Cryptocurrency Trading Brokers
Cryptocurrency trading involves trading on digital currency. This form of trading is fairly new and has in fact only been around for a few years. One of the most common forms of digital currency is Bitcoin which was released in 2009. While it is still to experience its boom phase, it is quickly becoming a popular way of trading for many.
One of the big benefits of this form of trading is the money that there is to be made. There aren't many people trading Cryptocurrencies, so the market has yet to be saturated by others trying to get in on the game. It should be understood that as well as big wins you can also experience big losses, and you should understand Cryptocurrency if you choose to trade it.
Just like binary options or Forex brokers, there are also Cryptocurrency brokers that specialise in the trading of this digital cash. As with any broker, our job is to test them all out, put them through their paces and then present our information so that you can make an informed decision about which broker to choose.
You may be new or old to Cryptocurrency trading. Either way, in this guide you will learn:
- The vast features and benefits of online Cryptocurrency trading
- How Crypto trading works and what to be aware of when starting out
- Why choosing a broker that offers the right features is key
Our Top Recommended Brokers Updated: November 2017
How Crypto Trading Works
Similar to Forex trading in which you trade actual currency pairs like USD/GBP, Cryptocurrency trading involves the trading of currency pairs where one or both can be a form of digital cash. An example of a Cryptocurrency pair could be Bitcoin against the USD or USD/BTC. We use Bitcoin as an example because it is the most widely recognisable, but there are many types of Cryptocurrency:
These currencies are what are known as World Financial Transactions and are among the most recognisable. There are many other niches within the Cryptocurrency market including Application Platforms, Private Financial Transactions and Specialty Currencies. Each of these niches contains different currencies. If trading currency markets isn't your thing you can try "Contract For Difference" trading, this type of trading spans many markets including stocks, shares and commodities.
While some people are yet to get to grips with Cryptocurrencies, you may wonder if it is real money. The answer is yes! While you may not have physical coins and notes like with "real" money, digital money is an entry on a database. This isn't unlike your bank balance. Often you make a transaction, but you never see the actual cash. When you are trading online, there is no difference between physical currency and digital currency except our perception of it.
What Makes a Great Broker
Like many other brokers there are a number of factors that make a good broker. From the bonuses that they offer to the licensing and regulation, competition is fierce and there are many to choose from. Let's take a look at some of the criteria that make a good broker:
Licensing And Regulation
Obviously, like any online transacting, if you are going to put your money somewhere you need to know that it is in safe hands. Any platform where you are financially transacting needs to be licensed and regulated for you to be confident that your money is safe. Each country has its own regulator and rules surrounding regulation and you should always look for the licensing accreditation when you are selecting who to trade with. We have many country guides including, Spain, Argentina, Germany and many more.
Ease of Trading
With the evolution of technology almost everyone transacts on the move from a mobile device. As long as you have a mobile phone and an internet connection then you should be able to trade. You need to ensure that the broker offers a good mobile experience and that their platform is easy to trade on. If they don't have an app then they should at least have a mobile friendly website. Simply visiting the site from your mobile device and having a look around will demonstrate if mobile trading is feasible.
Bonuses And Incentives
From $25 welcome bonuses to 100% match deposit bonuses you will find a whole host of incentives to encourage you to open an account with a specific broker. Make sure they offer all the other criteria that we discuss before you get drawn in though. Remember, a bonus has to be traded a certain number of times before it can be withdrawn.
If something goes wrong, or if you have a question about an element of trading you need to know that there is someone there to help and advise you. This can be a 24-hour virtual assistant or someone on the end of the phone in trading hours. A good broker will offer a high level of customer service.
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Cryptocurrency Bonus Deals
There are many types of bonus deals available across the many brokers. Of course, there is the popular and widely offered welcome bonus which is available to all new traders. This type of bonus doesn't always require a deposit and can be used to test the platform before risking your own cash.
In fact, more and more brokers are now offering the no deposit bonus in order to remain competitive. Other bonuses include a deposit bonus which varies from broker to broker. For some it may be a percentage while others will match your deposit 100%.
There are certain criteria that come with these bonuses though. While you may get a bonus for signing up to the site you cannot withdraw the bonus until you meet a specific list of requirements. These include making a financial deposit and fulfilling a minimum trading volume.
One example of a broker requiring a minimum trading volume stipulates that $1,000,000 must be traded before a bonus can be withdrawn! Other factors require you to deposit cash within a certain time frame and proving your identity. To be fair you will be required to do this before making any type of withdrawal.
How we Rate Crypto Platforms
As with all of our reviews and recommendations we don't just base our ratings on internet research alone. Our team of experienced traders actually use each and every platform to test the experience for themselves. They use their extensive years of successful trading experience to ensure that they test each site on every aspect of trading. Only when we are satisfied that they offer a good all-round service will we put our name to recommending them.
While there are many Cryptocurrency platforms out there, our experience means that we know what we are looking for and ultimately, what you are looking for in a broker. We deposit funds just like any other trader, use the live platforms, test the customer service and make several transactions to get a good feel for the broker and the claims that we make.
We test all aspects of the website from its ease of use and trading on the move to the app that they may offer. We substantiate their claims through our own experience so that we can bring you enough information to make the right selection. Then all you need to do is read the reviews and select the best one for you, saving you hours trawling through the internet conducting your own research.
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Is Crypto trading legal, regulated and safe?
Yes, Crypto trading is perfectly legal in most countries around the world. To ensure that it is regulated and safe though you will need to check this out further. Many brokers will be licensed/regulated in the country that they are based in. Others will not have any type of regulation and you should be wary of these. While not all unregulated brokers pose a risk, you should measure the risk that you take.
Can I trade without downloading software?
Not all brokers require you to download software to trade in Cryptocurrencies. This can be especially difficult if you are trading from a mobile device. You may need to download software if you are using a trading robot that uses software. If you are unsure as to whether your particular choice of broker requires downloads to carry out trades of any type, you can check this out before you sign up to an account.
Do I need to start trading with real money?
No, many brokers offer a demo platform or a no deposit sign up bonus. A no deposit bonus means that you can trade on the live platform with real funds and get a good feel for the platform and trading before you commit to investing any of your own funds. The demo platform offers you the chance to trade on the virtual platform with virtual funds. While it is not the live platform it gives you the chance to get familiar with it.
How can I make deposits and withdrawals?
Deposits and withdrawals can be made using the traditional digital methods; credit card, debit card, wire transfer or electronic payment systems such as Paypal and Skrill. Some specialist brokers even accept Cryptocurrency. While deposits are mostly instant, withdrawals can take longer to process and you should leave between three to five business days to see the funds back in your account.
What is a Crypto broker welcome bonus?
A welcome bonus is a pre-agreed amount of money used to incentivise you to open an account with a specific broker. It can vary quite significantly from broker to broker. A no deposit bonus means that you can sign up to an account and start trading without deposit funds. A deposit bonus is usually larger as you have already deposited funds. Bonuses need to be traded a specific number of times before they can be withdrawn.