The annual forex broker review (three years running) is themost citedin the industry. With over 60,000 words of research across the site, we spend hundreds of hours testing forex brokers each year.How we test.
Among the 28 forex brokers reviewed for m 2019 Annual Review, 25 offer cryptocurrency trading (89%) in one form or another (for a breakdown of how to trade cryptos, read ourcryptocurrency guide).
Four forex brokers in our 2019 Review offer the underlying, while the majority offer crypto as a CFD, and a few offer accessibility via other means, such as exchange-traded products or futures contracts.
Based on over 81 different variables, here are the best forex brokers to buy cryptocurrency, such as Bitcoin.
5 Stars, Best OverallFirst place this year went to eToro, which distinguished itself as the best forex broker for crypto. eToro not only launched physical cryptocurrency trading, in addition to its CFD offering, but also obtained a Money Service Business (MSB) license in the US, and announced its crypto wallet, which will enable users to deposit/withdraw cryptocurrency tokens directly. The broker also continued to add new top-tier (by market capitalization) cryptocurrencies, expanding its offering in numerous ways.Read full review
4.5 Stars -Visit SiteSecond place goes to Swissquote Bank. In addition to offering the underlying on major cryptocurrencies such as Bitcoin, the broker launched an additional exchange-traded crypto certificate on the Swiss Exchange (SWX:BLOCHU), alongside its existing certificate (SWX:SQCRTQ) covered in our prior review. While Swissquotes crypto wallet doesnt yet permit withdrawals, the broker does act as a custodian for its clients by holding the equivalent at Bitstamp, its counterparty for providing crypto liquidity to the bank. This enables Swissquote to be fully collateralized for its crypto holdings while preventing potential hacks against its customer accounts. It is also important to note that Swissquote is publicly traded and regulated in some of the largest market centers around the globe. (74-89% of retail CFD accounts lose money.)Read full review
4.5 Stars -Visit SiteThird place goes to IG. The brokers ability to execute larger orders via its offering of CFDs on Bitcoin, Ethereum, and Bitcoin Cash, for a total of seven crypto pairs, along with favorable contract specifications and flexible margin requirements, help it shine among other brokers offering crypto CFDs. (76% of retail CFD accounts lose money.)Read full review
4 StarsFinishing fourth, Dukascopy Bank took a leap forward and announced the launch of its own cryptocurrency called Dukascoin, along with a stablecoin called Dukasnotes, pending regulatory approval in Switzerland. The broker also offers bitcoin and ethereum as CFDs, and the launch of the underlying helped elevate it in this category.Read full review
4.5 Stars -Visit SiteThinkMarkets placed fifth. The broker entered the crypto scene in 2017 with a large number of cryptocurrency pairs available as CFDs. ThinkMarkets provides a cryptocurrency CFD offering with competitive contract specifications across nine popular pairs. And in 2018, the brokers ThinkCoin entity launched its own Initial Coin Offering (ICO) aimed at building an exchange powered by smart contracts, and launched the TradeConnect app, published by ThinkMarkets. (74% – 89% of retail CFD accounts lose money.)Read full review
4 Stars -Visit SiteSixth place goes to XTB which launched five cryptocurrency CFD pairs in 2017: BTC/USD, ETH/USD, XRP/USD, LTC/USD, and DASH/USD. And in 2018, XTB expanded its crypto CFD offering to 20 crypto pairs, after adding Neo, Tron, Eos, Stellar, IOTA, and Ethereum Classic as base crypto assets. (79% of retail CFD accounts lose money.)Read full review
4 StarsOur final Best in Class finisher for cryptocurrency is FXOpen, which is unique in that it offers a crypto account, in which balances are denominated in bitcoins, and offers 43 cryptocurrency CFD pairs in total.Read full review
While it can be hard not to be tempted to trade with one of the hundreds of new cryptocurrency exchanges that have popped up across the web, these websites often have been hacked, leading to the theft of customers assets. In some other cases they have faced regulatory scrutiny for operating without a license, and/or potential AML/KYC violations.
Even with the expanding number of well-established fx brokers offering cryptocurrency trading, finding the right cryptocurrency broker to buy bitcoin with can be daunting. Liquidity, trading costs, regulation, and product availability are just a sampling of the challenges and risks you might confront when dealing with digital assets.
Especially challenging is the method used to keep your cryptocurrency in safe custody, as it is a bearer instrument, and protecting the private key comes with numerous levels of complexity and risk. For such reasons, even the few forex brokers that offer the underlying trading of cryptocurrencies have not yet fully launched a crypto wallet that would permit withdrawing the actual tokens (similar to the Crypto Exchange Circle, where a user must first sell his or her tokens and then withdraw US dollars).
In other words, sometimes the greatest risks are the ones you dont even realize you are taking. This is why here on we focus on reviewing forex brokers that are regulated and have been in operation, in some cases, for decades. We also include a Trust Score rating for each broker, making it easy to determine how trustworthy a firm is.
That said, not all stand-alone crypto exchanges are bad. For example, whileCoinbasewas not included in our annual review because it does not offer leveraged retail forex trading, its worth noting that the company has become a market leader, with over 10 million customer accounts opened.
Several final thoughts to keep in mind: selecting a forex broker to trade crypto will depend on where you are located, the services available in your region, your trading style, and any specific needs (e.g., margin).
Whether you are trading crypto as a Contract for Difference (CFD), other off-exchange derivative, or trading an on-exchange listed security, futures, or options contract, or even trading the actual underlying physical cryptocurrency, there can beadvantages and disadvantages to each method. These differences can be thought of as trade-offs, and whether they are better or worse depends on your needs as an investor or trader. For example, some brokers do not permit weekend trading of their cryptocurrency CFD contracts.
To diversify cryptocurrency exposure, some traders may opt to trade cryptos using multiple methods or maintain portfolios with multiple brokers, holding the underlying passively (as an investment) alongside actively trading crypto CFDs.
Regardless of which approach you take, be sure to proceed with caution. Cryptocurrency trading is risky, and new market providers are emerging each month. Some marketplaces are designed as scams from day one, launching with clever marketing campaigns designed to prey on unsuspecting investors. Meanwhile, other projects may be bona fide, yet succumb to vulnerabilities exploited by hackers, where end users ultimately pay the price. For these reasons, choosing a well-established provider and diversifying are important.
XTB xStation5 watchlist with bitcoin weekly expiry.
All in all, cryptocurrency trading is here to stay. Use a trusted broker, and never risk what you arent willing to lose. Hopefully, this guide will help steer you in the right direction.
For our2019 Forex Broker Reviewwe assessed, rated, and ranked 28 international forex brokers. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more abouthow we test.
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Learn more.
About the author:Steven HatzakisSteven Hatzakis is the Global Director of Research for . Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The m staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.
IG -76% of retail investor accounts lose money when trading CFDs with this provider.You should consider whether you can afford to take the high risk of losing your money.
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