, it benefits potential gamers as well. It was created by Naga, a German fintech business that is subject to EU regulation. It has both financial marketplaces and platforms for exchanging virtual products. It generates billions of deals each month with a market value of over 200 million euros.
PROS
- NAGA coins have so far succeeded in achieving its objectives.
- There are several ways to pay, including bank transfers, credit cards, and bitcoin.
- Fast payment processing and instant trades for financing your account.
- Free cryptocurrency deposits are available.
- Accepts deposits made using both cash and cryptocurrency.
- The adoption of NAGACoin tokens by consumers can further cut transaction costs, which are already competitive in the market.
- Users of NAGA can choose from more than 80 different cryptocurrencies.
CONS
- Hosted wallets are less safe than wallets in one’s own possession.
- There are currently few features available outside of trading and brokerage services.
5. SWISSQUOTE
Since 1996, Swissquote has been a participant in the foreign exchange market. The Swiss Financial Markets Authority is responsible for overseeing the business. A member of the Swiss Bankers Association is the business.
PROS
- A licence from a reputable regulator is available.
- Provides several different financial services.
- A wide range of currencies accepted as deposits.
- Access to a variety of markets and goods.
- No fee for idleness.
- Rock-solid context.
CONS
- High trading fees.
- Confusing choices of the trading platform.
- There are several paid research resources.
6. INTERACTIVE BROKERS
Since its founding in 1977, Interactive Brokers has become one of the most well-known US financial firms. Although the broker provides currency pair trading, its primary products are stocks, CFDs, indices, commodities, ETFs, futures, and other exchange-traded funds (EMFs).
PROS
- A variety of training resources.
- Access to 33 nations and 135 marketplaces.
- Vast majority of trading instruments.
- Low transaction costs.
CONS
- A fee for an inactive account is required.
- For new traders, there are no funds available.
7. SAXO BANK
The Midas brokerage firm was established in 1992 and later changed its name to SaxoBank. The broker received a licence from the FSA, a Danish financial supervisory authority, in 2001. The business thereafter adopted the name SaxoBank. Customers from 170 different nations may now access the broker’s online financial markets. In 2017, the e-FX Awards presented by FX Week and the ADVFN International Financial Awards named the SaxoTraderGO terminal as the finest trading platform for active trading.
PROS
- Ideal trading conditions for experienced professionals with at least a year of trading experience.
- More than 40,000 trading instruments.
- The chance to invest in professionally managed, ready-to-use long-term portfolios.
- Provides sophisticated order types and account protection tools to effectively control risk.
CONS
- The down payment requirement is $10,000 or more.
- A restriction on algorithmic trading for international traders.
8. AVA TRADE
AvaTrade was established in Dublin, Ireland, in 2006. 150 nations are home to the company’s offices. It presently handles more than 2 million transactions each month and has over 200,000 registered users. These elements help make AvaTrade a trustworthy and dependable broker.
PROS
- Five continents are covered by a licence for the delivery of services.
- A large selection of practical trading platforms.
- Trading from mobile devices is possible.
- No limitations, both trading and scalping.
- Providing training resources and hosting webinars for novice and seasoned traders.
CONS
- Response speed and effectiveness of customer service are below average.
- Trading platforms can occasionally freeze.
Also read: Review AvaTrade: Key Findings for 2022
WONDERING HOW TO BUY A BITCOIN?
We are here to help you out.
Three main channels exist for buying and selling cryptocurrencies like bitcoin:
- Purchase physical bitcoin via an online bitcoin exchange like NAGA is the most popular way to purchase bitcoin. The broker then provides a digital wallet where your bitcoin is housed and safeguarded.
- Purchase a bitcoin CFD – Trading bitcoin with CFDs is another well-liked method. You don’t own the underlying bitcoin when you use a CFD. Instead, you are placing a wager on whether the price of bitcoin will increase or decrease. The biggest advantage of CFDs is the ability to short bitcoin if you anticipate a decline in price. Because carrying CFDs overnight is expensive, holding them for a longer period of time can be costly.
- Purchase an exchange-traded product (ETP) – An ETP can be a structured product, a fund, a derivative contract, a trust, or any other type of security. Exchange-traded products (ETPs) that follow the price of bitcoin include exchange-traded funds (ETFs), exchange-traded notes (ETNs), and other securities like the Greyscale Trust (GBTC).
WHO IS A BITCOIN BROKER?
By using a bitcoin broker, you may purchase or sell cryptocurrencies. You cannot trade cryptocurrencies like bitcoin without a broker. Using a reputable broker is essential while trading bitcoin in order to avoid fraud.
TRADING CRYPTO ON FOREX
The majority of cryptocurrencies are sold as spot FOREX contracts, CFDs, or as the underlying physical commodity itself. For instance, while having a different legal distinction, Saxo Bank introduced cryptocurrency trading for bitcoin as a spot FOREX contract, which functions similarly to a CFD. Outside of the United States, crypto CFDs are accessible if you want to trade cryptocurrency on FOREX.com.
Also read: Best Trading Indicators for Cryptocurrency, Stock, And Day Trading
PRICE OF TRADING BITCOIN
We advise only utilising a registered broker because fees for purchasing bitcoin may get extremely expensive on many of the websites and unregulated exchanges that are available. When purchasing bitcoin, the expenses will be made up of any per-trade commission fees and the spread, which is the difference between the bid and ask prices. The fees themselves may fluctuate.
Depending on where you trade and the quantity of the deal, the fees to trade bitcoin often range from 0.002 per cent to 2 per cent of the trade value.
Spreads are often smaller for commission-based brokers whereas spreads are greater for commission-free brokers to make up the difference.
In other words, trading charges are a part of bitcoin, whether they come in the form of a spread or commission.
WHICH IS THE BEST BITCOIN BROKER TO TRADE WITH?
eToro is an excellent choice for traders who want to buy the actual real bitcoin that underpins it, followed by Swissquote Bank and Interactive Brokers. Due to their selection of crypto assets, we advise bitcoin brokers like NAGA, Eightcap, Capital.com, Saxo Bank, and AvaTrade for bitcoin CFD trading, which includes the opportunity to go long or short on bitcoin.
Residents of the UK are not permitted to trade crypto CFDs in the U.K. owing to regulatory limitations.
Also read: Bitcoin Diamond (BCD) Beginner Guide: Price, Prediction, News
WHICH IS THE BEST CRYPTOCURRENCY, BROKER?
Coinbase is a great option if you only want to buy and hold cryptocurrencies. Nearly 70 million people trust Coinbase, which is strictly regulated in the US and other nations. A CFD or Forex broker is your best option if you want access to additional trading tools and the flexibility to trade in either direction because not all cryptocurrencies are supported or available in all locations.
WONDERING ABOUT THE VALUE OF ONE BITCOIN?
A new all-time high for the price of one bitcoin, close to $70,000, was achieved in November 2021; thanks to blockchain technology.
The market entry of fresh institutional investors and their purchases of bitcoin was largely responsible for the price increases.
The price of bitcoin may vary considerably across different trading platforms, according to statistics from Coinmarketcap, yet despite this significant volatility, cryptocurrency marketplaces have recently improved in efficiency.
RISK FACTORS IN BUYING BITCOIN
Despite the possibility of substantial rewards, purchasing bitcoin is still hazardous. Significant volatility is a major danger. If you purchase bitcoin and the price later falls, you might suffer significant losses. Leverage, or trading with borrowed funds, will only raise your risk while purchasing bitcoin.
Furthermore, bitcoin is still a complicated financial product. Many investors have lost money simply by misplacing their private keys in self-hosted wallets or losing them as a result of exchange hacks. Using a licenced, the reputed broker is crucial for trading bitcoin securely.
HOW TO IDENTIFY A REGULATED CRYPTO BROKER?
You should only utilise licenced bitcoin brokers if you want to prevent fraud. Determine the broker’s legal name and country, then search them up on the relevant regulator’s website to confirm their regulated status. For instance, the Financial Conduct Authority in the UK must approve and oversee any brokers operating there.
IS A BROKER MANDATORY IN TRADING BITCOIN?
Yes, always buy bitcoin from a reputable, well-regulated broker. You can avoid fraud and keep your bitcoin secure by using a registered broker. Never purchase bitcoin directly from a person or via an unlicensed third-party website or marketplace to avoid fraud. Never give anybody your seed phrase or private keys for cryptocurrencies that you do not own.
IS IT LEGAL TO TRADE CRYPTOCURRENCIES?
The possession, sale, or exchange of cryptocurrencies is prohibited or forbidden in various places. While it is completely lawful in other nations. For instance, it is acceptable to purchase cryptocurrencies via licenced brokers in the U.S. and the U.K. However, trading CFDs is forbidden in both nations. The United Kingdom outlawed bitcoin CFDs on January 6, 2021.
CONCLUSION
Trading in securities has a very high level of risk. There is significant exposure to risk associated with margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, including but not limited to leverage, creditworthiness, lack of regulatory protection, and market volatility that may significantly impact the price or liquidity of a currency or related instrument. It shouldn’t be taken for granted that the strategies, tactics, or indications outlined in these items will be successful or prevent losses.
Investment risk-taking is not at all advised. If you have no understanding of bitcoin brokers or cryptocurrency brokers, trading bitcoin would be disastrous.
Knowing the right people who are the best bitcoin brokers for 2022 can help you succeed in your trading. You may trade safely and profitably using Bitcoin brokers like eToro, NAGA, and those traders listed below.
HAVE A SAFE AND SUCCESSFUL TRADING!!!!
