| Broker | Features | More Details |
|---|---|---|
  FeaturedGo to XTB | Excellent 24-hour customer service. More than 3000 instruments to trade. Free webinars.(*) Warning: Your capital is at risk. 77% of retail CFD accounts lose money. Demo Account: Yes Minimum Deposit: 0 €/$ Trading Platforms: xStation5, iOS App, Android App. Execution: Market Maker / STP Regulation:  FCA, CNMV and IFSCWeb Page: https:/www.xtb.com | Broker: XTB Headquarters: London, United Kingdom Broker Type: Forex and CFDs Broker Trading Instruments: More than 3000 instruments such as CFDs on Forex, crypto-currencies, commodities, indices and stocks. In Europe spot stocks and ETFs. Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Paypal, Skrill (MoneyBookers), Neteller |
 FeaturedGo to Pepperstone | Spreads from 0 pips. Ultra fast execution (less than 30 milliseconds). Perfect for scalping and automatic trading. Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader. Execution: STP / ECN Regulation: FCA, ASIC, CySEC, DFSA, CMA and SCBWeb Page: https://www.pepperstone.com | Broker: Pepperstone Headquarters: London, United Kingdom Broker Type: Forex and CFDs Broker Trading Instruments: Wide range of Forex currencies with more than 180 pairs, crypto currencies, commodities, gold, silver, oil, a selection of American stocks, indices,... Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Skrill (MoneyBookers), Neteller |
 FeaturedGo to eToro | World leader in social trading. You can copy the best investors automatically.(*) Warning: 67% of retail CFD accounts lose money. Demo Account: Yes, unlimited Minimum Deposit: 200 $ Trading Platforms: WebTrader, iOS App, Android App. Execution: Market Maker Regulation: FCA, CySEC and ASICWeb Page: https://www.etoro.com | Broker: eToro Headquarters: Limassol, Cyprus Broker Type: Forex Broker, CFDs Broker and Social Trading Trading Instruments: Wide range of crypto currencies (more than 90 available), ETFs, shares of companies from different sectors and countries, raw materials (such as Gold, Silver, Oil), main stock exchange indexes (Spain, United States, Germany, France, United Kingdom, Switzerland,...) and more than 45 currency pairs in the Forex market. Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Skrill (MoneyBookers), Paypal, Neteller, Klarna |
 Go to Plus500 | More than 2,000 CFD instruments to trade.(*) Warning: 72% of retail CFD accounts lose money. Demo Account: Yes, unlimited Minimum Deposit: 100 €/$ Trading Platforms: WebTrader, iOS App, Android App. Execution: Market Maker Regulation: FCA, CySEC, ASIC, FSCA and FSAWeb Page: https://www.plus500.com | Broker: Plus500 Headquarters: Israel Broker Type: CFDs Broker Trading Instruments: More than 2,000 instruments: CFDs on shares (wide catalogue of shares from the USA, Spain, Germany, the United Kingdom, France,...), stock market indices, currencies (more than 60 currency pairs on the Forex market), commodities (gold, silver, oil,...), the most popular cryptocurrencies, options and listed investment funds (ETFs). Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Skrill (MoneyBookers), Paypal |
 Go to AvaTrade | 5 international regulations. 4 trading platforms to choose. Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: WebTrader, MetaTrader 4, MetaTrader 5, iOS App, Android App. Execution: Market Maker Regulation: Central Bank of Ireland, ASIC, BVI, FSCA and FSAWeb Page: www.avatrade.com | Broker: AvaTrade Headquarters: Dublin, Ireland Broker Type: Forex and CFDs Broker Trading Instruments: Forex market with more than 50 currency pairs Crypto-currencies such as Bitcoin, Ethereum,... CFDs on indices from more than 20 countries. Commodities. More than 100 popular shares of companies listed on the NYSE, NASDAQ, DAX, IBEX and many more. ETFs. Government bonds from the US, Japan and European countries. Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Skrill (MoneyBookers), Neteller, Klarna |
 Go to IQ Option | Very intuitive app with more than 10 million downloads. 7 free deposit methods with no fees. Demo Account: Yes, unlimited Minimum Deposit: 10 €/$ Trading Platforms: WebTrader, iOS App, Android App. Execution: Market Maker Regulation: CySECWeb Page: https://www.iqoption.com | Broker: IQ Option Headquarters: Limassol, Cyprus Broker Type: Forex and CFDs Broker Trading Instruments: Major currency pairs in the Forex market (over 45 crosses), crypto-currencies, CFDs on shares of large international companies, commodities and ETFs. Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, WebMoney, Skrill (MoneyBookers), Neteller, Klarna |
 Go to IC Markets | Spreads from 0 pips. Real interbank liquidity (up to 50 sources). Perfect for high volumes, scalping and robots. Demo Account: Yes, unlimited Minimum Deposit: 200 $ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader. Execution: ECN Regulation: ASIC, CySEC and FSAWeb Page: https://www.icmarkets.com | Broker: IC Markets Headquarters: Australia Broker Type: Forex and CFDs Broker Trading Instruments: 60 Forex currency pairs. Crypto-currencies. CFDs on 17 stock indices, commodities and shares. Futures. Bonds issued by governments around the world. Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Skrill (MoneyBookers), Neteller, Paypal, Klarna, Bitcoin |
 Go to FP Markets | Demo Account: Yes Minimum Deposit: 100 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, IRESS. Execution: ECN Regulation: ASIC and CySECWeb Page: https://www.fpmarkets.com | Broker: FP Markets Headquarters: Sidney, Australia Broker Type: Forex and CFDs Broker Trading Instruments: Over 50 most popular Forex currency pairs and CFD on shares, stock indices, metals, commodities, energies and crypto-currencies. Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Paypal, Skrill (MoneyBookers), Neteller, FasaPay |
 Go to Libertex | (*) Warning: 83% of retail CFD accounts lose money. Demo Account: Yes, unlimited Minimum Deposit: 100 €/$ Trading Platforms: MetaTrader 4, WebTrader, iOS App, Android App. Execution: Market Maker Regulation: CySECWeb Page: https://www.libertex.com | Broker: Libertex Headquarters: Limassol, Cyprus Broker Type: Forex and CFDs Broker Trading Instruments: More than 50 currency pairs in the Forex market, main world stock exchange indexes (from the United States, Europe, Asia, the Middle East and Latin America), more than 100 shares of large companies worldwide and other instruments such as crypto currencies, oil, gas, gold, silver, copper, platinum, agricultural commodities,... Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Skrill (MoneyBookers), Neteller |
 Go to Axi | Demo Account: Yes Minimum Deposit: 0 €/$ Trading Platforms: MetaTrader 4. Execution: Market Maker Regulation: FCA, ASIC, FSA and DFSAWeb Page: https://www.axi.com | Broker: Axi Headquarters: Sydney, Australia Broker Type: Forex and CFDs Broker Trading Instruments: More than 140 instruments: Forex currency pairs, crypto currencies, CFDs on commodities, gold and silver, oil, indices,... Payment Methods for Deposits and Withdrawals: Credit and Debit Cards, Bank Transfer, Skrill (MoneyBookers), Neteller |
 Go to OctaFX | Demo Account: Yes, unlimited Minimum Deposit: 5 €/$ Trading Platforms: MetaTrader 4, MetaTrader 5, cTrader. Execution: STP / ECN Regulation: FSAWeb Page: https://www.octafx.com | Broker: OctaFX Headquarters: Saint Vincent and the Grenadines Broker Type: Forex Broker Trading Instruments: 28 Forex currency pairs, crypto currencies, gold and silver, CFDs on stock indices and shares. Payment Methods for Deposits and Withdrawals: Perfect Money, Bitcoin |
What is a cryptocurrency broker?
The services of a broker are essential when it comes to investing, it is a necessary partner because the trader is not in a position to access the market. Any trader who decides to trade digital currencies must hire the services of one of the cryptocurrency brokers.
A cryptocurrency broker (also called a “cryptobroker”) is a company that is authorised and has the necessary means to intermediate in this type of financial instrument. Their job is to execute the buy and sell orders that the trader decides to carry out, in exchange for a commission
At the same time, these types of brokers usually offer brokerage services for other financial assets such as currencies (Forex market), stock market indices, shares, commodities, energy, etc. Cryptocurrency brokers are usually Forex brokers and CFD brokers that have decided to offer these assets in their range of instruments available for trading.
Within the universe of brokers in this category, it is common to find those that operate solely online. Through this means, they provide the trader with a trading platform on which to analyse the market and execute their operations of buying and selling cryptocurrencies or other financial instruments.
What are the main cryptocurrencies that can be traded?
The cryptocurrency market is vast, with thousands of these financial assets. However, many of them are not tradable (in the sense of short-term trading) due to their lack of liquidity.
The most popular cryptocurrencies are the following:
- Bitcoin: the undisputed queen of digital currencies, it is also the oldest. Its market capitalisation (amount in existence multiplied by its price) far exceeds the second in the ranking (Ethereum).
- Ethereum: one of the most profitable cryptocurrencies. It stands out for the possibility of making smart contracts.
- Ripple: its characteristics in terms of transaction speed make it unique and preferable for international trade operations.
- Bitcoin Cash: it was created to overcome Bitcoin’s storage capacity limit. It has the capacity to support a higher volume of transactions per second (transactions are faster).
- Litecoin: at the time of writing, Litecoin is positioned as the sixth cryptocurrency in the ranking of market capitalisation. It was born as an alternative to Bitcoin, with different characteristics (lighter, but less secure).
- NEO: It is the first digital asset platform launched in China (NEO is known as the “Chinese Ethereum”). The possibility for Chinese companies to make use of it makes it an asset with strong potential.
- IOTA: this is one of the most valuable cryptocurrencies. It breaks the mould because it is based on a different type of technology (Tangle). It was designed for small transactions, thus boosting the collaborative economy.
How to choose a cryptocurrency broker?
When deciding to hire the services of a cryptocurrency broker, the trader should bear in mind the following questions:
– Importance of regulation of a cryptocurrency broker
The cryptocurrency market is not an official market (with the exception of the Bitcoin financial future); it is a decentralised market, with no regulation and no clearing house. Hence the importance of opening an account with a properly regulated cryptocurrency broker.
Forex and CFD brokers for trading have experience in this area, as they are markets that share the same characteristics. Generally most of these online brokers are duly licensed.
The trader can check the broker’s regulation by checking the public register of the supervisory body of the country in which the broker is based. It is advisable to verify that this body is rigorous and prestigious.
– Cryptocurrencies available for investment
When the intention is to trade cryptocurrencies in theshort term, a Forex and CFD broker that offers these assets provides a series of advantages (greater agility, leverage, services, etc.).
These types of brokers tend to offer the most recommended for trading (the main and most liquid).
Generally, the cryptocurrencies available for trading are the following:
- Bitcoin (view a comparative table of the best bitcoin brokers).
- Ethereum.
- Litecoin.
- Ripple.
- Bitcoin Cash.
– Trading platform available
A Forex and CFD broker that has cryptocurrencies among its available instruments (as is usually the case) will make available to the trader a trading platform designed for trading (on cryptocurrencies and other instruments).
The trading platform is one of the most influential factors when selecting an online broker; it is the nerve centre of the trading business.
The idea is that the trader should hire the services of a cryptocurrency broker that offers a platform on which he can operate with agility and find it easy to launch and manage trading orders. Power, interface, simplicity and analytical capabilities are key factors.
– Commissions
In general, the fees charged by a broker are a variable to consider, but should not be the determining factor. It should be weighed against aspects such as reliability and service.
A cryptocurrency broker can set its fees freely, so the costs of trading cryptocurrencies will vary and it is up to the trader to shop around.
A cryptocurrency Forex and CFD broker for trading cryptocurrencies will earn its fees in the form of a spread (the difference between the bid and ask price of each asset). In addition, a swap commission (overnight premium) is likely to be charged as a result of the daily interest on the money lent as leverage.
Fees for withdrawing cash from the account should also be taken into account (Forex and CFD brokers do not usually apply these fees).
– Minimum deposit and available leverage
There are brokers that require a minimum initial deposit (e.g. €200). These types of financial intermediaries are usually regulated by a body belonging to the European Union.
The European Securities and Markets Authority (ESMA) imposes a set of EU rules, in the interests of security and transparency for the retail trader. Brokers regulated within the EU are subject to these rules (the regulatory body ensures that they are complied with).
This ESMA regulation, among other things, limits the maximum leverage when trading cryptocurrencies to 2:1 (due to their high volatility). If the trader decides to contract with a regulated broker outside the common territory, he will not be affected by this limitation and will be able to trade with a much higher leverage. However, they will also forgo the guarantees provided by EU rules.
As regards the minimum deposit, ESMA also expressly prohibits the use of welcome bonuses and other incentives to open an account with a broker. For this reason, regulated financial intermediaries in Europe usually require a small initial deposit.
– Customer service
Customer support is one of the points that deserve the most attention when deciding to contract with a cryptocurrency broker. In this sense, what you can demand is that the attention is complete, through various channels and in English.
Customer service via chat, telephone and email; 24 hours a day, 7 days a week and in our language would be ideal. However, customer service must be weighed up against all the other factors.
It is possible that cryptocurrency brokers offer a number of other parallel services, for example, seminars, social trading or training. All this attention can be a plus in deciding to opt for their services.
– Demo account
There is no better way to test the trading platform offered by the cryptocurrency broker, its services, commissions and, in short, the way it works than through a demo account.
A demo account acts as a trading simulator, on which it is possible to trade with a fictitious capital. The fact that a broker offers this possibility, will give the opportunity for a period of practice to gain experience before making the leap to trading with real money, thus completing the training in trading.
Many brokers offer this service free of charge, with no time limit and with more than enough virtual capital to test strategies and check the broker’s services.
What are the best cryptocurrency brokers?
After having tested and analysed a large number of online brokers, in the table at the top of this page you can find what we consider to be the best cryptocurrency brokers according to the aspects we have discussed in this article.
References and sources:
- Cryptocurrency Strategy & Education
- Whale Watching: How to Spot Crypto Whales
- Bloomberg: Fidelity Investments commencing crypto trading ‘within weeks’
- Partnerships, Psyche, & Policy: The Driving Forces Behind Crypto
