The list of CFD and Forex brokers seems to be infinite. However, only a few of them provide decent conditions for cryptocurrency trading. We know that it’s difficult to make the right choice, which is why we gathered the list of the best brokers that allow cryptocurrency trading. We hope to save you time and money.
Here is our list of the 10 Best Cryptocurrency Brokers around the globe:
eToro is a special broker thanks to its social trading feature, where beginners can copy successful traders and socialize with the community. It revolutionized trading by introducing ETF assets to the CFD industry.
Since eToro is always betting on innovations, it could not ignore the cryptocurrency boom. You can trade Bitcoin, Ethereum, Ripple, Litecoin, Dash, and Ethereum Classic among others. Also, you can try the broker’s exclusive investment option called Crypto CopyPortfolio, a portfolio-like product consisting of more cryptocurrencies. You can take advantage of the accumulated growth of Ethereum, Bitcoin plus other coins in the fund.
Banking with eToro is convenient, as it accepts deposits and withdrawals with the credit/debit card, wire transfer, PayPal, Skrill, Union Pay, Neteller, WebMoney, and Yandex.
65% of retail CFD accounts lose money
A product of Safecap Investments Ltd, Markets.com is a reliable broker regulated in South Africa (FSB) and Cyprus (CySEC). The parent company is traded on the London Stock Exchange and listed on FTSE 250.
Their asset index added the following cryptocurrencies: Bitcoin, Ethereum, Litecoin, Dash, Ripple, Bitcoin Cash, and Ethereum Classic. Note that some of the coins can also be traded in pair with Euro. The maximum leverage for ETC/USD, ETH/USD, and BCH/USD is 5:1, while the upper limit with the rest of the coins is 10:1.
Besides the familiar MT4, Markets.com offers its own platform versions. One can trade from PC and mobile devices and apply all kinds of technical analysis tools, live streaming newsfeed, daily signals, and more.
You can fund your account and withdraw cash via PayPal, Skrill, MasterCard, and VISA among others.
Visit Markets.com too learn more.
IQ Option is #1 on our list for various reasons including their easy to use platform and various trading products on offer which include Cryptocurrencies, Forex & Binary Options.
Yup that’s right, you can BUY BITCOIN or SHORT THE RAND all from the comfort of one broker.
Sign up with IQ Option today and see if you can handle the volatility of the markets with a free $10,000 demo trading account.
AvaTrade is one of the leading CFD brokerage services out there, being present in different “top brokers” lists on a regular basis.
With AvaTrade, you can trade Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Dash, Ripple, and Litecoin.
You can benefit from up to 20:1 leverage, but be ready for taking additional risk when going for higher leverage.
The broker offers both in-house and external platforms, such as AvaTradeAct, the popular MetaTrader 4, AvaOptions, Automated Trading, AvaTradeGO, Web Trading, Mobile trading, and Mac Trading. This range is compatible with all the devices with an internet connection, and it is more than enough to satisfy any preferences.
Admiral Markets UK Ltd is regulated in the UK by the Financial Conduct Authority (FCA), while its sister company, Admiral Markets AS is regulated by the Estonian Financial Supervision Authority and is compliant with the European MiFID rules. The broker is very popular in the Commonwealth of Independent States (CIS) region and around the world.
You can trade five cryptocurrencies against the US dollar. It is about Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. The maximum leverage is 5:1, and the crypto-pairs can be traded on MT4 only.
It is noteworthy that your total exposure to crypto-products should not exceed 10,000 euro or the equivalent in US dollars.
IG is one of the largest CFD trading and spread betting providers worldwide. IG Markets Ltd is regulated by the UK FCA. The broker has been active for over 40 years and has over 185,000 happy customers as of today.
Their cryptocurrency range is not that wide. In fact, you can only trade Bitcoin and Ethereum, but the good news is that Bitcoin can be traded against USD, EUR, and GBP.
Note that there is a fee if your stop order gets triggered and, according to the broker, the losses can exceed your deposits when the leverage is applied.
XTB is a European broker with over 14 years of experience with Forex and CFD products. The company is traded on the Warsaw Stock Exchange and is regulated by many financial authorities, such as the FCA, IFSC, KNF, BaFin, and CMB.
The list of crypto instruments includes five most popular cryptocoins: Bitcoin, Ethereum, Litecoin, Ripple, and Dash. The spread is 15 pips with BTC, five pips with ETH and DSH, and less than one point with LTC and XRP.
You can choose to trade on the popular MT4 or their xStation 5, which comes with tons of features, such as trading calculator, charts, statistics, technical analysis instruments, fast execution, market sentiment, and more.
Trade.com is a CFD and Forex broker operated by Leadcapital Markets Ltd, a company regulated by CySEC (Cyprus), FCA (UK), and MiFID (EU).
The service offers four cryptocurrency instruments, including Bitcoin, Litecoin, Ethereum, and Dash.
Trading crypto-coins is possible through MT4, Sirix, or the WebTrade platform, which is a product of Trade.com.
You can deposit or withdraw your funds by choosing from payment methods such as credit/debit card (MasterCard, VISA), bank wire transfer, and e-wallets such as Skrill, Neteller, Webmoney, and Qiwi.
Practice account type is available for those who want to trade with virtual funds before getting to live account.
UFX is a CFD broker licensed and regulated by the Vanuatu Financial Services Commission.
UFX allows trading on Bitcoin, Ripple, EOS, and OmiseGo. EOS and OMG are exclusive products in the CFD trading space. The coins are in the top 30 cryptocurrencies by market cap.
The broker accepts the following payment methods: wire transfer, Poli Payments, credit/debit card (Visa, MasterCard), Sofort, Skrill, and Neteller.
You can choose from a wide range of account types, such as micro, mini, standard, gold, and platinum. It seems that the broker wants to satisfy the different needs by providing tailored solutions. The Islamic account type is also available.
FxOpen is headquartered in the Federation of Saint Kitts and Nevis (a two-island country) and was launched in 2005. In 2013, FXOpen UK, a London-based subsidiary of the FXOpen Group, received the license from the Financial Services Authority (FSA). Besides, the broker has obtained the ASIC license in Australia.
FxOpen allows you to trade Bitcoin, Ethereum, Dash, Litecoin, Emercoin, Namecoin, and Peercoin. If some of the coins sound familiar to you, then EMC, NMC, and PPC are below the top 100 cryptocurrencies by market capitalization. However, they may grow with time.
The maximum leverage for all the cryptocurrencies is 3:1. The limit may seem low to you, but it translates into more safety of your funds.
The broker offers PAMM crypto accounts that operate with BTC, ETH, LTC, and Dash, and charges a swap fee of 18% per year.
Broker Comparison Table
|Broker||Maximum Leverage||Crypto Pairs||Regulation||Minimum Deposit|
|AvaTrade||20:1||BTC/USD, BCH/USD, ETH/USD, ETC/USD, DSH/USD, XRP/USD, LTC/USD.||Central Bank of Ireland, FSC of BVI, ASIC, FFAJ, FSB, and FSA Japan.||$100|
|eToro||—||ETH/USD, BTC/USD, ETC/USD, XRP/USD, DSH/USD, LTC/USD||CySEC, FCA, ASIC||$200|
|Markets.com||5:1||BTC/USD, LTC/USD, DSH/USD, ETC/USD, BCH/USD, ETH/USD, XRP/USD||FSB, CySEC,||$100|
|Admiral Markets||5:1||BTC/USD, BCH/USD, ETH/USD, LTC/USD, XRP/USD||FCA, FSA Estonia||$10|
|IG||8:1||BTC/USD, BTC/EUR, BTC/GBP, ETH/USD||FCA||$1|
|XTB||20:1||BTC/USD, ETH/USD, LTC/USD, DSH/USD, XRP/USD||IFSC, PFSA/KNF, FCA||$250|
|Trade.com||—||BTC/USD, ETH/USD, LTC/USD, DSH/USD||CySEC, FCA||$250|
|UFX||4:1||BTC/USD, XRP/USD, BCH/USD, EOS/USD, OMG/USD||FSC Vanuatu||$500|
|FxOpen||3:1||BTC/USD, ETH/USD, DSH/USD, EMC/USD, NMC/USD, PPC/USD, LTC/USD||FCA, ASIC||$10|
A few tips for consideration on picking a broker
- Remember – you should leave aside all the benefits, colorful ads, catchy bonuses, and features that a broker pretends to offer. First of all, you should check whether the service is officially regulated. Further down on the article you will find a short list with some regulators around the world.
- You will note that most of the brokers are licensed in Cyprus by CySEC thanks to the CFD-friendly ecosystem created by the financial authority. Unfortunately, I would say that the regulator became too friendly for the brokers and less friendly for the clients around the world, so you should better stay away from CFD providers that are registered in Cyprus alone.
- CFD brokers are happy to benefit from the cryptocurrency boom. However, don’t expect fast money with little effort. Cryptocurrencies are by far the most volatile assets out there. It suggests that scalping may not work in this case. Besides, the high spread doesn’t leave room for this at all. You should better think about swing trading or position trading strategies when it comes to Bitcoin or any other coin.
- Checking for brokers with small spreads is great, but make sure you don’t fall a victim of cheap advertising. For example, some brokers may claim that their spread for crypto-coins starts with 0.5 pips. However, such a low spread is indeed real only for Ripple, which costs under $1 as of today, while Bitcoin’s spread might reach 20 and even 30 pips, which is not mentioned of course.
- Don’t pick a broker only because it offers high leverage. The leverage is a great tool that can boost your potential return by several times, but it can kill your position as well. If you take a closer look, you will see that the brokers offer a much lower leverage limit with cryptocurrencies when compared to fiat currencies. The reason is evident – the astronomical volatility is enough, and the leverage can often make things much worse.
- Before registering a broker, do your homework and read reviews on different forums. However, be ready to distinguish real reviews from the fake ones, as some brokers can reach the very same forums as well.
List of Regulators from Around the World
As I mentioned in the first recommendation above, choosing a regulated broker is mandatory for any trader. CFD trading space is full of scam brokers. If a broker cannot demonstrate its license obtained from an official authority, then it should be a big fat red flag for you – this broker cannot keep your funds safe and may even a scam.
Here are the main regulators from around the world:
- Cyprus – Cyprus Securities and Exchange Commission (CySec) – it’s not that difficult to get a license from them, so most of the CFD brokers will have one. More licenses from different regulators should be a big plus.
- South Africa – Financial Services Board (FSB) – it is the South African regulator that manages South African Forex Brokers. As a SA citizen, it would be wise to opt for an FSB regulated broker.
- United Kingdom – Finance Conduct Authority (FCA) is the key regulator of the UK, formerly known as Financial Services Authority (FSA). If you still find brokers claiming that they have an FSA license, it may suggest that they’re unprofessional.
- Australia – Australian Securities and Investment Commission (ASIC);
- Bulgaria – Financial Supervision Commission of Bulgaria (FSC Bulgaria);
- Canada –
- Germany – Federal Financial Supervisory Authority (BaFin);
- Ireland – Central Bank of Ireland;
- New Zealand – Financial Markets Authority (FMA);
- Seychelles – Seychelles Financial Services Authority (FSA Seychelles);
- United States – National Futures Association (NFA) or Commodities and Futures Trading Commission (CFTC);
- Vanuatu – Vanuatu Financial Services Commission (FSC);
- British Virgin Islands – BVI Financial Services Commission (FSC of BVI);
- Japan – Financial Services Agency of Japan (FSA Japan);
- Estonia – Financial Supervision Authority (FSA Estonia);
- Belize – International Financial Services Commission (IFSC);
- Poland – Polish Financial Supervision Authority (PFSA)
Crypto CFD Broker FAQ
What exactly is a CFD Broker?
A CFD broker is a third-party service that provides potential investors with a trading platform where you can open and close trading positions, analyze the market trends, and apply various features (it differs from broker to broker).
As an intermediary, the CFD broker does not take your funds to redistribute it to market-makers. It only offers the conditions for operating with contracts for difference (CFDs). A CFD is about betting on the price fluctuation alone rather than buying the underlying assets.
For example, when you trade cryptocurrencies with CFD brokers, you don’t buy crypto-coins, but only trade on their price variation.
What is Leverage?
The leverage is an instrument that helps traders boost their profits by investing in a trade with borrowed funds. For example, if you opt for 100:1 leverage, then you can open a $1000 position with only $10 of your resources.
Keep in mind that the leverage also means much higher risk.
What is a Pip?
A pip, from point in percentage, is simply the smallest unit of an underlying asset, or the point when calculating the profits or losses. You can think about it as the last digit of the price.
For example, if ETH/USD rose from 298.85 to 298.87, then we say it added two pips.
Can CFD brokers replace crypto-exchanges like Coinbase?
No – CFD brokers offer trading conditions only. Exchanges like Coinbase or Kraken are used by those who want to buy Bitcoin or any other coin in exchange for fiat money. Purchasing Bitcoin with Coinbase is more like investing than trading.
However, the good news with CFD brokers is that you can short the cryptocurrencies without any problem.
How can I mine crypto-coins with CFD brokers?
Since CFD brokers do not operate with physical assets but only offer the platform for trading on the price, they don’t have anything in common with mining coins.
If you want to generate new coins through mining, make sure to get some decent PC equipment and use it to support the blockchain system of a particular cryptocurrency (most often Litecoin or Dash).