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AuthorBy Jeffrey Cammack
Updated: April 26, 2021

Cryptocurrency trading is a popular addition to CFD trading due to bitcoin’s popularity and the potential to profit from the wild changes in cryptocurrency value. With a rise in interest in cryptocurrency trading, unregulated brokers have sprung up to take advantage of unprepared newcomers. Always trade with a well-regulated broker. 

To test these brokers, we registered for a live trading account, verified the broker’s regulation, and confirmed the trading platform could perform technical analysis, execute trades quickly and with a wide variety of cryptocurrency pairs. More dependable brokers will offer a margin account, providing at least 10:1 leverage on crypto pairs, with trading conditions that won’t exhaust your profits. Always use a demo account to familiarize yourself with CFD trading before risking your capital. These are the best cryptocurrency brokers in South Africa for 2021, according to our testing and our research.

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Best Cryptocurrency Brokers 2021

Last updated on 26 Apr 2021
Updated 26 Apr 2021
by Editorial Director Jeffrey Cammackby Jeffrey Cammack
Jeffrey Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
Blackstone Futures
Min. Deposit
ZAR 1000
4.484.48
Min. Spread
0.60 pips
Crypto Pairs
10
Platforms
Overall Rating
11110.54.48/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846
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Blackstone Futures is an established FSCA-regulated CFD broker based in Johannesburg, offering clients trading in commodities, cryptocurrencies, equities, energies, Forex, futures, indices, and metals. Blackstone offers ZAR and USD accounts on MT4 and the proprietary CloudTrade platforms – both with STP execution.

While trading costs are low, spreads are tight, minimum deposits are reasonable, and maximum leverage is 400:1, traders are limited by the small selection of FX pairs. Beginner traders are well-catered with outstanding educational support for beginners, weekly webinars, and in-person Masterclass sessions around South Africa.  

 

Pros
  • South African broker; FSCA regulated (FSP 49846) since 2009
  • Fast STP trade execution and negative balance protection for all traders
  • Tight spreads starting at 0.6 pips and no commission
  • ZAR accounts available; trade in Rand with fast deposits and withdrawals
Cons
  • Limited trading platform choice: MT4 and CloudTrade only.
Read More About Blackstone Futures
2
FXTM
Min. Deposit
USD 10
4.374.37
Min. Spread
0.10 pips
Crypto Pairs
3
Platforms
Overall Rating
11110.54.37/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage Flexible. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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FXTM is an established and award-winning market maker/ECN broker offering trading on Forex, commodities, metals, stocks, and indices. Although FXTM offers more account types than most brokers, trading conditions on its entry-level accounts are poor, with spreads starting at 1.5 pips on the EUR/USD.  Trading costs improve on its ECN accounts, with spreads starting at 0.1 pips on the EUR/USD in exchange for a reasonable commission, but a high minimum deposit of 500 USD.  Furthermore, FXTM charges high withdrawal fees. 

FXTM excels in its education and market analysis sections, with a good overview of Forex trading in its guides and tutorials, webinars, ebooks, trading glossary, and videos. Its daily market analysis will help beginners understand the real-world implications of news events on the Forex market and where trading opportunities lie. Lastly, with its unique copy trading platform, FXTM is one of the best brokers for beginner traders operating in South Africa.

Pros
  • Good for beginners
  • Excellent education
  • Well regulated
  • Low minimum deposit
Cons
  • Expensive withdrawals
Read More About FXTM
3
BDSwiss
Min. Deposit
USD 100
4.324.32
Min. Spread
1.40 pips
Crypto Pairs
5
Platforms
Overall Rating
11110.54.32/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.
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BDSwiss is a European CFD broker regulated by CySEC, the FSC (Mauritius) and the FSA (Seychelles). BDSwiss offers trading on Forex, commodities, shares, indices, and cryptocurrencies. While trading costs on the entry-level Classic account are slightly above the industry average, the trading platform choice and the industry-leading education and market analysis material make up for it. A professional 5000 USD Raw account is also available with industry-competitive trading costs of 8 USD per EURUSD lot traded.

BDSwiss offers MT4, MT5 and a bespoke BDSwiss Web Trader application – the star attraction for new traders – with an intuitive and modern interface, an extended set of technical analysis tools, and advanced charting. The BDSwiss trading academy and market analysis are some of the best in the industry, with structured courses for all levels, frequent strategy webinars, and insightful market analysis headlined by a detailed daily market preview.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About BDSwiss
4
Plus500
Min. Deposit
ZAR 1500
4.094.09
Min. Spread
0 pips
Crypto Pairs
9
Platforms
Overall Rating
11110.54.09/ 5
AlertAccepts South African Clients. Plus500 does not publish their spreads, and thus a cost of trading can not be established. Max leverage 30:1. Islamic account available. Only Plus500 proprietary trading platform supported. Plus500 is regulated by FCA, CySEC, ASIC, and MAS.All information presented is verified as of the date of the review.Most retail CFD accounts lose money. Your capital is at risk.
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Offering trading in over 60 Forex pairs, cryptocurrencies, indices, commodities, shares, options, and ETFs, Plus500 is a popular CFD provider with both its new and long-standing customers. Plus500 boasts tight spreads compared to other market makers (starting at 0.8 pips on the EUR/USD) and fast execution on a single account with a 1500 ZAR minimum deposit requirement.  Support is only offered for its proprietary Plus500 platform, a web-based platform with no need for any downloads or setup, making it a good provider for those who want to keep it simple.  

Award-winning customer service is available 24/7, but Plus500 does not offer hedging, scalping, or copy-trading.  Lastly, its education and market analysis materials are virtually non-existent, making it a poor choice for beginner traders. 

Pros
  • Well regulated
  • Wide range of assets
Cons
  • Limited education
  • Limited account options
Read More About Plus500
5
eToro
Min. Deposit
USD 200
3.693.69
Min. Spread
1 pips
Crypto Pairs
16
Platforms
Overall Rating
1110.503.69/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.0 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. eToro proprietary trading platform support. eToro is regulated by CySEC, FCA, and ASIC. 67% of retail investor accounts lose money when trading CFDs with this provider.
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eToro is a world-famous multi-regulated CFD broker offering clients a unique experience trading Forex, stocks, commodities, cryptocurrencies, ETFs and indices. While eToro’s main attraction is a bespoke crowd trading platform built to encourage clients to follow expert traders or select market strategies, their trader community is continually let down by inadequate, disinterested customer support and tortuously long response times.

Upon sign up, eToro’s clients become part of a massive community of traders following expert traders or professional traders on its social trading platform. Although traders can make trades independent of the community, the popular CopyTrader tool allows clients to copy individual trader’s strategies automatically. Similarly, the CopyPortfolios tool allows traders to invest in a single market strategy that includes multiple assets assembled into a single investment vehicle.

eToro offers a single commission-free live account with a minimum deposit requirement of 200 USD and spreads starting at 1.0 pips on the EUR/USD, which is wider than other well-regulated market makers. It also has numerous non-trading fees on both deposits and withdrawals, and provides limited research and educational materials for beginner traders.   All in all, a trader who is looking for a traditional trading environment eToro won’t find a fit. However, for those looking for a strong copy trading platform, eToro wrote the book on copy trading and still stands out as the leader.

Pros
  • Well regulated
  • Good for beginners
  • Innovative trading tools
Cons
  • Limited education
  • Wide spreads
Read More About eToro
6
AvaTrade
Min. Deposit
USD 100
4.484.48
Min. Spread
0.90 pips
Crypto Pairs
18
Platforms
Overall Rating
11110.54.48/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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AvaTrade is an internationally and FSCA regulated beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs. AvaTrade has one of the best mobile trading applications globally and, unlike many European brokers, has a local South African customer support team. 

AvaTrade’s single commission-free account has a minimum deposit of 100 USD and offers competitive spreads for a market maker broker. AvaTrade has over 200,000 active traders on the MT4, MT5, and AvaGo platforms and provides free access to trading tools like Autochartist, Duplitrade, and AvaProtect, its own innovative risk management system.  Furthermore, Avatrade does not charge any deposit or withdrawal fees and provides an excellent selection of educational and market analysis materials to get new traders started. 

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
Read More About AvaTrade
7
Admiral Markets
Min. Deposit
USD 25
4.244.24
Min. Spread
0.10 pips
Crypto Pairs
32
Platforms
Overall Rating
11110.54.24/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.
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Founded in 2001, Admiral Markets is renowned for its excellent education, industry leadership and wide range of tradeable instruments. Its industry leadership extends to platform support, where it has teamed up with MetaTrader to create Supreme Editions for MT4 and MT5, adding a range of practical tools to enhance the base platforms. 

All Admiral Markets accounts feature market execution, low minimum deposits and competitive spreads – and the company has one of the best cryptocurrency offerings on the market, with 30+ crypto pairs and cross pairs to trade; in addition, Admiral Markets have not just one, but two complete Forex courses for beginners.

A global presence, a progressive approach to knowledge sharing and competitive trading conditions have attracted both beginner and experienced traders to the Admiral Markets brand.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
Read More About Admiral Markets
8
IC Markets
Min. Deposit
USD 200
4.464.46
Min. Spread
0.10 pips
Crypto Pairs
10
Platforms
Overall Rating
11110.54.46/ 5
AlertAccepts South African Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
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IC Markets presents itself as the best and largest true ECN broker. An ASIC and CySEC-regulated entity, it offers CFD trading on Forex, commodities, stocks, indices, crypto, bonds, and futures. IC Markets is one of the few brokers to support all three major trading platforms, including MetaTrader4, MetaTrader5, and c-Trader; and offers numerous trading tools for each.

With low deposit requirements and tight spreads, including an average spread of 0.1 pips on the EUR/USD on its Raw Spread accounts, it boasts the tightest average EUR/USD spread of any broker globally.  Beginner traders will also find the IC Markets account structure welcoming and simple to understand. However, while its education section is extensive, it offers a fairly limited selection of market analysis materials. 

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
Read More About IC Markets
9
FxPrimus
Min. Deposit
USD 100
3.493.49
Min. Spread
0.10 pips
Crypto Pairs
7
Platforms
Overall Rating
1110.503.49/ 5
AlertAccepts South African Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.
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FXPRIMUS is an STP market maker founded in 2009 and fully regulated in South Africa since 2018. Globally acclaimed for offering one of the fastest and most secure online trading environments, the company has a strong focus on customer satisfaction with free deposits and withdrawals and negative balance protection for all clients.

A multi-asset broker, FXPRIMUS offers multiple tradeable instruments including Forex, Commodities, Energies, Indices on the MT4 platform. Both Standard and ECN account types are available, with spreads starting at 1.5 pips on the standard account and 0.3 pips on the ECN account.

Pros
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
  • Great customer support
Cons
  • High commission
  • Limited education
  • Limited market analysis
Read More About FxPrimus

How to compare cryptocurrency brokers

Cryptocurrency trading is not available at all brokers, and this can be for several reasons. Regulatory conditions restrict some brokers – for instance, the FCA has barred all UK-based brokers from offering cryptocurrency CFD trading. For other brokers it is a business decision to not offer crypto trading, and for some it is due to platform limitations. When comparing cryptocurrency brokers, consider: 

Regulation: Regulation, especially with cryptocurrency trading, is very important. Numerous illicit offshore brokers specialise in cryptocurrency trading, so always verify your broker’s regulation before making a deposit.

Demo accounts: This free account type should always be a starting point for any trader starting to trade crypto. Cryptocurrency is extremely volatile, and price patterns are much harder to predict, as limited fundamental data is available and all trading is done by examining charts.

Leverage: Leverage is typically much lower, between 1:5 and 1:10, for cryptocurrency pairs. While using too much leverage in highly volatile markets can devastate a trading account, traders will still want to access some leverage. Check that the leverage amounts match your risk appetite.

Number of cryptocurrency pairs: Some cryptocurrency traders will be happy with a smaller number of pairs, which will limit them to Bitcoin, Litecoin, and other coins against the USD. Some brokers and cryptocurrency exchanges will offer a wider range of crypto CFDs which will introduce more variety to your trading. Trading the same few crypto pairs will limit your cryptocurrency trading opportunities, and you will need to find other asset classes, like Forex or commodities, to trade in parallel. 

Number of FX pairs: Most cryptocurrency traders will also want to trade currencies. Just as the number of crypto pairs is important, so too is the same with the FX pairs. The more currency pairs available, the more variety you can have in your trading.

Transaction fees: Brokers may introduce a fee for trading cryptocurrency in addition to the spread. Spreads on cryptocurrency can be a lot wider than on fiat currency pairs, which means that large changes in prices will need to happen for a trader to profit.


    How Does Cryptocurrency Trading Work?

    Cryptocurrency trading works in much the same way as classic Forex trading with three significant differences. Due to the extreme volatility of the cryptocurrency market:

    • Leverage is much lower (the maximum is often 1:10 or similar) and
    • Spreads are much wider (often in the range of 25-35 pips).

    This is to protect brokers and traders from the wild swings often prevalent in the crypto market.

    Finally:

    • The cryptocurrency market operates 24/7, as it does not rely on large financial institutions for liquidity.

    Traders and brokers both know there is money to be made on cryptocurrencies, so brokers have adapted their trading platforms and customer support hours to provide a genuine crypto CFD trading experience.

    What is a cryptocurrency?

    A cryptocurrency is a digital currency with no asset or national backing. They can be used to make payments or make investments and are more commonly accepted all the time.

    Cryptocurrencies are ‘mined’ using computers, once mined the new unit of currency is added to a blockchain – a public ledger of transactions. This is very different from traditional currencies, which are minted by a federal bank.

    Cryptocurrencies have a theoretical limit on the number of coins that can be created. As long as there is a demand, this supply limit allows them to hold their value, and they can be viewed as an investment vehicle.

    There are dozens of cryptocurrencies, but the most liquid and widespread are Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple, and EOS.

    What is Blockchain?

    Blockchain is a time-stamped digital record used to keep track of data. Much like a traditional notary, blockchain eliminates any possibility of backdating or altering digital data. With the introduction of digital tender, blockchain is used as a distributed ledger containing a register of transactions. Every block in a blockchain includes data, a unique hash (much like a fingerprint) and the hash of the previous block in the blockchain.

    The data in a Bitcoin block stores details about transactions such as amount, sender and receiver. The hash identifies a block and its contents and is always unique.

    Altering the information in a block will also alter the hash of the block, thus automatically making all the following blocks invalid as they no longer store a valid hash of the previous block.

    Additionally, blockchain has a mechanism that slows down the creation of new blocks called “proof-of-work” to prevent tampering with data inside the blocks.

    The ledger (transactions) are re-calculated every ten minutes by the machine with the greatest processing power. All the other computers on the network check and verify that the transactions entered are valid once the primary machine has completed the calculation.

    If more than 50% of the computers agree on the outcome of the calculation, the new block of transactions gets included in the blockchain.

    What is mining?

    Mining is the process of adding new tender to the blockchain, in effect generating new tender. Mining uses high-powered computers, often powerful GPUs (graphic processing units), to find and verify the resulting coin, which is placed in a wallet associated with the computer.

    What are Wallets?

    A digital wallet allows a user to store coins and enables the movement of funds by the owner. An account is often referred to as an address or key, where the key is used to track the ownership of a cryptocurrency.

    A wallet can also be a program or a physical device, some wallets are geared for a single digital currency or a few select digital currencies.

    Trading Crypto CFDs

    If your goal is to purchase these assets for an investment, you can buy them on digital currency exchanges, such as Coinbase. However, cryptocurrency pairs can be traded like any other Forex pair.

    Like standard Forex CFDs, the value of a cryptocurrency CFD mirrors the currencies it follows. Each transaction is speculation on the value of the currency increasing or decreasing.

    There are several benefits to trading these currencies:

    • You can use leverage
    • You can trade them at most Forex brokers
    • You don’t ever own the asset and only speculate on currency value changes

    As mentioned previously, cryptocurrencies can experience extreme volatility. Bitcoin has seen a 250% increase in value against the USD over the last five months but has also experienced frequent crashes of over 20% in the same period. This is in stark contrast to the traditional fiat currencies where historical volatility is below 3%.

    These currencies have similar traits to traditional ones. If you plan on trading these assets over the short-term, you should look for rapid changes in sentiment, as this will help predict future price movement. If you plan on trading over the long-term, watch for new information to affect value significantly.

    Like traditional Forex trading, you can use your trading platform to execute trades, perform analysis and follow the news. Most brokers that offer cryptocurrency CFDs offer CFDs on other assets, which provides for a seamless transition if you are already accustomed to trading this asset class.

    What Cryptocurrencies Should You Trade?

    • Bitcoin – The oldest and most liquid of them all is Bitcoin (BTC). It was established in 2009 by an unknown person using the name Satoshi NakamotoNakamoto to be used as a payment mechanism. In trading, BTC is commonly paired with fiat currencies such as the USD and EUR.
    • Ethereum – This is an open-source platform that uses blockchain technology. The critical function is smart contract programming. Ethereum is very liquid and experiences the same volatility expected from this market. The system went live on July 30, 2015, with 72-million coins.
    • Litecoin – This coin was built using the same open-source software that was used to create Bitcoin but uses a different license to make it more flexible. Litecoin was initially referred to as an alternative coin or altcoin and was created in October 2011.
    • Ripple – Founded as a payment system and currency exchange network by Ripple Labs Inc. The system was established in 2012, and Ripple can be traded versus several fiat currencies as well as other coins.
    • EOS– EOS operates as a smart contract platform and decentralised operating system. The system is fast and can execute millions of transactions in seconds. You can trade EOS against other coins and fiat currencies.

    All Brokers with Cryptocurrency Trading

    These are all the brokers we have reviewed that provide cryptocurrency trading, ordered by the number of cryptocurrency pairs offered. 

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    Overall Rating
    Min. Deposit
    Crypto Pairs
    No. of FX Pairs
    Unlimited Demo Account
    Copy Trading
    Regulators
    Compare
    Official Site
    4.54 /5
    Read Review
    USD 20
    128
    166
    Visit Broker >
    Your capital is at risk
    4.24 /5
    Read Review
    USD 25
    32
    40+
    Visit Broker >
    Your capital is at risk
    3.64 /5
    Read Review
    USD 5
    25
    48
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    Your capital is at risk
    4.12 /5
    Read Review
    USD 50
    19
    56
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    Your capital is at risk
    3.58 /5
    Read Review
    USD 250
    19
    48
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    Your capital is at risk
    4.48 /5
    Read Review
    USD 100
    18
    50+
    Visit Broker >
    Your capital is at risk
    3.69 /5
    Read Review
    USD 200
    16
    52
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    Your capital is at risk
    4.14 /5
    Read Review
    USD 5
    16
    49
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    Your capital is at risk
    2.62 /5
    Read Review
    USD 25
    15
    37
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    Your capital is at risk
    4.69 /5
    Read Review
    USD 5
    12
    330
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    Your capital is at risk
    3.28 /5
    Read Review
    USD 10
    12
    57
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    Your capital is at risk
    4.14 /5
    Read Review
    USD 1
    11
    80
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    Your capital is at risk
    3.32 /5
    Read Review
    USD 1
    11
    110
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    Your capital is at risk
    3.53 /5
    Read Review
    USD 10
    11
    33
    Visit Broker >
    Your capital is at risk
    4.48 /5
    Read Review
    ZAR 1000
    10
    32
    Visit Broker >
    Your capital is at risk
    4.46 /5
    Read Review
    USD 200
    10
    60
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    Your capital is at risk
    4.00 /5
    Read Review
    USD 5
    9
    60+
    Visit Broker >
    Your capital is at risk
    4.09 /5
    Read Review
    ZAR 1500
    9
    70+
    Visit Broker >
    Your capital is at risk
    4.49 /5
    Read Review
    USD 100
    8
    80+
    Visit Broker >
    Your capital is at risk
    2.85 /5
    Read Review
    USD 5
    8
    38
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    Your capital is at risk
    3.49 /5
    Read Review
    USD 100
    7
    43
    Visit Broker >
    Your capital is at risk
    3.83 /5
    Read Review
    USD 1
    7
    65
    Visit Broker >
    Your capital is at risk
    4.34 /5
    Read Review
    USD 5
    6
    80+
    Visit Broker >
    Your capital is at risk
    4.39 /5
    Read Review
    ZAR 2500
    6
    50+
    Visit Broker >
    Your capital is at risk
    2.99 /5
    Read Review
    USD 100
    5
    46
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    Your capital is at risk
    4.23 /5
    Read Review
    USD 50
    5
    65
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    Your capital is at risk
    4.32 /5
    Read Review
    USD 100
    5
    50+
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    USD 50
    5
    84+
    Visit Broker >
    Your capital is at risk
    3.52 /5
    Read Review
    USD 500
    5
    40
    Visit Broker >
    Your capital is at risk
    3.45 /5
    Read Review
    USD 50
    5
    50
    Visit Broker >
    Your capital is at risk
    4.23 /5
    Read Review
    USD 100
    5
    60+
    Visit Broker >
    Your capital is at risk
    4.13 /5
    Read Review
    USD 50
    5
    40
    Visit Broker >
    Your capital is at risk
    4.24 /5
    Read Review
    USD 100
    5
    70+
    Visit Broker >
    Your capital is at risk
    4.13 /5
    Read Review
    USD 50
    5
    47
    Visit Broker >
    Your capital is at risk
    3.93 /5
    Read Review
    AUD 200
    5
    46
    Visit Broker >
    Your capital is at risk
    4.10 /5
    Read Review
    USD 200
    5
    50+
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    USD 100
    5
    38
    Visit Broker >
    Your capital is at risk
    4.19 /5
    Read Review
    USD 50
    5
    85
    Visit Broker >
    Your capital is at risk
    4.61 /5
    Read Review
    USD 5
    5
    80+
    Visit Broker >
    Your capital is at risk
    3.92 /5
    Read Review
    USD 100
    5
    70
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    Your capital is at risk
    4.00 /5
    Read Review
    USD 1000
    5
    78
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    USD 5
    5
    36
    Visit Broker >
    Your capital is at risk
    3.24 /5
    Read Review
    USD 250
    4
    47
    Visit Broker >
    Your capital is at risk
    4.07 /5
    Read Review
    USD 100
    4
    40
    Visit Broker >
    Your capital is at risk
    4.18 /5
    Read Review
    USD 100
    4
    70
    Visit Broker >
    Your capital is at risk
    4.49 /5
    Read Review
    ZAR 70
    4
    51
    Visit Broker >
    Your capital is at risk
    3.49 /5
    Read Review
    USD 500
    4
    41
    Visit Broker >
    Your capital is at risk
    3.60 /5
    Read Review
    USD 50
    4
    28
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    Your capital is at risk
    3.42 /5
    Read Review
    USD 100
    4
    55
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    Your capital is at risk
    3.64 /5
    Read Review
    USD 500
    4
    63
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    Your capital is at risk
    3.04 /5
    Read Review
    USD 100
    3
    60
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    Your capital is at risk
    3.98 /5
    Read Review
    USD 25
    3
    103
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    Your capital is at risk
    4.32 /5
    Read Review
    USD 1
    3
    120
    Visit Broker >
    Your capital is at risk
    4.37 /5
    Read Review
    USD 10
    3
    59
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    Your capital is at risk
    3.93 /5
    Read Review
    USD 50
    3
    45
    Visit Broker >
    Your capital is at risk

    How are cryptocurrencies different from regular currencies?

    Over the last decade the supply of money has grown exponentially; this has been the most significant growth in the supply of money in history. Central banks control our money system, and all currencies are government fiat currencies.

    The issue with fiat currencies is that the more of money that is in a system, the more prices will rise. This increase in inflation will also cause the value of the currency to fall.

    Both BTC and gold are similar in that there is a finite supply; this is in contrast to fiat currencies, where central banks can print more tender whenever they please. As such, there is a predictable rate at which Bitcoin is mined, like the predictable rate at which gold is added to the market.

    How many Cryptocurrencies are there?

    On July 3rd 2017, there were 34 – by June 5th 2019, there were 2216. The table below shows the top 10 cryptocurrencies by market capitalisation (as of September 6, 2019).

    Source: coinmarketcap.com

    Why Trade Bitcoin & Digital Coins?

    These assets are known for their high volatility, thus creating more trading opportunities. Forex volatility has fallen to near record lows in the past ten years, often to less than 1%, while Bitcoin has had extreme volatility readings of 30% with an average volatility reading of 10%.

    More volatility means more trading opportunities and larger profits, but at the same time, it also increases the sizes of the losses. Because of this volatility, you will find that brokers offer much lower maximum leverage for these pairs.

    Analysing these pairs is easier because you don’t have fundamental data like GDP, CPI Inflation, unemployment rate or the business cycle to consider. Digital currencies are not influenced by fundamental macro data which will make the price action much easier to be read.

    What To Look for in a Broker?

    Find a well-regulated broker that provides a robust trading platform, where you can perform technical analysis with ease, execute trades quickly, with a wide choice of currency pairs. 

    You want to be able to buy and sell both fiat currencies, such as the dollar, yen, pound, and euro as well as versus other coins and commodities. In addition to a downloadable or web-based platform, you should also look for a broker with a mobile app.

    Your broker should offer a margin account, allowing at least 10:1 leverage on most pairs, an education section to help you trade this fast-moving market, with trading conditions that won’t eat up too much of your profits.

    Finally, find a brokerage with a demo account which will let you test drive the platform, and work out any kinks before you risk your capital.  For further reading on how to compare forex brokers, we have a more detailed article. 

    References

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    Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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