7 Best Crypto Trading Forex Brokers for 2021

Best Forex Brokers That Trade CryptocurrencyBefore blockchain came into being, people used dedicated cryptocurrency exchanges and OTC markets to trade virtual coins. The traditional methods required the buyers and the sellers to arrange for the selling and buying of coins directly through over the counter market or through the mail. However, with technological advancement, people can trade cryptocurrencies with the help of forex brokers.

This form of trade is highly profitable but lack of proper regulation is one of the big problems to expect. Moreover, some cryptocoins like Ethereum ripple, bitcoin, Litecoin and dash are dynamic and unstable instruments. You have to handle them cautiously if you do not want to make huge losses. When selecting a broker, remember that they are not the same. They have different things to offer. This guide will help you in your selection process.

7 Forex Brokers That Trade Cryptocurrency Like Bitcoin

  • XM “50% +20% deposit bonus up to $5,000, Loyalty Program Bonus
    • Online Since 2009
    • Regulated by ASIC, CySEC, FCA (UK), IFSC
    • Spread From 1 Pips
    • 5 Digit (5 Decimal Pricing)
    • Leverage Up to 1:888
    • MetaTrader 4 & MT5 Platform
    • Free Swap & Commission
    Open Account
  • OCTAFX 50% Deposit Bonus, Real contest 1st prize Luxury Car, CopyTrading Feature
    • Online Since 2011
    • Regulated by FSA (Saint Vincent and the Grenadines) and CySEC
    • Spread From 0.4 Pips
    • 5 Digit (5 Decimal Pricing)
    • Leverage Up to 1:500
    • MetaTrader 4 Platform
    • Free Swap & Commission
    Open Account
  • FBS $100 No-Deposit Bonus, 100% Deposit Bonus, Lucky T-shirt, iPhone 6s Plus
    • Online Since 2009
    • Regulated by CySEC, IFSC (International Financial Services Commision) Belize
    • Spread From 0 Pips
    • 5 Digit (5 Decimal Pricing)
    • Leverage Up to 1:3000
    • MetaTrader 4 & MT5 Platform
    • Free Swap & Commission
    Open Account
  • Exness 35% of the account Deposit
    • Online Since 2008
    • Regulated by CySEC, FCA UK, FSP, BaFin, CRFIN
    • Spread From 0 Pip
    • 5 Digit (5 Decimal Pricing)
    • Leverage Up to 1:2000
    • MetaTrader 4 & MT5 Platform
    • Free Swap & Commission
    Open Account

The factors you to look for when searching for a good broker

To help you make an informed choice, we have gathered the factors you will have to look for when searching for the best forex broker. Here they are.

  • Regulations

One of the first things to consider when choosing a forex broker for cryptocurrency trading is the regulation. Ensure that the broker is regulated by competent regulatory agencies. By choosing a regulated broker, you will be certain that they have met the imposed operating standards. Some of the regulatory requirements include adequate capitalization and maintenance of segregated accounts so that the funds of clients can remain safe.

Moreover, some regulations provide fund protection to ensure that you will still get your money even if the broker became insolvent. With good regulation, the broker will uphold rigorous standards as a cryptocurrency service provider. Some of the countries with regulatory agencies backed with rigorous regulatory enforcement include India, Australia, Eurozone, Japan, Switzerland, USA and the UK.

  • Check the trading platform and software

The trading software will be your door to the foreign exchange market. So, you have to choose a broker with reliable trading software and platform. Most brokers provide several trading platforms so that the traders can choose one that matches their needs. They rely on platforms from third-party providers to be sure that the traders have the best experience. Cryptocurrency brokers who develop their trading platforms have an aim of differentiating themselves from the others in the industry. Mostly, they are the platforms to choose because they are made with the client base in mind.

Good forex brokers provide several platforms. That is because some cryptocurrency traders choose to trade through their mobile phones and others rely on smartphones. The commonly used trading platform is the MetaTrader4 platform. Statistics show that around 84 percent of brokers use the platform. So, it is more likely that you will use it somewhere in your trading career.

  • Additional features

Before settling for any forex broker, you have to check the additional features they offer. Check whether they offer compressive charting packages, technical indicators, one-click trading on the platform and risk management tools like trailing stops and stop-loss order. Even though the additional features might sound trivial initially, they will play an important role later when it comes to ensuring that you are enjoying a productive and seamless trading experience.

During the selection of a trading platform, you will have to consider your needs. Most platforms will feature the same basic features. To know the platform that will match your needs, use the provided demo accounts. If the broker does not offer a demo account, choose a different one.

  • Commissions

Unlike what you expect in the other financial markets, forex trading operates on spreads and not commissions. That is the reason most forex brokers will advertise that their services are commission-free. To make money, they will charge you a spread – the difference between buying and selling price. A quick example, if the Bid and Ask price for USD/EUR currency pair is 1.0875/1.0878, the spread will be 3pips.

During your cryptocurrency trading, you will deal with three forms of trading cost structures. They are the fixed spread, floating spread and the commission. The fixed spread is the type of spread that does not change and allows you to know your spread amount before you start trading. The floating spread is variable and it will move according to the market volatility. Some brokers charge commission fees. They will calculate the commission as a percentage of the spread. So, before you start trading, you will have to check the applicable commission.

  • The business model of the broker

When searching for a forex broker for your cryptocurrency trading, you will come across various phrases like ECN, STP, Market Maker and NDD. They are the terms brokers use to describe their business models. The primary models are the dealing desk and the non-dealing desk. Market makers or forex dealers process the trading instructions of their clients through trading desks within their company. Trading desk forex brokers take one side of the trade so that when you open a position they will execute the trade before exposing it.

Non-dealing desk brokers are of two types – the STP and ECN. They do not take part in the trade and therefore after you open a position they will transfer it to third parties. Fundamentally, they are the conduit between the traders and the dealers or market makers. With the ECN type, the computer system of the broker will process your trade orders automatically when you press “Buy” and transmit them through an Electronic Communication Network (ECN) without going through a dealing desk. With the STP, the broker will pass your trade orders upon receiving them to a third party. Such forex brokers are known as Straight through Processing (STP) brokers.

In forex trading for cryptocurrencies, both STP and ECN brokers act as intermediaries to market makers and intermediaries in the world forex market. Market makers transmit their pricing together with a volume matching the quote. The STP/ECN then distributes the pricing to the market makers/traders within the system. You should keep in mind that STP/ECN does not execute the trades. They only transmit the trade orders to the dealing desk. Keep in mind that the broker’s business model will highly affect the spread.

  • Deposit and withdrawal

Ensure that the broker allows several deposit and withdrawal methods. They should have options like credit/debit card, wire transfers and e-payment.

  • Customer service

Most beginner-level traders do not consider customer service when selecting a forex broker. Do not make the same mistake. Customer service plays a vital role in your overall trading experience. Whether you will need help during your trading or not, a customer service team that is easy to reach is important. You might be knowledgeable or experienced, but there are times when you will not be aware of the next step to take. A good broker should provide several methods of reaching customer support. Most of them provide email, telephone and live chat options for clients.

  • Value-added services

The forex trading industry is more competitive today than it was some years ago. So, brokers work hard to distinguish themselves from the crowd by providing value-added services. Some of the services to expect include news feeds, market analysis and free trading signals. They provide the value-added services free of charge. Even though some brokers will require you to deposit some money if you want to access the services, they are worth trying.

Choosing a forex broker for beginner-level cryptocurrency traders

If you are a beginner- level trader, you have to ensure that the broker you are about to select has the following qualities.

  • Offers comprehensive trading resources

Most brokers offer educational materials for beginners. The materials come in the form of videos, webinars, guides, articles and courses. You need the resources to succeed.

  • Offers unlimited access to demo accounts

Brokers offer demo-trading accounts for beginners. The demo accounts are important for people who would want to try cryptocurrency trading without investing any upfront amount.

  • User-friendly trading platform

The market offers a wide range of trading platforms. Some are complicated than others are. When in the beginner level, you will require a complicated platform like one featuring complex trading strategies.

  • Choosing the broker if you are a professional trader

If you are planning to practice cryptocurrency trading professionally, then your trading will be slightly different from that of beginner-level traders. Here are the factors to consider.

  • High leverage

To multiply your capital, you will need high leverage. Higher leverage will increase the risk but the high risk comes with more rewards.

  • Comprehensive trading tools

When trading professionally, you will need several trading tools like economic calendar, commission calculator and complex live charts so that you can know the strategies to employ.

  • Low spreads

If you have many spreads, you have to ensure that they are not eating away your investment. Check the payable spreads before choosing a broker. After choosing a great trading account, the spreads will be lower.


There are many factors to consider when choosing a forex broker for cryptocurrency trading. This guide will help you select the broker that suits your needs. Remember to check the range of trading platforms and software the broker offers and check whether there are any offered resources like signal services, copy trading and education tools. Finally, check the spreads, the account types and the deposit methods.

1 Star2 Stars3 Stars4 Stars5 Stars (1 votes, average: 5.00 out of 5)

Leave a Comment