How to Choose The Top Cryptocurrencies Brokers
Picking up the right Cryptocurrencies broker is really important if you want to be a successful trader in this lucrative but also risky environment. To make your life easier we have analysed the many brokers available and scored them against the following criteria:
The Cryptocurrencies Trading Platform
When trading on Cryptocurrencies it is really important the platform as the more easy is to use and intuitive the better chances of making profits you will have. Surely trading in Cryptocurrencies and especially in Bitcoins carries significant risks but also has very good potentials. We have selected the top cryptocurrencies brokers that will allow 24/7 Bitcoin trading and also have the protection of regulators. Another very important thing to consider when choosing a broker to trade in Cryptocurrencies is how many payments options they allow: the brokers we have select allow trading using different methods like Paypal, Visa, Mastercard and different other credit cards and payments systems. So if you are about to trade in Cryptocurrencies and Bitcoin you can be sure that one of the brokers selected in the list will be a perfect match for you.
Trading online cryptocurrencies successfully requires to take decisions very fast. For this reason is important to have a trading platform that will support with a top class customer service. We have ranked the different brokers based on the speed of resolving issues, the quality of service and also the communication channels that are offered like email, live chat, phone, Skype and others).
When you decide to trade on cryptocurrencies it is key to review the tradeable assets that are offered by the different platforms. Ensure that you choose the trading platform that has the assets of your preference.
With the cryptocurrencies that have literally exploded in popularity the competition with online brokers has increased exponentially. It is therefore very important to ensure that you pick only the brokers that fully trustable. We have only ranked brokers that are fully regulated and we strongly advice you do not risk your money with operators that are in a grey area regardless of the value of their offering.
What are the top cryptocurrency brokers in the UK?
Cryptocurrency trading is exploding in the last couple of years and there are lots of new brokers that claim to offer this service in the UK. This makes the choice more difficult for traders and we have reviewed all the providers so to help our readers make the right choice. It is important to understand that in reality cryptocurrency are just another currency or asset class. This is why it is not necessary to look for a specific cryptocurrency broker as established brokers have all added cryptocurrency to their asset offering. In our table we have compared the best brokers you can trade cryptocurrencies in the UK. They are all FCA regulated and all clients funds are protected following the FSCS scheme.
FCA regulated cryptocurrency brokers
It is very important to stay well away from those brokers that are not fully FCA regulated as they are likely to be cryptocurrency scams. With some brokers you can also access to Bitcoin futures on the CME. There are a number of different cryptocurrency brokers and we have
Comparing FCA regulated cryptocurrency brokerage firms
It’s important to avoid cryptocurrency scams by only using a fully FCA regulated cryptocurrency broker. Some brokers can give access to Bitcoin futures on the CME, offer cryptocurrency spread betting of CFD trading on cryptocurrencies. The cryptocurrency brokers are normally classified in:
- Bitcoin brokers
- Ethereum brokers
- Ripple brokers
- NEM brokers
- Monero brokers
- Litecoin brokers
- Dash brokers
- Bitcoin Cash brokers
Who are the top ten brokers that trade cryptocurrency?
It is difficult to score cryptocurrencies brokers in this way as each of them have some specifics pro and cons: for example you can get less commission in one but also no added value. Others can offer slightly higher commission but they might give away top pieces of research and analysis that can overcome the premium you pay. So it is really depending on your trade style and investment however we have scored in this list the ones that our experts have selected as the best ones in the UK to trade cryptocurrencies.
How to trade Bitcoin in CFD brokers
Bitcoin has become more and more popular in the last few months and trading this cryptocurrency on CFD’s is attracting more and more attention: trading this way means that you can speculate on margin and profits if the price will go up or down. Nowadays there are Bitcoin futures on the CME which means it is easier for broker to hedge: this has allowed most CFD brokers to offer Bitcoin CFDs.
Can you trade Bitcoin on MT4 and who are the brokers suggested?
Yes you can trade Bitcoin on MT4 and there isn’t much difference in theory to trade other currencies on MT4. Having said that we all know that Bitcoin is a very volatile asset with huge spreads and therefore it costs more to hold overnight positions. But this can be said in general for all Bitcoins.
How to trade and buy cryptocurrencies?
It has become very easy to trade on cryptocurrencies and there are generally 2 ways of doing it:
1 – You can buy bitcoin at bitcoin exchange
2 – You can trade it with a derivatives broker
The main difference between the two is that if you buy the cryptocurrency via a bitcoin exchange you only buy the bitcoin hoping that the price will go up. Although that sounds pretty straightforward the disadvantage is that if you buy let’s say $20,000 worth of Bitcoin you will need to pay for it in advance. If Bitcoin will reduce in value you will basically lose your cash and viceversa.
With derivates brokers you can speculate that the price will go up or down but you don’t actually own the Bitcoin. Also if you trade the Bitcoin through a spread bet you have the advantage that you don’t have to pay capital gains on the potential profits that you will make. Clearly if you lose cash you can’t offset it against investment profits. Despite trading with derivates brokers might sounds attractive you have to consider that it is massively risky. This is true even more with cryptocurrencies like Bitcoin that are very volatile. Many experts in fact believe that at one point in the future their value will drop to zero. If this is true we don’t know and also we don’t know how high they can peak before they will fall. So with trading with cryptocurrencies you have huge potentials but you can incur in substantial loss of capital.