Cryptocurrency is a digital currency secured through the use of cryptography which makes it near impossible to counterfeit. They consist of systems that allow for the secure payments of online transactions that are denominated in terms of a virtual “coin” or “token.” The first of its kind to capture the public imagination was Bitcoin and made its appearance in 2009 by an anonymous person under the pseudonym, Satoshi Nakamoto. Bitcoin’s success (though it wavered throughout its history) spawned, even more, competing for cryptocurrencies. Today, there are thousands of cryptocurrencies around the world and trading digital coins has become popular; being exchanges among some of the highest rated cryptocurrency brokers in the world. Significant financial and analytical sites explain and demonstrate their top currency investment strategies. Here, we will list some of the substantial and top cryptocurrency brokers for this year:
• eToro
eToro distinguished as one of the overall best cryptocurrency brokers. The company continues to add top-tier cryptocurrencies which expands its offerings in many exciting ways.
• Swissquote
The company founded in 1996 and became publicly listed in 2000, and the Swissquote Bank has since developed into a significant brokerage with over 300,000 client accounts across its subsidiaries around the world.
• IG
IG’s ability to execute larger orders through its offering of CFDs on Bitcoin, Bitcoin Cash, Ethereum, along with favorable contract specifications and flexible margin requirements makes the broker shine amongst its competitors that offer crypto CFDs.
Cryptocurrency Forex Brokers
It is relatively easy to when learning to trade in cryptocurrency and can be very profitable. Before starting to purchase, it is much more reasonable to set yourself aside and take the time to understand the workings of the markets and check out the top currency investment strategies. It would be wise also to research and find out the technical factors that push the prices higher or lower. With millions of traders eager to jump right into cryptocurrency, many would feel the pressure to enter the market immediately. However, it is worthwhile to take some time to practice with demo accounts to get a feel of the market movement as cryptocurrency trading doesn’t act like fiat currency trading. But like most trading activities, here are things to look out for when trading cryptocurrency with a Forex broker.
• Regulation
Dealing with an unregulated broker can add more risk to your activities primarily since not every cryptocurrency broker is regulated. It is essential to check if the broker you’re trading with is regulated in order to ensure that your money is protected in the event of an emergency.
• Customer Service
While trading, many traders may experience either problems or a need for assistance. This is where the broker’s customer support comes in. It is vital to know that not all cryptocurrency broker offers reliable support and fast response times. Before depositing, check the support policies of the broker in interest.
• Initial Deposit
Some brokers require a large minimum deposit while others offer little to no minimum deposit requirements. While you may think that the highest rated cryptocurrency brokers would require very high deposits, it isn’t necessary. There will be brokers that may meet your needs.
• Charges
Most Forex brokers entice traders with promises of ‘no commissions’ on trading. Make sure to read the fine print to determine rollover fees for overnight positions or hidden costs.
• Leverages
Most brokers limit the leverage offered due to the assets’ volatility. Therefore, an advantage can range from 2:1 to 30:1. Take care not to use too much leverage as strong movements against your position may be irreversible to your account.
Hopefully, these points can guide you in choosing the best cryptocurrency broker while employing the top currency investment strategies to be a successful trader and gain maximum profit.