Select brokers accept Bitcoin for deposits. In some countries, it is common for residents to keep money outside national bank accounts and their associated fiat currencies. Residents choose to save their money in different currencies as the local currency is subject to sudden drops in value.
These sudden drops in value are often associated with political volatility and economic collapse stemming from poor government policy, trade relations and failing institutions.
Policies vary from broker to broker surrounding Bitcoin deposits, but these are the most reputable brokers who can transfer funds from a Bitcoin wallet to a trading account.
Best Forex Broker Accepting Bitcoin Deposits
|Forex Broker||Max Leverage||Regulated by||Sign up &|
|$10||FSCA Regulated.||Sign Up|
|$5||CySEC Regulated.||Sign Up|
|$5||FSCA Regulated.||Sign Up|
Know your customer (KYC) documentation is needed to for all accounts, regardless of the account funding method. Although Bitcoin is an anonymous currency, all account holders will need to identify themselves and provide the standard documentation to support their application.
Deposits & Withdrawals with Bitcoin
Deposits with Bitcoin can either be made with direct transfer between a wallet and the broker or by using an intermediary like Bitcoin transfer by Skrill.
Withdrawals of funds will only be returned to the same Bitcoin address, and additional profits will be sent to a bank account or e-wallet. The name on the withdrawal bank account or e-wallet needs to match that on the trading account.
Best bitcoin wallets
Bitcoin wallets that are recommended for transfers to Forex brokers are:
- Bitcoin Schildbach
- BLOCKCHAIN wallet
Deposits from Bitcoin wallets fund your account instantly. If a client is transferring more substantial amounts of Bitcoin currency, it is commonplace for the broker to ask for a screenshot of the summary of the account. This request is an attempt at preventing the broker from being used as a part of a fraud scheme.
Brokers for trading Bitcoin and Cryptocurrency CFDs
Traders do not need to deposit in bitcoin to trade Bitcoin currency pairs. Regular USD, ZAR or GBP deposits can be used to trade these pairs. Most Forex brokers offer cryptocurrency CFD trading.
The best cryptocurrency brokers will have a broader range of cryptocurrency pairs to offer traders. Brokers like Plus500, eToro and EasyMarkets are some of the best and most trusted brokers in this area.
Note that there is no open cryptocurrency interbank market, and each of the brokers where clients can trade cryptocurrency is making the market, and counterparty to all trades.
How to choose the best broker
When choosing a Forex broker, the same conditions should apply regardless of the deposit method. When we evaluate brokers, we consider their regulation and oversight, the trading conditions extended to clients, and trading platform choice offered.
Read more our review process or read our broker comparison data for a more detailed view. The best Forex brokers in South Africa are here.