Trading forex currencies like USD, EUR, RUB, CNY, etc. with Bitcoin is the new trend that is catching up fast, and you should not be left behind in this.
But I think you are already well informed of this emerging trend and that’s probably the reason also why you have come searching for reading this.
Especially when the world is in turmoil and central bankers of the world printing fiat currencies in unprecedented numbers, it is opportunistic for many to play and profit from the resulting volatility.
Many crypto traders like you are now also simultaneously trading fiat currencies after taming crypto markets on huge margins. Here are some of the places, you can also dip your toes in forex markets if you have Bitcoin in any of the following accounts.
However, I have found PrimeXBT particularly suitable for the is usecase because it provides low fees with high margins, but here is a comprehensive list.
Where To Trade Forex With Bitcoin?
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PrimeXBT is a Bitcoin-based trading platform which provides might leverage trading options for its users. The exchange is serving 200,000+ customers in more than 100+ countries since 2018.
They specialize in high-frequency trading of cryptocurrencies along with commodities, stock indices, and forex too. Using Bitcoin as the single deposit asset, you can trade 25 major forex markets on PrimeXBT with a leverage of up to 1000x- the most in the industry. Some of the forex currencies offered on PrimeXBT include US dollar (USD), Swiss franc (CHF), Australia dollar (AUD), Japanese yen (JPY), Euro (EUR), British Pound Sterling (GBP), and Canadian dollar (CAD).
No KYC is required, and it takes 40 seconds to put your email to get started with your trading account. Moreover, PrimeXBT has reduced trading fees on all of the available forex currency trading pairs from 0.01% to 0.001%.
Lower fees mean a more profitable environment for the traders, especially for them who have large portfolio sizes and rely mostly on day trading, PrimeXBT is best for them.
eToro is a CFD platform operating in trading space for over a decade, and this is one of the most popular Bitcoin forex brokers in the world.
They serve more than 5 million customers in 100+ countries, but if you are from the USA, eToro is not for you. It is also a social trading platform, meaning you can copy some of the top-performing traders at almost no cost and keep winning, even if you don’t know how to trade.
In terms of funding options, eToro is the most flexible you can deposit using your credit card, PayPal, ACH, PayPal, Skrill, Neteller, or wire transfers.
They have now started supporting cryptocurrency pairs too. And if you want to trade Bitcoin-like cryptocurrency against other fiat pairs, eToro has got you covered.
Lastly, the spreads are low and trading fees less as compare to other social trading platforms, which allow you to trade Bitcoin.
#3. AVA Trade
AVA Trade is another CFD platform which is acting as one of the prominent Bitcoin forex brokers around the world. The platform is running since 2006 and is regulated by Irish law.
The platform provides leverage option of up to 100x on various assets such as BTC, BTG, BCH, XLM, LTC, ETH, XRP, IOTA, EOS, etc. along with commodities and popular forex markets.
They also have a demo trading account for making first-time traders like you be comfortable with the platform’s features and functionalities.
Furthermore, there are various funding options available to deposit funds in AvaTrade. You can use credit cards, wire transfers, e-wallets, Neteller, etc. to funds your crypto CFD trades.
Plus500 is one of the most prominently known forex brokers in the world and is undoubtedly one of the top Bitcoin forex brokers in 2020.
They provide CFDs for cryptocurrencies, forex, commodities, and stocks and is quite popular in the European region. The company’s HQ is in Isreal but has subsidiaries in the UK, Australia, and in Cyprus. It is also authorized and regulated by the Financial Conduct Authority and the CySEC.a
The company is serving thousands of customers around the world since 2009. It has decent liquidity for crypto and very high liquidity for forex, so it is pretty liquid for trading forex with Bitcoin-like cryptocurrencies.
On the funding front, you can fund your Plus500 account with a credit card, skrill account, bank transfers or PayPal, etc. Lastly, it is one of the most accessible Bitcoin forex brokers around the world as its UI is translated as per the geolocation of users in 32 different languages.
SimpleFX is another renowned FX broker around the world which allows you to deposit cryptocurrencies like Bitcoin for no fees. Using this deposit, you can trade all the major forex markets that SimpleFX supports.
There are no minimum deposit requirements by SimpleFX, and you can get started with a $1 also. The fees are low, and leverage goes up to 500x.
Moreover, there is no concept of negative balances that will protect you in downturns and minimize your losses in case your trade goes wrong.
What Is Trading Forex With Bitcoin?
Trading forex with Bitcoin isn’t some drastic change from trading forex currencies amongst themselves. The trading platforms handling both Bitcoin-like cryptocurrencies and forex have all gone digital, so the experience is the same.
But there are said to be some critical differences between standalone forex trading and Bitcoin trading. Forex trading is highly regulated and mostly requires KYC to get started, but Bitcoin trading isn’t that heavily regulated. KYC, too in case of Bitcoin trading, isn’t mandatory.
But to trade forex with Bitcoin is a mixed affair. Mixed affairs because some of the exchanges I have listed above will also for KYC, while some will not.
Of course, needless to say, if you are having Bitcoin at your disposal and getting the opportunity to trade forex on PrimeXBT like platform without KYC, you should just go for it.
Though all the platforms I have listed above have a fair share of market reputation and you can select any of the above. But if you are looking for a single recommendation still, go for PrimeXBT.
Using PrimeXBT, you can go long or short on 25 forex majors and take advantage of leverage up to 1000x, which isn’t accessible anywhere else that too without KYC. It started in 2018, and in a short time, it has become a robust platform to trade a variety of assets around different markets offering unmatched portfolio diversification and
Choice yours, choose wisely, and NEVER invest more than what you can afford to lose, this is crypto investing 101 to which you must always adhere.