Trading bitcoin has been one of the most popular types of trading that have attracted a lot of traders in recent years. Almost all professional traders from all over the world have tried trading in the bitcoin market. This type of trading is online trading which is done through internet type of money or electronic cash which is also called cryptocurrency. From 2009, which this type of money was launched, many people wanted to enter its market and by mining bitcoin and make a huge profit. Many experts suggest that go for a bitcoin broker if you want to achieve success in this competitive market. Finding the best bitcoin broker could be a bit challenging, however, if you go through this article you can be familiar with the best of them and the features that you must look into them.
Table of Contents
How to Know the Best Bitcoin Broker?
Most of the beginners in the bitcoin market become confused after seeing that there are a lot of forex brokers with different offers. They are not experienced enough to choose the best of them easily. If you want to start your business in the bitcoin market, you’d better find a way to avoid such confusion. Do not rush for being worried. Because we are here to help you with this goal. In the following lines, there are some features that you must check in a bitcoin broker before opting for it. So, be relaxed and go for increasing your knowledge. Because as it is always said, “The knowledge is power”.
Easy to Use
It doesn’t matter that you are a beginner or a professional trader, you’d better look for a broker which is famous for ease of use. A user-friendly platform allows you to trade flawlessly. Remember the fact that most of the successful traders are those who can manage their time. So saving time is as important as saving money. In addition to saving time, trading in online platforms means finding the best time for opening a position when you find an easy-to-use broker, you are able not only to use its platforms without difficulty but also you can save and manage your time better.
Price or Brokerage
Another important factor that you must pay attention to it is price or brokerage. In this regard, you must check the commission and fee structure. Therefore, if the brokers’ platforms are expensive, cross that broker out and look for the other cheaper ones. Because working with such brokers doesn’t let you keep the balance between the capital that you have entered the market and the profits that you have gained. So, do not forget to check the hidden charges because successful trading must be free of burden.
Find a broker that gives you a sense of freedom by providing a lot of trading options. Hopefully, there are a lot of brokers which support different types of trading such as stock, forex, and crypto-currencies. You can even find a crypto-currencies broker with hundreds of options in addition to bitcoin. In this sense, you can have more strategies for trading and more ways to trade. In other words, in the realm of working with brokers, the more varieties, the more options are available for traders.
You must do all you can to find a broker which is reliable; especially, when it comes to trading bitcoin and other cryptocurrencies. Because this type of trading is known as one of the most sensitive tradings and it is full of challenges. When a market becomes popular, there is the possibility of being in danger of scammers; especially, when you are a beginner. Therefore, you need to find a licensed platform that guarantees the safety of your transactions. So, take it seriously and look for a well-established platform.
One of the major features that each broker must have is providing useful educational content. Therefore, all the advanced bitcoin brokers are equipped with such content. Such brokers provide educational seminars and videos to learn their users the ways for having successful transactions in their broker. You can also find some reliable articles in such brokers that increase your knowledge in trading. Most of the brokers present this content for free, but, some of them ask for additional fees. In this regard, if the broker is reliable it is worth paying for it.
The Other Features
There are a lot of additional features that if you find in a broker, it is worth spending time and your money. These additional features contain helpful tools and instruments or anything new that there is proof for their reliability. There are some tools and instruments in trading that having access to them, lets you earn a huge amount of profit. It is suggested by many professional traders to use such instruments whenever you think that you need something more to get your back. Almost all the best bitcoin brokers have provided such tools.
How to Find the Most Professional Bitcoin Broker?
After knowing some features that assure you in identifying the best broker of bitcoin, it is time to go to find them. In this sense, one of the most reliable ways is asking those professional traders that you know they are reliable and you can trust them. They certainly know the best brokers and they have experience working with them. Thus, they are a reliable source if you have to access them. Another way is to present your request to your family and friends. Maybe they know the answer to your problem or even they know a professional trader who could help you.
Another way for finding the best bitcoin broker is to go online and search all the internet resources that are introducing different types of the broker. Hopefully, there are a lot of websites that are introducing the best bitcoin brokers with all their characteristics. You can even find the other traders’ reviews about these brokers. So, you can get some useful information on trading platforms and study them based on the factors that you have learned in the previous section.
All in all, finding the best broker is important in any online type of trading. Because with the help of a professional broker you can boost your trading unbelievably. That’s why most professional traders do their best in finding a highly qualified broker. Note that, sometimes the crypt-currencies trading is an imitation game. That’s why it is suggested to analyze the trading behaviors of a successful trader and choose their best behavior and try to act like them; even in finding the best broker.
The Best Bitcoin Broker
There are several professional brokers which have attracted several traders from all over the world. In this section, the 7 best of them are introduced to you with all their features and characteristics. So, you can study them based on your conditions and decide more effectively. Remember that the world of bitcoin trading is full of tricks and rivals that a beginner and even sometimes the professional traders are in danger of losses. So, it would be important to accept the hand of one of these brokers.
eToro is famous for having an easy-to-use copy-trading platform that allows the trader to do different types of transactions like forex and crypt-currencies like bitcoin. It was launched in 2007 and it is highly regulated which makes it a low-risk broker. This platform is a perfect platform for trading bitcoin. Because it has provided user-friendly online platforms and mobile app that allows beginners to work with a high chance for success. The only point about eToro is the fact that, despite the other brokers, it is a little pricier for cryptocurrency trading.
The commission and fee for cryptocurrency trading in this broker are different for each type of digital money. However, the commission for buying and selling bitcoin is 0.75%. You can find several various platforms and tools in this broker such as CopyProtfolios and Cryptocurrency tools. The research and educational tools are also very noticeable in this broker. For instance, you can find earnings reports calendar, standard economic calendar, daily market analysis series, and news headlines.
In terms of education, eToro has provided several educational articles, integrated educational content, trading school, and YouTube videos. All of these features, make this broker the best one in 2021; therefore, think about it carefully and if your conditions will match this platform, do not hesitate more and go for it.
Many traders prefer Swissquote for doing their transactions because of its several amazing features. Let’s start with its history. This broker was founded in 1996 and regulated in four tier-1 jurisdictions. So, the safety of this broker is the first reason for its popularity. The commission and fee for each bitcoin transaction in this broker is %1 of selling and buying benefits.
The broker of Swissquote is equipped with a lot of platforms and tools for different types of trading. A noticeable proof of such a claim is the MetaTrader desktop platform. The other great example of a trading platform in this broker is Advanced Trader web which is not much noticeable comparing the previous platform, but it gives more options to the traders.
In terms of research and education, the Swissquote is as powerful as the eToro. Thus, there are a lot of tools in this category that you can use effectively. For instance, by using this broker you will have access to Trading Central which allows you to use some of the best charts and other analysis tools. There are also a lot of educational and analysis videos on YouTube which is provided by Swissquote.
This is one of the best-regulated platforms in the world of trading that has provided several excellent trading and research tools. This broker was established in 1974 and it is regulated in six tier-1 jurisdictions. In 2021, IG was announced as the most trusted broker for forex and cryptocurrency. The commission and fee for CFDs trading are very low and it would be another best reason for being successful. Like the other successful brokers, this broker has its platforms and tools which make it noticeable.
The major platforms of this broker are divided into two types: the IG web platform and the MetaTrader4 (MT4) platform. The IG web platform is famous for its unique features which bring usability and endless research and trading tools. There are also different types of charts available in this broker for trading analysis. So, you can be sure about the research tools of this broker which is divided into News and Market analysis videos and tools. IG has also provided vast educational services like articles and video content.
City Index is another branded broker which has gained a reputation for providing a lot of platforms including excellent mobile apps, education, diverse market research, and an extensive range of markets. It is also regulated in three tier-1 jurisdictions which makes it a safe broker to trade. The fair commissions and fees for different types of trading are another reason for the popularity of this broker.
Two major platforms of City Index are ATP Pro (desktop-based) and Web Trader (browser-based) platforms. These two platforms have a lot of benefits that might be suited to your conditions and goals of trading. You can find several research tools in these trading platforms such as trading calendar, articles about trading research and analysis, and video content which are available on City Index’s YouTube channel. In terms of training the traders, City Index has provided several useful written content and video content.
One of the other global brokers is AvaTrade which is popular because of the extensive trading platform options. This broker was launched in 2006 and it is regulated in three tier-1 jurisdictions and three tier-2 jurisdictions. Many traders who have worked with this broker have announced it a fair broker for commissions and fees. Remember the fact that, one of the signs of the best broker is the number of charges that they ask for.
Another significant fact that makes this broker one of the best is the available trading platforms and instruments. Therefore, the traders feel more comfortable in their transactions because they have several choices for doing the transactions. The research sources in AvaTrade are divided into In-house and third-party content, which you can use to analyze the other traders better. You can use numerous articles on this platform that are ready on its website. You can also significant points in videos that are provided on its YouTube channel.
XTB is a reliable multi-asset broker which offers brilliant services to traders. In 2002, this broker was found and regulated in one tier-1 jurisdiction. According to many sources, it is a low-risk platform for trading and you can earn a huge amount of profits through this broker. The commission and fees are reasonable in this trading platform and you can be satisfied at the end of your trades. XTB also provides an active trader discount which helps you to save your money more.
There are two types of platforms in this broker: MetaTrader 4 (MT4) and xStation 5 which each of these platforms has outstanding tools for trading and analysis. There is a lot of content and tools for the research part of trading that allows you to increase your knowledge of transactions. As one of the best bitcoin brokers, it is rich in several educational factors including written and video content. The mobile version of this broker is also available, therefore you can do your trading with your mobile wherever you want.
HYCM was founded in 1977 and it is a safe broker because of is regulated in two tier-1 jurisdictions and two tier-2 jurisdictions. Although the commissions and fees depend on several factors in this broker, it is known for asking for reasonable commissions and charges. Like the 6 previous brokers, this is a rich broker with several useful platforms and tools. The platforms which are offered by this broker are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
You can find a lot of research factors in the broker of HYCM. This is because this broker provides access to Trading Central which is a famous service for automated technical analysis. There are many videos with research content that could be helpful. HYCM is also careful for presenting educational services such as videos, training courses, and written content. You can use the brilliant features of this broker on your mobile whether in the iOS version or Android.
How to Buy Bitcoin?
If you want to start bitcoin trading, one of your first questions could be who to buy bitcoin? Bitcoin transactions could be done in three methods. The first way for buying bitcoin is buying physical bitcoin from an online bitcoin exchange like eToro. But it doesn’t mean that you can use it like physical money because it doesn’t have much structure at all. The bitcoin that you have bought will be secured in a digital wallet that the broker has provided to you.
The other way for buying and selling bitcoin is using CFDs. In this method, you are not going to buy any bitcoin. However, you are going to earn it through betting on the changes in its price; no matter it reduces or increases. You are going to earn a profit when you are right. This is a risky method but it has its fans. Because there are always people who are addicted to making money through betting.
And finally, the third way for buying bitcoin is to buy an exchange-traded note or ETN. Although the exchange-traded note is notes are not available in all countries, their popularity is increasing. Let’s define ETNs with another similar trading concept; ETFs. Exchange-Traded Funds is related to trade in the field of stocks on a formal stock exchange. Both ETN and ETF aim to show the underlying asset’s price.
How Much Trading Bitcoin Cost?
The price of buying bitcoins could be really expensive on several websites and an unregulated broker. That’s why you should use one of the best-regulated brokers in the realm of trading. Although the fees are different in various brokers, generally, the costs include the commission for each trade. Usually, the fees for bitcoin trading start from 0.002% to as much as 2% of the trade value. The difference in the percent of the fee depends on the place that you trade and the trade size.
There are usually two types of brokers: the broker with lower spreads that ask for a commission and the commission-free brokers which have higher spreads. Therefore, no matter which one you choose, bitcoin trading always deals with costs and you need to consider this fact before going for trading. In this sense, you can manage your investment better and choose the one which is more suited to your trading conditions.
The Benefits of a Bitcoin Broker
Many traders may ask the question that why do we need a bitcoin broker? Such traders believe that they can handle the trades with their knowledge and they do not need a broker. However, beginners must know the fact that the world of online trading is always full of tricks and scammers that they do not know. Moreover, in the following paragraphs, there are three reasons that you should put into consideration in using a broker.
Great Liquidity Pool
No matter what type of trades you are in, the important thing is for having more successful transactions, you need to trade in a place with more liquidity. In other words, you need to trade in the platforms with more assets to buy and sell. A professional bitcoin broker is a place with such liquidity that monitors the market and distributes the buys and sells through its platforms fairly.
Reduced Spread and Slippage Fees
The bitcoin brokers help you to have more profits. Because, when you use the best bitcoin broker, you can have access to the best market rate, lowest spread, and minimal slippage. All of these factors are going to lead you to long-term profits. Note that, adding to the high liquidity, this feature could act like a miracle which results in a noticeable amount of profits. In this sense, you can understand how the broker is important for your success in bitcoin trading.
Raise in Cryptocurrency Pairs to Trade
One of the common problems in bitcoin trading is to be stuck in an altcoin trade. But one of the major advantages of bitcoin brokers is that they offer assets with a lower risk of loss. This fact means apart from trading with lower spread and slippage fees, you can go for a single cryptocurrency broker trade, handle your crypto portfolio, and save the assets in only one place without a registration requirement.
Best Bitcoin Broker ; The Bottom Line
Finding the best bitcoin broker is necessary for every trader who wants to be successful and earn huge benefits. In this sense, you need to analyze all the brokers which are known as the best ones and choose the one which is more appropriate for your conditions. Note that, buying bitcoin needs fees and proficiency and you must go for them to have a successful career.