Forex Brokers that accept Crypto
If you have a crypto wallet with some Bitcoin, Ethereum or other popular cryptocurrencies, then you might be on the look out for a forex broker that accepts crypto deposits and withdrawals. Funding your forex account with cryptos can give you some privacy and provide you with the convenience that more traditional forms of financial transactions cannot. Although crypto technology is still evolving, there are some forex brokers who have chosen to embrace it as they understand the demands of the modern-day trader and want to set themselves apart from others in such a competitive industry.
What are cryptocurrencies?
Cryptocurrency is a digital currency using cryptography to secure transactions. It is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. Unlike traditional fiat currencies controlled by national governments, cryptocurrencies can circulate without a monetary authority such as a central bank.
To use cryptocurrencies, you need a cryptocurrency wallet. Rather than keeping physical money, the wallet saves the cryptographic information needed to access crypto addresses and send transactions. Unlike your bank account, which probably only stores fiat currencies, your crypto account will let you keep a range of digital and fiat (traditional) currencies.
What are crypto forex brokers?
When we are talking about crypto forex brokers, there are two ways to look at it. This could mean that the forex broker accepts crypto payments or that the forex broker supports crypto trading. Usually, it means both. If a forex broker lets you deposit with cryptocurrency, chances are they will have a selection of cryptocurrencies to trade alongside forex currency pairs. It is worth mentioning that there are also crypto brokers who accept fiat deposits and trading as well.
Why use a forex broker with cryptos?
Trading forex and crypto with the same broker is more convenient than holding multiple accounts with different brokers. You are able to diversify your portfolio and manage your account from one place. It also means that you can keep some anonymity and save on blockchain transaction fees when moving funds around.
Bitcoin forex brokers
Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoin’s creator, Satoshi Nakamoto, originally described the need for “an electronic payment system based on cryptographic proof instead of trust.”
Bitcoin is secured with a Proof-of-Work (PoW) mechanism, which means millions of miners work together to secure the decentralized network. Each miner keeps a record of all transactions. Forcing a transaction is impossible because they would have to control 51% of all miners. Bitcoin has a circulating supply of 18,832,712 BTC and a maximum supply of 21,000,000 (21 Million) BTC tokens.
Bitcoin forex brokers will allow you to make deposits and withdrawal to and from your account with Bitcoin. You will be able to buy and sell currency pairs with your Bitcoins and also trade Bitcoin itself. As Bitcoin was the first and remains the most popular cryptocurrency, most crypto forex brokers will support Bitcoin if nothing else.
What forex brokers accept crypto?
We have reviewed countless forex brokers over the years, even before cryptocurrency was as popular as it is now. Back then, there were no forex brokers that accept crypto simply because Bitcoin hadn’t even been created. As the years of past and more and more traders from the new generation have become interested in trading online, brokerage firms have had to adapt. Forex brokers accepting crypto payments is one of the most prominent signs that they are a broker for the modern trader, looking to keep up with the latest innovation and technologies.
That being said, there are not many forex brokers that accept crypto payments mainly due to strict rules and regulations that prevent them from doing so. We are still at the infancy of crypto transactions and there have been so many instances of fraud and scams in the industry that many brokers and traders are put off the thought of using cryptocurrencies. However, if you shop around then you will find some reputable forex brokers with crypto funding available, including those in the table below.
Crypto forex brokers pros & cons
- Anonymous deposits and withdrawals
- Convenient account management in one place
- Can diversify between fiat and cryptocurrency trading
- Trade volatile forex and crypto markets together
- Quicker funding than wire transfer depending on bank
- Can be vulnerable to hackers
- Blockchain transaction fees can be high
- Not the fastest way to move funds around
- Not all brokers accept crypto payments
- Crypto is not well regulated
Conclusion: do I need a forex broker with crypto funding?
You only need a forex broker that supports crypto funding if you plan on making crypto deposits into your account. This is because there are forex brokers with crypto trading who do not have it as a payment option. Therefore, you could in theory choose a broker that accepts other payment options such as bank transfer or e-wallets and still trade cryptos. However, if you are a fan of cryptocurrency then it might make sense and be more convenient for you to opt for a forex broker that supports crypto payments and trading. You can also see our guides on PayPal brokers, Skrill brokers, Neteller brokers, WebMoney brokers, Perfect Money brokers and Payoneer brokers for other forex account funding methods.
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