Best Broker for Bitcoin and other Crypto Currencies | Crypto Craft

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Best Broker for Bitcoin and other Crypto Currencies

  • #1
  • First Post: Edited Mar 9, 2020 1:38pm Feb 12, 2020 4:26pm | Edited Mar 9, 2020 1:38pm
There are many brokers that offer Bitcoin and other Crypto currencies. I found that there are many differences between them. The goal of this thread is to advise FF traders about the specifications of brokers where Crypto currencies can be traded in order for them to get the best trading conditions. The following specifications are, in my opinion, the most relevant:

Broker name, location, regulatory authorities;
Trading platforms;
List of Crypto currencies traded;
Size of one lot;
Spread and commission;
Leverage/Margin; and
Any other relevant information.

Please post the data for your forex broker or crypto exchange so everyone can benefit from this knowledge.
  • #2
  • Feb 12, 2020 5:21pm Feb 12, 2020 5:21pm
My primary broker is OANDA. Its HQ is in San Francisco, USA. It has other offices in New York USA, Toronto Canada, London UK, Frankfurt am Main Germany and Singapore.

OANDA is regulated by CFTC and NFA in the USA, IIROC in Canada, FCA in Europe, the Monetary Authority of Singapore and ASIC in Australia

You can trade with OANDA using their web based FxTrade platform and there are applications for mobile phones and tablets plus MT4 and MT5 for PCs/laptops.

You can only trade Bitcoin and Mini Bitcoin with OANDA. The spread is 36 for both without any commission.

The lot size for Crypto is the same as for forex currency pairs and CFDs and is equal to 100 units.

Depending where you are trading from, the type of trader (retail, professional) and the asset traded the leverage can be as low as 1:5 to a high of 1:100

If you trade with OANDA Europe you have protection against negative balance and an account protection of £85,000 in case of the bankruptcy OANDA. If you trade with OANDA Canada you have an account protection of CAD 1 million in case of bankruptcy.

Attached is my BITCOIN H1 chart.
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  • #3
  • Feb 13, 2020 11:50am Feb 13, 2020 11:50am
FXDD has its HQ in Valetta Malta. It is regulated by the Malta Financial Service Authority (MFSA) and the Mauritius Financial Services Commission.

You can trade with FXDD using their Webtrader, Tablettrader, Mobiletrader, MT4 and MT5.

You can trade Bitcoin (Against EUR or USD), Ethereum, Litecoin and Ripple. The lot size for Bitcoin, Ethereum and Litecoin is 1 unit while it is 10,000 units for Ripple.

For all Crypto currencies the leverage is 1:2. The spread (in USD) is variable but between 65 to 90 for Bitcoin, 3 for Ethereum, 0.9 for Litecoin and 0.0035 for Ripple.

FXDD offers negative account protection.

Attached is my BITCOIN H1 chart.
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  • #4
  • Feb 13, 2020 1:01pm Feb 13, 2020 1:01pm
Go Markets is located in Melbourne, Australia. It is regulated by the Australian Securities and Investment Commission (ASIC).

You can trade with Go Markets using their Webtrader, Mobiletrader, MT4 and MT5.

You can only trade Crypto currencies against the USD. For all Crypto currencies the leverage is 1:5. The table attached provide more information.

The spread (in USD) is variable but between 10 to 20 for Bitcoin, 5 for Bitcoin Cash, 3 for Ethereum, 1 for Litecoin and 0.0055 for Ripple. There is no commission for trading using a standard account and a commission of AUD 3 per side for the GO Plus account but with lower spreads.

While most brokers offer a very limited range of account currencies Go Markets offers 9 account currencies, AUD, CAD, CHF, EUR, GBP, HKK, NZD, SGD and USD.

Attached is my BITCOIN H1 chart.
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  • #5
  • Feb 14, 2020 7:39am Feb 14, 2020 7:39am
OmegaFx is located in Sofia, Bulgaria. It's an unlicensed and unregulated broker. Although OmegaFx is located in Bulgaria its website uses an Indian Ocean Territory web address OmegaFx.io and its phone number if from the UK.

You can only trade with OmegaFx on their mobile platform.

You can trade Bitcoin (Against AUD, EUR or USD) and Dash, Ethereum, Litecoin and Ripple against USD. The leverage varies from 1:2 for Ripple to 1:5 for Bitcoin

The spread (in USD) is variable but about 65 for Bitcoin, 1.80 for Dash, 2.50 for Ethereum, 0.60or Litecoin and 0.0050 for Ripple on their basic and bronze accounts. The spread is lower on their silver, gold, platinum and black accounts.

OmegaFx offers bonuses depending on the size of the account. Please note that if the firm becomes insolvent there is no compensation fund.

Below is information about their type of accounts except their black account since no information is provided; and their Bitcoin chart.
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  • #6
  • Feb 15, 2020 8:51pm Feb 15, 2020 8:51pm
Why not just use an exchange? It's so much better and you get much cheaper spreads than forex brokers. You also get a ton more benefits that you can never get outside of crypto.
  • #7
  • Feb 16, 2020 3:13pm Feb 16, 2020 3:13pm
Quoting trickshady
Why not just use an exchange? It's so much better and you get much cheaper spreads than forex brokers. You also get a ton more benefits that you can never get outside of crypto.
You are right exchanges have better spreads than forex brokers but normally offer a leverage of 1:1. This is the same as you get with US based forex brokers when trading gold and other precious metals. This is why the majority of US based forex brokers don't even bother offering precious metals. If a trader plans to trade crypto currencies on a low scale basis such as buying a few bitcoins and waiting to sell them later when they go up exchanges are ideal. The only problem is the 1:1 leverage so the trader has to pay 100% of the value of the purchase. For example to buy 10 bitcoins @ $10,000 each he would have to disburse $100,000. Since I have a leverage of 1:100 the margin required from my trading account to buy the 10 bitcoins (0.1 lot) is only $1,000.

Many forex brokers are regulated by their country financial authorities. This is not the case with crypto exchanges. For example Coinbase is regulated by the New York Department of Financial Services. Are city regulators trustworthy? Is this an advantage or a disadvantage linking your bank account with a crypto exchange? Here are the requirements of Coinbase.
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  • #8
  • Feb 16, 2020 9:35pm Feb 16, 2020 9:35pm
Actually during the past year more exchanges started offering leveraged trading with up to 100x leverage. There are also many crypto futures exchanges popping out. You can't expect the same regulation as with forex brokers simply because the entire crypto industry is unregulated. It is also kind of unregulatable. So reputation plays a huge role and there are many reputable exchanges. Coinbase is perhaps the most regulated exchange that exists. If you are afraid to open a coinbase account you shouldn't go anywhere near crypto.
  • #9
  • Feb 17, 2020 3:40am Feb 17, 2020 3:40am
Quoting trickshady
Actually during the past year more exchanges started offering leveraged trading with up to 100x leverage. There are also many crypto futures exchanges popping out. You can't expect the same regulation as with forex brokers simply because the entire crypto industry is unregulated. It is also kind of unregulatable. So reputation plays a huge role and there are many reputable exchanges. Coinbase is perhaps the most regulated exchange that exists. If you are afraid to open a coinbase account you shouldn't go anywhere near crypto.
Thank you for the info but I will never open an account with a crypto exchange because I had a bad experience with an unregulated forex broker in the past and I lost almost $50k. This is why I trade crypto only with regulated brokers.
  • #10
  • Feb 17, 2020 7:22am Feb 17, 2020 7:22am
Quoting trickshady
Why not just use an exchange?
Coinbase, Bitmex, Kraken, Deribit, Bitfinex, Kucoin etc... they're all brokers in the end. You're still trading with the house and paying their spread.

Still I agree, they're better than the crypto CFD brokers, imo.
  • #11
  • Feb 17, 2020 7:24am Feb 17, 2020 7:24am
Ouch that loss hurts. I totally understand you but why are you interested in trading crypto if you don't wanna own any coins? You get much better spreads on forex pairs than crypto from forex brokers.
  • #12
  • Feb 18, 2020 4:20pm Feb 18, 2020 4:20pm
If you want to trade crypto, why not use an exchange created exactly for that reason?

I am talking about exchanges like Bitfinex,Bitmex,Kraken,Binance, etc

I trade on most of them, spreading the risk between them, sometimes on spot, sometimes on futures.

Here is a recent 50 000$ trade (lucky) I took = https://photoshar.in/5-bitcoins-unrealized-profit
  • #13
  • Feb 19, 2020 11:23am Feb 19, 2020 11:23am
Quoting rockthepips
If you want to trade crypto, why not use an exchange created exactly for that reason? I am talking about exchanges like Bitfinex,Bitmex,Kraken,Binance, etc I trade on most of them, spreading the risk between them, sometimes on spot, sometimes on futures. Here is a recent 50 000$ trade (lucky) I took = https://photoshar.in/5-bitcoins-unrealized-profit
Congratulation with this trade you can keep on rocking for a while The main reason I don't trade bitcoins with exchanges is because of their lack of protection in case they go bankrupt. I have been trading forex since 2004 and 5 brokers went bust on me. The first time I lost $46K from an unregulated broker in Macedonia. The second time I lost $5K from a regulated broker in the US. This is why I say that US regulations are garbage since they are meant to protect firms not traders. The other 3 times that brokers went bust on me 2 of them were from Cyprus and I got all my money back within 3 months. The other broker that went bust on me was from the UK and it took me 16 months to get my money back.
  • #14
  • Feb 20, 2020 10:06am Feb 20, 2020 10:06am
Hutch here is what I suggest you try. Open a Binance account and put a small amount there. Withdraw periodically. Do some research on Binance. Let me tell you a few facts about the exchange and I hope you verify them. They are making more profit than Deutsche bank. They are valued in the billions and rapidly growing with new products coming out on a monthly basis. They were hacked a few months ago and lost about $50mil. Since it was a pretty small amount of money for them they decided to absorb the loss so customers don't lose money. If you are worried about Binance going bankrupt, it will not happen. The biggest banks have higher chance of going bankrupt than Binance. The reputation of this exchange is 10/10. They are the most trusted and honest exchange. I personally trust them more than Coinbase or any other US exchange.
  • #15
  • Feb 20, 2020 4:12pm Feb 20, 2020 4:12pm
Quoting trickshady
Hutch here is what I suggest you try. Open a Binance account and put a small amount there. Withdraw periodically. Do some research on Binance. Let me tell you a few facts about the exchange and I hope you verify them. They are making more profit than Deutsche bank. They are valued in the billions and rapidly growing with new products coming out on a monthly basis. They were hacked a few months ago and lost about $50mil. Since it was a pretty small amount of money for them they decided to absorb the loss so customers don't lose money. If you are...
Thank you very much for the info Trickshady. I will think about it.
  • #16
  • Feb 25, 2020 2:39am Feb 25, 2020 2:39am
Please don't get caught by the IRS for lack of reporting.

https://cointelegraph.com/news/irs-c...how-you-answer
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  • #17
  • Mar 6, 2020 10:21am Mar 6, 2020 10:21am
Quoting trickshady
Ouch that loss hurts. I totally understand you but why are you interested in trading crypto if you don't wanna own any coins? You get much better spreads on forex pairs than crypto from forex brokers.
As you can see I own Bitcoin but it seems they go up and down more than yoyos
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  • #18
  • Mar 6, 2020 3:52pm Mar 6, 2020 3:52pm
Up and down is better than down forever like fiat lol
  • #19
  • Mar 9, 2020 12:21pm Mar 9, 2020 12:21pm
The US government really doesn't like Bitcoin. In an article from the Crypto Brigade it's stated: "There is an old joke that says there are only TWO things that are sure in life
"Death and Taxes" because we know that BOTH are inevitable (as much as we all loathe taxes!). They IRS has taken note of the crypto space and has sent not one, but two separate batches of "love letters" to U.S. crypto holders"
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  • #20
  • Mar 9, 2020 1:37pm Mar 9, 2020 1:37pm
Etoro is located in London UK with other offices in Australia, Cyprus and the US. It is regulated in all these countries except the US.

You can only trade with Etoro on their web platform. You can have a leverage of up to 400:1 as a professional trader if you meet their criteria.

You can benefit from a compensation fund in case the firm goes bankrupt but only for their Cyprus (€20,000) and UK (£85,000) platform. Also, all crypto currencies trades opened at the time of bankruptcy do not benefit from this useful feature.

Etoro offers a large variety of crypto currencies from the well known CTCUSD to more obscure ZECDASH. The spread is computed on a percentage of the buy value of the crypto currency concerned and varies from 0.75% for Bitcoin to 5% for Tezos.

Two advantages of Etoro is that they offer more education than the majority of brokers and that you can copy trades from the best traders on their platform.
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