Home / Best Forex Brokers in South Africa 2019 / Forex Brokers Accepting Bitcoin Deposits

Forex Brokers Accepting Bitcoin Deposits

By Jeffrey Cammack Updated: June 19th, 2019

Only a select few brokers accept Bitcoin deposits, but it is extremely rare.  Not all brokers are transparent about the fact that they accept Bitcoin deposits either.  If you own Bitcoin and want to use them for your deposit, there are the brokers you should use.

Best Forex Brokers Accepting Bitcoin Deposits

Broker Min. Deposit Min. Spread
FXTM $10 0.1 pips Visit Website Read Review
XM $5 0.1 pips Visit Website Read Review
HotForex $5 0.0 pips Visit Website Read Review
CM Trading $250 1.5 pips Visit Website Read Review
OctaFX $100 0.0 pips Visit Website Read Review

Why do people even keep Bitcoins?

In some countries, it is common for residents to keep money outside national bank accounts and their associated fiat currencies. Residents often 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 surrounding deposits, but these are the most reputable brokers who can transfer funds from a Bitcoin wallet to a trading account.

Bitcoin Anonymity

Know your customer (KYC) documentation is needed to for all accounts, regardless of the 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 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 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

Recommended Bitcoin wallets for Forex trading are:

  • BitPay
  • Bitcoin Schildbach
  • Breadwallet
  • BLOCKCHAIN wallet
  • Copay
  • Mycelium

Deposits from Bitcoin wallets fund your account instantly. If a client is transferring a more substantial amount, it is commonplace to provide a screenshot of the summary of the account. This request is to prevent the broker from being used as part of a fraud scheme.

Brokers for trading Bitcoin and Cryptocurrency CFDs

Traders do not need to deposit in Bitcoin to trade cryptocurrency pairs. Regular USD, ZAR or GBP deposits can be used to trade these pairs.

Most Forex brokers offer cryptocurrency CFD trading. The best will have a broad range of cryptocurrency pairs to offer traders. Those such as Plus500, eToro and EasyMarkets are some of the best and most trusted in this area.

Please note that there is no open cryptocurrency interbank market, and all brokers offering cryptocurrency trading are market makers, 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 them, 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.

" "

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.