Cryptocurrencies are multi-purpose digital currencies that are accepted by thousands of merchants and are used by blockchains. In this article, we reveal our 15 Best Crypto Trading Brokers with the pros and cons of each broker.
What is cryptocurrency?
Cryptocurrency is any form of virtual currency that uses cryptography to secure transactions online using a digital payment system and crypto does not rely on banks to verify transactions.
Cryptocurrency enables peer-to-peer transactions globally at much lower costs, and sometimes no cost at all. Crypto payments are processed and verified as digital entries in an online database that records specific transactions.
When you transfer or use cryptocurrencies to make payments, the transactions are recorded in a public ledger, known as a blockchain, and the virtual currency is stored in digital wallets.
This type of virtual currency uses advanced coding and encryption technologies to verify transactions, hence the name “Crypto” currency. Despite the stigma some people still have around crypto, this method of transaction is designed to be more transparent and safer than traditional payment systems.
The first cryptocurrency to ever be created was Bitcoin (in 2009) and it is still one of the most valuable cryptocurrencies in the world. Crypto markets are mainly speculative, but not all cryptocurrencies are bought purely for the sake of owning crypto – many cryptocurrencies are used as tokens to power digital economies that are built using blockchain protocols and web3 applications, such as Solana.
Is cryptocurrency a good investment?
New crypto projects are released daily and many (Angel) investors are fully committed to keeping the crypto community alive.
Over the last 5 years, hundreds of dApps (decentralized apps), DeFi (decentralized finance) software and web3 apps have been developed using blockchain technology and most of them use cryptocurrencies to give voting rights to members of the DAOs governing those projects.
These cryptocurrencies, sometimes referred to as “tokens”, are also used to reward token holders and platform uses in different ways, such as reducing transaction fees, staking rewards, credit interest, airdrops, and much more.
The value of cryptocurrencies is constantly fluctuating, but there are more than 12,000 cryptocurrencies circulating the markets currently and each crypto has a purpose – despite not having any “real-world” value (as many skeptics would argue).
The true value of crypto is still being realized as it is no longer simply a matter of “owning” some make-believe currency, but owning certain cryptocurrencies is almost like owning stakes in a company – once you own a token, you become an integral part of the project itself and you will be rewarded for your commitment.
For this reason, we do believe crypto is a good investment but as it goes with all other instruments, your success depends on you and how you navigate the markets – there are no shortcuts.
When is the best time to buy cryptocurrency?
There is no perfect time to buy crypto and it depends on whether your trading strategies are short or long term, but opening you trades early in the morning will give you an opportunity to enter the markets at (potentially) lower prices before people start trading.
Overall, when you decide to buy crypto, you also need to look at global news and economic activity on an international scale. You might not realise this, but things like war, poverty and a simple Tweet from a celebrity can impact the value of cryptocurrencies, which may (de)stabilize the markets.
It will also depend on your risk appetite and whether you prefer to buy/sell cryptocurrencies when the markets are stable or volatile. Some exchanges and brokers also allow you to trade on weekends, 24/7, but the markets tend to be busier on weekdays.
Is crypto real money?
You can use either fiat currencies or cryptocurrencies to pay for goods and services. Many countries still do not accept crypto as a legal form of payment, but thousands of merchants worldwide accept crypto and will allow you to pay using Bitcoin or other major cryptocurrencies.
Crypto is a real currency, but it is not the same as traditional money that you carry around and exists in an entirely digital economy.
Oftentimes, the transactions are settled much faster than they are when making payments through banks and they cost less and are borderless, but due to the lack of official regulation and licensing, many countries are still not accepting crypto as payment.
Is crypto taxed?
Crypto itself is not taxed, but the profits you make from buying and selling cryptocurrencies online will most likely be taxed depending on the tax laws in your country.
What are the 3 most popular cryptocurrencies?
Despite all the new cryptocurrencies being lunched and fluctuating markets, the following 3 cryptocurrencies still remain the most popular:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
USDT is actually a stablecoin pegged to the US Dollar and the reason it is so popular is that so many exchanges use it as a base currency for trading crypto pairs, so you would need to own USDT to use the exchange.
InstaForex
Overall Rating USD 1 FSC, BVI, CySEC 📱 Platforms MT4, MT5, InstaTick Trader ₿ Crypto Yes 💵 Account Currency EUR, USD Yes 1:1000 🛒 Instruments Forex, Stocks, Indices, Metals, Oil, Gas, Commodity Futures, Crypto, InstaFutures 🏛️ Visit Broker
3.9/5
Minimum Deposit
Regulators
Islamic Account
Leverage
InstaForex was established in 2007 and is well known for being able to appeal to the needs of Forex traders with any experience level.
InstaForex is considered one of the best brokers in Europe with attractive bonuses and great marketing.
InstaForex is certainly very experienced with top-notch technology and resources, however, they could definitely put more investment in updating the MT4 trading platform functionality.
User account creation is straightforward and customer support is able to keep you up and running at all hours of the day.
InstaForex Pros and Cons:
| ✔️Pros | ❌Cons |
| Easy account creation | No US clients |
| No min deposit | 3rd party plugins on MT4 are limited |
| Great product selection | Only provide MT4 for trading |
| Client funds in segregated accounts | |
| CySEC regulated | |
| Great resources for beginners and experienced Forex traders |
IQ Option
Overall Rating USD 10 CySEC 📱 Platforms IQ Option platforms ₿ Crypto Yes 💵 Account Currency USD, EUR, GBP, ZAR Yes 1:500 🛒 Instruments CFDs, Forex, Crypto, Stocks, Commodities, Indices 🏛️ Visit Broker
3.1/5
Minimum Deposit Regulators Islamic Account Leverage
IQ Option offers an award-winning trading platform that is fully customizable, along with customer support around the clock.
There are close to 90,000 registered users on IQ Option, with more than 1.8 million trades made daily, over $380 million invested monthly and $10 million withdrawn each month.
Although the information is limited on the website, the IQ Option platform offers live news updates, technical indicators and more tools that can be used to make informed decisions.
More than 300 products can be traded with IQ Option and the low minimum deposit requirement makes it easy to get started.
IQ Option Pros and Cons:
| ✔️Pros | ❌Cons |
| 24/7 customer support | Website needs updating |
| Low minimum deposit | Not compatible with Metatrader platforms |
| Fully customizable interface on platform | No account information on website |
| Flexible payment methods |
Forex.com
Overall Rating USD 100 FCA, IIROC, ASIC, CFTC 📱 Platforms MT4, MT5, Forex.com apps ₿ Crypto Yes 💵 Account Currency EUR, GBP, USD No 📊 Leverage 1:40 🛒 Instruments Forex, Indices, Stocks, Commodities, Metals, Crypto 🏛️ Visit Broker
3.9/5
Minimum Deposit Regulators Islamic Account
Forex.com facilitates the trading of more than 4,000 shares and provides 3 types of accounts that can be used with SMART signals, analytics, charting tools and more.
Forex.com can be used for reliable market and news updates and offers instructional tutorials on using the platforms provided.
There is also an abundance of educational resources provided for beginners and courses tailored to different levels of experience.
Forex.com Pros and Cons:
| ✔️Pros | ❌Cons |
| Cash rebates | Not CySEC-regulated |
| Great research tools | Inactivity fees |
| Withdrawals and deposits are free |
Capital.com
Overall Rating USD 20 FCA, ASIC, CySEC 📱 Platforms MT4, TradingView, Capital.com CFD app ₿ Crypto Yes 💵 Account Currency GBP, USD, EUR, PLN, AUD No 📊 Leverage 1:30 🛒 Instruments Crypto, Forex, Commodities, Indices, Shares 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account
Capital.com guarantees zero-commission trading with tight spreads and low latency, ensuring fast execution speeds and transparent costs.
Capital.com is a multi-regulated Forex broker with its own educational app and updated market news.
Capital.com can be used to trade in more than 6,000 global markets, and is suitable for professional and institutional traders, as well as beginners.
Capital.com Pros and Cons:
| ✔️Pros | ❌Cons |
| Low Forex and Stock CFD fees | Limited product offering |
| Account creation is easy | No platform tutorials |
| Great customer support | |
| Free withdrawals |
CMC Markets
Overall Rating USD 0 FCA 📱 Platforms MT4, CMC Markets Next Generation app ₿ Crypto Yes 💵 Account Currency GBP, EUR, USD, AUS, CAD, NOK, NZD, PLN, SEK, SGD Yes 1:30 🛒 Instruments Forex, Indices, Crypto, Commodities, Shares, Treasuries, ETFs 🏛️ Visit Broker
4.2/5
Minimum Deposit Regulators Islamic Account Leverage
CMC Markets is a globally regulated Forex broker with more than 300,000 clients and 13 international offices.
CMC Markets offers free education and cash rebates on all accounts, with access to over 11,000 tradable instruments.
CMC Markets has a great product portfolio with an award-winning proprietary trading platform, known as Next Generation.
CMC Markets offers advanced risk management, innovative trading tools, and reliable market and news updates.
CMC Markets Pros and Cons:
| ✔️Pros | ❌Cons |
| More than 300 Forex pairs | No spread betting account for US clients |
| Tight spreads | Penalty fees |
| Comprehensive variety of resources |
OANDA
Overall Rating Open and fund your OANDA account (min$25) and get a welcome bonus up to $5,000!
3.9/5
OANDA is a multi-regulated broker that was founded in 1996.
OANDA offers 2 types of trading accounts and more than 70 forex pairs.
When you sign up with OANDA, you will receive a welcome bonus.
OANDA also offers an advanced trader program.
OANDA Pros and Cons:
| ✔️Pros | ❌Cons |
| 70+ forex pairs | No crypto |
| Recommended for high-volume traders | No live chat |
| No minimum deposit | |
| Negative Balance protection |
FP Markets
Overall Rating USD 100 ASIC, CySEC 📱 Platforms MetaTrader 4, MetaTrader 5 ₿ Crypto Yes 💵 Account Currency EUR, GBP, USD, AUD, CAD, SGD, HKD, JPY, NZD, CHF Yes 1:500 🛒 Instruments Forex, Shares, Metals, Indices, Commodities, crypto 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account Leverage
FP Markets swap-free accounts can be used on MT4 and MT5 and will have access to all available instruments.
The Raw swap-free account offers spreads from 0 pips and ECN pricing is used on both accounts.
You can also use either account as a demo account and accounts can be connected to the mobile app.
FP Markets swap-free accounts can be used for EA trading and VPS is available.
There are more than 60 forex pairs and over 120 shares that you can trade with your swap-free account.
FP Markets Pros and Cons:
| ✔️Pros | ❌Cons |
| Tight spreads | Withdrawal fees |
| 5+ base currencies | |
| VPS offered | |
HYCM
Overall Rating USD 100 FCA, CySEC, CIMA, DIFC 📱 Platforms MT4, MT5 ₿ Crypto Yes 💵 Account Currency USD, GBP, EUR, AED Yes 1:500 🛒 Instruments Forex, Stocks, Indices, Cryptocurrencies, Commodities, ETFs 🏛️ Visit Broker
4.3/5
Minimum Deposit Regulators Islamic Account Leverage
HYCM offers 3 types of trading accounts and all of them can be used as swap-free accounts.
The Classic and Raw accounts can be used for EA trading.
A minimum deposit of $10 is required for the Fixed and Classic accounts and $200 for the Raw account.
Spreads offered start from 0.1 pips, but spreads might be slightly higher on swap-free accounts.
HYCM Pros and Cons:
| ✔️Pros | ❌Cons |
| Spreads from 0.1 pips | Inactivity fees |
| Beginner-friendly | No USA clients |
| 35+ currency pairs | |
Swissquote
Overall Rating USD 1000 FINMA, FCA, DFSA, SFC, MFSA, MAS 📱 Platforms Advanced Trader, MT4, MT5 ₿ Crypto Yes 💵 Account Currency EUR, USD, GBP, CHF, JPY, AUD, CAD, NZD, PLN, SEK, DKK, NOK, HUF, TRY, ZAR, SGD, MXN, HKD, THB, ILS, AED Yes 1:100 🛒 Instruments Forex, Stocks, Commodities, Bonds, Indices, Crypto 🏛️ Visit Broker
4.8/5
Minimum Deposit Regulators Islamic Account Leverage
Swissquote was founded in 1996 and is a good option for scalping, day trading and swing trading.
Swissquote offers multiple account types that can be used to trade over 300 instruments on the MT4 and 5 platforms, and also offers a proprietary platform for advanced trading.
The minimum deposit required for Swissquotes is $1,000 and accounts can be funded with more than 15 currencies, including USD, EUR and ZAR.
Swissquote Pros and Cons:
| ✔️Pros | ❌Cons |
| 15+ account currencies | Low leverage |
| Highly regulated | High minimum deposit |
| 4 account types | Inactivity fee |
FXCM
Overall Rating USD 50 ASIC, FCA, FSCA 📱 Platforms Trading Station, MT4, NinjaTrader, ZuluTrade, Capitalise AI, TradingView ₿ Crypto Yes 💵 Account Currency EUR, USD, GBP, CHF Yes 1:200 🛒 Instruments Forex, Shares, Indices, Crypto, Commodities 🏛️ Visit Broker
4.6/5
Minimum Deposit Regulators Islamic Account Leverage
Novice traders may be drawn to FXCM because their main market is amateur traders, hence their training pack is comprehensive and impressive.
Creating a new user account is a fast and seamless process but is then sadly halted by a tedious process when performing user confirmation.
They do offer support via mobile devices as well as a web-based platform, but the user experience is mediocre. The maximum leverage offered is a fair 1:200.
You can reach their technical customer support team via e-mail, telephone or live chat.
FXCM Pros and Cons:
| ✔️Pros | ❌Cons |
| Comprehensive research toolset | Limited product offering |
| Outstanding training resources | Basic platforms lacking options |
| Simple registration process |
XTB
Overall Rating USD 0 FCA, KNF, CySEC, IFSC 📱 Platforms xStation 5 ₿ Crypto Yes 💵 Account Currency EUR, USD, GBP, HUF Yes 📊 Leverage 1:500 🛒 Instruments 2,100+ Forex, Commodities, Indices, Crypto, Stocks, ETFs, CFDs 🏛️ Visit Broker
4.1/5
Minimum Deposit Regulators Islamic Account
Established in 2002, XTB has earned their reputation in the Forex world as a trustworthy broker.
Creating an account is effortless and free and, once completed, will give access to great research and training resources as well as leverages up to 1:500.
Customer support is great with the only drawback being the slow response time via email.
XTB Pros and Cons:
| ✔️Pros | ❌Cons |
| Low Forex fees | Improvements needed in email support |
| Flexibility to suit user needs | Limited products offered |
| Quick and easy registration |
OvalX (ETX Capital)
Overall Rating USD 100 FCA, FSCA 📱 Platforms ETX TraderPro, MT4 ₿ Crypto Yes 💵 Account Currency GBP, USD, EUR No 1:30 🛒 Instruments Forex, Indices, Shares, Commodities, Crypto 🏛️ Visit Broker
3.4/5
Minimum Deposit Regulators Islamic Account Leverage
Established in 1965, OvalX is one of the longest players in the Forex game and has convinced the Forex community that they are definitely a broker to be considered.
Because of their strong reputation, FCA regulation and Customer Service award for 2020, OvalX is a good solid broker.
Where they stand out is by offering a unique service where traders can phone in orders with dealers for no extra cost.
OvalX provides an average trading platform that lacks the trading tools and research that other Forex leaders have.
However, according to our research, their New OvalX MT4 remastered trading app is well worth considering for serious traders.
Creating an account is an easy process and customer support are great at resolving user queries quickly and effectively.
OvalX Pros and Cons:
| ✔️Pros | ❌Cons |
| Excellent customer service | |
| Many transactions offered | Fees for certain withdrawals |
| Quick user registration | |
| Commission-free Forex trading | |
| Good reputation and history | |
| Beginners will like trading features | |
| Great spreads |
Plus500
Overall Rating USD 100 FCA, CySEC, ASIC, FMA 📱 Platforms Plus500 app ₿ Crypto Yes 💵 Account Currency USD, GBP, EUR, CHF, AUD, JPY, PLN, HUF, CZK, CAD, TRY, SEK, NOK, SGD Yes 📊 Leverage 1:300 🛒 Instruments Forex, Indices, Cryptocurrency, Commodities, Shares, Options, ETFs 🏛️ Visit Broker
4.7/5
Minimum Deposit Regulators Islamic Account
Plus500 was founded in 2008 and is based in Australia. They specialize in providing CFD trading opportunities and also have an impressive product offering of trading instruments available.
Their hassle-free trading experience is a big plus for their users as they host outstanding web-based and mobile platforms with risk management tools, economic calendars, alerts and trading guides.
They have over 5 sponsorships currently and have partnered with companies from around the globe to improve the trading experience for their users.
Their customer technical support team operates 24/7 via the web, Whatsapp and e-mail channels. Their services are highly rated, but they do not offer assistance via telephone.
Plus500 Pros and cons:
| ✔️Pros | ❌Cons |
| Positive trading experience | Research tools are inadequate |
| Great educational resources | Unreliable telephonic support |
| Full-time customer support |
Saxo Bank
Overall Rating USD 2000 FCA, ASIC, FSC, JFSA, FSA, MAS 📱 Trading Desk SaxoTraderGO, SaxoTraderPRO ₿ Crypto Yes 📈 Total Pairs 182 No Low 🕒 Account Activation Time 24 Hours 🏛️ Visit Broker
4.3/5
Minimum Deposit Regulators Islamic Account Trading Fees
Saxo bank was one of the very first Forex brokerages to trade on a web-based exchange. They have served as an access point to global currency markets since 1996 and have received many prestigious awards.
Starting the journey with Saxo Bank is quite costly as their minimum deposit amount is quite high and may be a deterrent to potential traders.
The user registration process is straightforward but the confirmation of identity is time-consuming.
Saxo Bank Pros and cons:
| ✔️Pros | ❌Cons |
| Great trading platform | The minimum deposit is extremely high |
| Functional research options | Customer support hours limited |
| Large product scope |
ADSS
USD 100 UAE Central Bank, FCA, SFC 📱 Platforms MT4 ₿ Crypto Yes 💵 Account Currency USD No 1:500 🛒 Instruments Indices, Forex, Equities, Cryptos, Commodities 🏛️ Visit BrokerMinimum Deposit Regulators Islamic Account Leverage
ADSS is a licensed international financial services provider, providing trading services to both retail and private clients.
ADSS was founded in 2011 and it is regulated by the FCA and the SFC in Hong Kong.
ADSS offers zero commission trading with a maximum leverage of 1:500 and accounts can be used with multi-account managers (MAM), Expert Advisors (EA), training material, customizable charts and advanced trading tools.
Traders have access to more than 60 Forex pairs and 2,200 CFDs, which can all be traded on the MetaTrader 4 platform.
ADSS Pros and Cons:
| ✔️Pros | ❌Cons |
| Regulated under 3 jurisdictions | Does not support social trading |
| Low spreads | Limited educational resources |
| Beginner-friendly platform | Minimum deposit of $100 |
| Commission charged |
Conclusion
Over the last decade, more than 12,000 cryptocurrencies have emerged. Trillions of dollars are being traded daily and the value of cryptocurrency extends beyond simply being a virtual currency today.
Cryptocurrencies are changing the way people bank globally and have made it possible for unbanked people to earn an income and make transactions without being restricted by bank accounts, tedious processes and high fees.
Cryptocurrencies are not only virtual currencies that can be used to pay for goods and services, but they also power dApps, DeFi technology and web3 applications that are powered by innovative blockchain protocols.
We hope that this review of the 15 Best Crypto Trading Brokers will help you find a broker that aligns with your trading goals so that you can trade with confidence.
Good luck with your trading!
FAQ
What is cryptocurrency?
Cryptocurrency is any form of virtual currency that uses cryptography to secure transactions and it can be used to make online/in-store payments or paticipate in DAOs or to use dApps, web3 apps and DeFi apps.
Is cryptocurrency a good investment?
Yes.
The value of cryptocurrencies is constantly fluctuating, but there are more than 12,000 cryptocurrencies circulating the markets currently and each crypto has a purpose – despite not having any “real-world” value (as many skeptics would argue).
The true value of crypto is still being realized as it is no longer simply a matter of “owning” some make-believe currency, but owning certain cryptocurrencies is almost like owning stakes in a company – once you own a token, you become an integral part of the project itself and you will be rewarded for your commitment.
When is the best time to buy crypto?
- Early in the morning before the markets become too volatile and prices fluctuate. (depending on your risk appetite)
- During times when economies are stable (war, social media and economic activity drives the prices)
- Weekdays when prices fluctuate and you can buy low and sell high (some brokers offer 24/7 crypto trading but weekends tend to be quiet)
Is crypto the same as real money?
No, crypto is a virtual currency stored in a digital wallet, but it can be used in the real-world the same way fiat currencies can (depending on where you live).
